The Bank for International Settlements (BIS) is recruiting for new members of its cross-border payments interoperability and extension (PIE) taskforce, intending to broaden its geographic and industry representation.
The invitation is extended to private sector businesses that offer cross-border payment services and relevant industry associations.
“Nominees should have significant experience and direct responsibilities related to operational cross-border payments aspects, product development, business models, standards, interoperability technologies and/or policy issues,” the BIS wrote in its invitation.
The global banking and payments standards body said its appeal for new membership is intended to increase its geographic representativeness and broaden its range of business models.
Among its current membership, which span financial infrastructure providers, payment services providers, and payments associations, include senior leaders from Mastercard, the Bank of China, Deutsche Bank, Wells Fargo, Société Générale and Wise. Australia’s sole representative in the current PIE is Susan Yang, general manager of high-value and international payments at CBA.
The PIE taskforce will consist of between 30 and 40 members, which will be drawn “from a wide variety of jurisdictions and regions, and comprising various private sector institutional types and business models”.
Established in early 2023, the PIE taskforce, which is overseen by the BIS’ Committee on Payments and Market Infrastructures (CPMI), is tasked with delivering on three core priorities in cross-border payments:
- interoperability and extension of payment systems
- data exchange and messaging standards
- legal, regulatory and supervisory frameworks
The programme’s success demands private sector stakeholders’ initiative and support, the BIS said.
“Institutions that fully support the objective of safe and efficient cross-border payments and are committed to work towards achieving the G20 targets on enhanced cross-border payments are invited to propose candidates to serve on the PIE taskforce for 2025–26,” the BIS wrote.
Enhancing cross-border payments’ speed and transparency, increasing access to safe and efficient cross-border payment services and reducing their costs are key objectives of the G20 cross-border payments program.
“In the first two years, the PIE taskforce has provided a forum for key stakeholders to share insights, discuss with peers, engage with relevant authorities and jointly work on topics to enhance cross-border payments.
“During this time, the industry has identified areas of particular relevance for future work, which the PIE taskforce will take forward from 2025.”
