Bilateral Linkages, Shared Multilateral Hubs, or Tokenised Money: Pathways to Improving Cross-Border Payments Connectivity

Instant domestic payment systems already work and several countries have linked theirs bilaterally, cutting cross-border transfers from days to seconds at a fraction of the cost. But each new bilateral link involves its own negotiation, and multilateral alternatives have yet to go fully live.

Meanwhile, the G20's own 2027 targets for cost and transparency in cross-border payments are, on current trajectory, likely to be missed. The persistent blocker often isn't the payment rail at all, but mismatched technical requirements between jurisdictions that add friction regardless of which technology carries the transaction. What would it actually take to move from a growing patchwork of bilateral links to something that scales – or will the growing adoption of tokenised instruments for cross-border payments render these efforts obsolete?

This session explores the multiple pathways to achieving greater cross-border payments connectivity, from shared multilateral hubs, scaling up bilateral linkages, and tokenised money to scaling instant cross-border payments connectivity. Participants will discuss the technical and commercial barriers to scaling instant payments connectivity; identify why current models have yet to deliver the G20 targets; explore the role of tokenised as an alternative approach to solving the cross-border challenge; and determine the viable approaches to greater payments connectivity.