Singapore, UK, and Canada Central Banks release joint report on Cross-border Payments and Settlements

The Bank of Canada, Bank of England and Monetary Authority of Singapore (MAS) have jointly published a report which evaluates alternative models that could enhance cross-border payments and settlements. The report examines existing challenges and considers alternative models that could in time result in improvements in speed, cost and transparency for users.

The report, attached below, discusses three possible models that could potentially address the issues identified to achieve the future-state capabilities. It presents and explains key challenges and main roles of main stakeholders, central banks, commercial banks and end users, and also presents potential future state models for cross-border payments and settlement.