The goal of achieving greater payment integration and connectivity among the ten ASEAN member countries by 2025, took a significant step forward when the Working Committee on Payment and Settlement Systems (WC-PSS) completed the implementing policy guidelines (IPG) of the ASEAN payments policy framework for cross-border real-time retail payments and the draft guidelines for updating the annex on use cases of the IPG.

Meanwhile, member countries have taken steps to advance cross-border interoperability of standardised quick response (QR) code for payments and introduce innovative real-time remittances. In particular, the integration of the real time payment systems between countries, suc as the full implementation of the Singapore-Thailand linkage, and partial implementation between Laos-Thailand and Cambodia-Thailand linkages. The Singapore-Thailand real-time retail payment system linkage is expected to go live by the first half of 2021. Payment integration, in so far as adoption of common guidelines and standards such as ISO 20022 and QR codes, will facilitate interoperability between different domestic systems. This is critical to streamline processes, ie. for identity verification and regulatory compliance will ensure greater transparency and security of transactions. It will also enable shorter clearing and settlement cycles for cross-border retail payments as well as wholesale clearing and settlement of financial market and exchange related transactions.

The increasing digitalisation of the financial sectors in ASEAN will catalyse and accelerate the pace of convergence and integration of the disparate systems that exist in the region. This includes the introduction of digital and open application programming interface (API)-based banking frameworks in a growing list of countries as well as exploration into the use of distributed ledger technology (DLT) to create new faster, more efficient and convenient payment infrastructures. In the latest ...

Categories:

Keywords:Cross-Border Payments, Retail Payments, ASEAN, API, DLT, SWIFT

The goal of achieving greater payment integration and connectivity among the ten ASEAN member countries by 2025, took a significant step forward when the Working Committee on Payment and Settlement Systems (WC-PSS) completed the implementing policy guidelines (IPG) of the ASEAN payments policy framework for cross-border real-time retail payments and the draft guidelines for updating the annex on use cases of the IPG.

Meanwhile, member countries have taken steps to advance cross-border interoperability of standardised quick response (QR) code for payments and introduce innovative real-time remittances. In particular, the integration of the real time payment systems between countries, suc as the full implementation of the Singapore-Thailand linkage, and partial implementation between Laos-Thailand and Cambodia-Thailand linkages. The Singapore-Thailand real-time retail payment system linkage is expected to go live by the first half of 2021. Payment integration, in so far as adoption of common guidelines and standards such as ISO 20022 and QR codes, will facilitate interoperability between different domestic systems. This is critical to streamline processes, ie. for identity verification and regulatory compliance will ensure greater transparency and security of transactions. It will also enable shorter clearing and settlement cycles for cross-border retail payments as well as wholesale clearing and settlement of financial market and exchange related transactions.

The increasing digitalisation of the financial sectors in ASEAN will catalyse and accelerate the pace of convergence and integration of the disparate systems that exist in the region. This includes the introduction of digital and open application programming interface (API)-based banking frameworks in a growing list of countries as well as exploration into the use of distributed ledger technology (DLT) to create new faster, more efficient and convenient payment infrastructures. In the latest ...

Categories:

Keywords:Cross-Border Payments, Retail Payments, ASEAN, API, DLT, SWIFT