Fast payment system interlinking and APIs to enhance cross-border payments (BIS)
The Bank for International Settlements (BIS) published two Committee on Payments and Market Infrastructures (CPMI) reports that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments. The first report discusses design choices and the risk implications of interlinked fast payment systems (FPSs) and the role of application programming interfaces (APIs), setting out the key decisions for governance and outlines recommendations for their oversight. The second report presents ten recommendations to promote the harmonization of APIs to enhance cross-border payments. [Read more at the BIS]
Cambodia launches cross-border QR payments with Alipay+ (The Paypers)
The National Bank of Cambodia (NBC) and Ant International have reportedly launched cross-border QR code payments. The payments will occur between NBC’s Bakong payment system and Ant International’s Alipay+ cross-border mobile payments and digital solutions platform. This will allow users of 12 international payment apps, including Alipay, AlipayHK, Touch ‘n Go eWallet, GCash, Kakao Pay, and others, to make seamless payments to merchants in Cambodia by scanning KHQR codes. This will support payments in Cambodian riels. In September 2024, the NBC and Bank Negara Malaysia launched a similar scheme for payments between Cambodia and Malaysia. [Read more at The Paypers]
Paxos debuts new stablecoin payment platform with Stripe (Cointelegraph)
Paxos launched a new stablecoin payments platform targeting payment service providers (PSP) and Fintechs that want to enable stablecoin payments. Global payment processing company Stripe will be the first PSP to integrate the new platform into its system. The infrastructure will be featured on Stripe’s Pay with Crypto product, which allows users to accept stablecoin payments settling in fiat currencies. Once a stablecoin payment is received via Paxos, users can choose whether to immediately convert to fiat currency and settle in local currency, or pay out stablecoin balances directly to merchants. Merchants will have the ability to issue refunds by instantly converting fiat into the stablecoin originally used, then sending directly to the wallet used in the initial payment. [Read more at Paxos]
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