The goal is to reduce the cost of transfers and remittances between countries to be as low as possible, including through digitalization, infrastructure development, and expansion of cross-border payment system coordination.
Reports on progress in payment system interoperability, including through the use of Application Programming Interfaces (APIs), were submitted by the BIS Committee on Payments Systems and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub (BISIH) in side events of the G20 Indonesia Digital Economy and Finance Festival (FEKDI) in Bali, July 2022.