CPMI calls for managers of payment service level agreements and schemes to join cross-border payments task force

• Committee on Payments and Market Infrastructures (CPMI) to set up task force on defining common features of cross-border payment service levels.
• The task force's findings will feed into the development of a service level template.
• CPMI invites nominations for task force from managers of service level agreements and payment schemes.

The Committee on Payments and Market Infrastructures (CPMI) today invited managers of service level agreements (SLAs) and payment schemes who are interested in enhancing cross-border payments to nominate senior representatives to a newly established task force. 

The task force will also include CPMI representatives working on implementing building block 3 of the G20 cross-border payments programme, which aims to create a template to define common features of cross-border payment service levels. 

Starting in early 2022, the task force will meet every six to eight weeks, and its findings will feed into the development of a service level template that stakeholders can use as a starting point when establishing agreements. It will not suggest any specific service levels but will reflect how the elements relevant for cross-border payments can be addressed consistently. 

Agreed service levels, relevant for both wholesale and retail payments, can cover a set of functions, procedures and arrangements that make it possible to execute a payment order between different entities in the cross-border payment value chain. Examples include the interlinking of payment systems or correspondent banking processes. Schemes can cover card payments, credit transfers, direct debits, electronic and mobile money transactions, and remittances. 

These agreed service levels establish consistency and certainty for all cross-border payment stakeholders based on a common framework. They can advance the targets for addressing the challenges of cross-border payments by alleviating underlying cross-border payment frictions. These service levels can be defined in the form of SLAs or payment schemes. 

Earlier this year, the CPMI analysed 14 existing multilateral SLAs and payment schemes to identify their common features. It found shared features that, with further development and convergence, could enhance cross-border payments. Today's call marks the next step in this process.

The CPMI will seek to achieve geographic representativeness and coverage of a broad range of SLA/scheme types when selecting the task force members and developing the draft terms of reference.