Split Payments support key initiatives to drive payments innovation with G20 and APEC members.

Split Payments, alongside other payment signatories like PayPal and Swift, have banded together to help create a roadmap for the future of payments being led by the Emerging Payments Association Asia. EPAA brings together leading banks, technology firms and payments to help promote a more unified voice for the industry. After all, Asia makes up over 50% of global payment transactions and any future for payments needs to take into consideration the region.

That is why the EPA Asia has recently written to the Financial Stability Board in their creation of a roadmap to enhance cross-border payments. The Financial Stability Board has written a report to be delivered to the G20 which calls on faster, cheaper and more inclusive payment services. The report is Stage 1 of a three-stage plan culminating in a roadmap to provide practical steps and indicative timeframes.

The report focuses on the FSB’s assessment of where payments are currently and what further innovation is required to allow new structures and ecosystems.

Open Banking Asia  Report

EPAA is already one step ahead and has instigated the creation of a white paper to capture insights and recommend outcomes. Regulators are already expressing interest in the paper which includes advocacy in Open Banking.

Australia has marked a significant milestone this week on July 1 for the launch of Open Banking, but elsewhere in Asia the systems are not so advanced. That is why a proof of concept will be presented to the APEC Business Advisory Council later this month, which focuses on the need to standardise APIs to allow for better financial services to consumers.

The overall goal of EPAA is to bring the industry together and make it a more inclusive industry across the continent. This work can be beneficial to the entire world though which is why the EPA Asia has extended an invitation to the FSB to co-host a roundtable event.

The event would bring together a selection of senior industry leaders to discuss the cross-border landscape. Only by bringing the industry together can it create a better financial system for all citizens of the world.

We will keep our valued community updated with progress on both of these innitiatives.

 

Additional Links

EPPA Open Banking Project

Emerging Payments Association Asia