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Dr. Tara Rice
Head of Secretariat, Committee on Payments & Market Infrastructures
Bank for International Settlements (BIS)
Tara Rice is head of the secretariat supporting the CPMI, the international standard setter for payment, clearing, settlement and related arrangements. Previously, she served as the Deputy Assistant Secretary for International Financial Stability and Regulation at the US Department of the Treasury. She also worked for nearly 15 years in the Federal Reserve System, most recently as Chief of the Global Financial Institutions section and as a visiting member of the Financial Stability Board in Basel. In 2012, she received the Fed's Special Achievement Award for outstanding contributions towards the objectives and mission of the Fed. She holds a PhD in finance from Boston College.
Speaking At
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1:30–3:00pmMon 16 NovPublic-Private RoundtableRoundtable Room 1Open
Global Frameworks and Shared Best Practices in Payments Chains
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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Chen LiGeneral CounselRedotPay
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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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Lucy InghamVice President of ResearchFXC Intelligence
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Pedro ArntChief Executive OfficerdLocal
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Tang WeiHead of Public Policy, Southeast Asia & Greater ChinaStripe
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Dr. Tara RiceHead of Secretariat, Committee on Payments & Market InfrastructuresBank for International Settlements (BIS)
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Yang WenhuiChief Executive Officer, TenPay Global Singapore & General Manager, Tencent Financial Technology, Asia PacificTencent
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Kelvin LiSenior Vice PresidentAnt International
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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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