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Andrew McCormack
Chief Executive Officer
Nexus Global Payments
View LinkedIn profileAndrew McCormack is the inaugural Chief Executive Officer of Nexus Global Payments. Andrew brings more than two decades of senior leadership experience across global payments, digital infrastructure, and financial innovation. He most recently served as Chief Operating Officer of Etihad Payments, the national payments entity of the United Arab Emirates (UAE), where he played a key role in modernising the UAE’s domestic payment infrastructure. Prior to that, he was the founding Centre Head of the BIS Innovation Hub in Singapore and Chief Information Officer at Payments Canada, where he led the delivery of the country’s real-time payments platform.
Speaking At
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1:00–2:30pmMon 16 NovPublic-Private RoundtableRoundtable Room 1Invite-Only
Global Frameworks, Interoperability & Shared Best Practices
Bilateral Linkages, Shared Multilateral Hubs, or Tokenized Instruments: Pathways to Improving Cross-Border Payments Connectivity
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Andrew McCormackChief Executive OfficerNexus Global Payments
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Jonathan JachymChief Policy OfficerPayward
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Khai Uy PhamAdvisor, Cross-border Payments & Financial Market InitiativesBanque de France
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Tang WeiHead of Public Policy, Southeast Asia & Greater ChinaStripe
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Yang WenhuiChief Executive Officer, TenPay Global Singapore & General Manager, Tencent Financial Technology, Asia PacificTencent
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Lara DouglasDirector of ImplementationFinancial Stability BoardModerator
About this session
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 tokenized 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, tokenized instruments, and alternative approaches developed by FinTechs 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; discuss whether the KPIs themselves need redesigning to better capture end-user outcomes; explore the role of tokenized instruments as an alternative approach to solving the cross-border challenge; and determine the viable approaches to greater payments connectivity.
Insights from this discussion will help inform the Financial Stability Board (FSB) as it considers priorities for enhancing cross-border payments beyond 2027.
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