This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
Here’s a at the evolution, real-world potential, and future of CBDC-linked instruments in transaction banking. Retail CBDC Trials: India’s e₹ (Digital Rupee) pilot unlocks person-to-merchant (P2M) and person-to-person (P2P) payments via CBDC wallets, demonstrating zero counterparty risk transfers without commercial bank rails.
Additionally, integration challenges were resolved through the adoption of interoperability standards like ISO20022, enabling compatibility with both domestic and international financial market infrastructures. The platforms met all criteria, showcasing their capability to effectively support the envisioned system.
The recently published National Payments Vision sets a forward-looking strategy, outlining priorities such as enhancing the regulatory framework, advancing Open Banking, combating fraud, and building a world-leading payments infrastructure with cross-border interoperability. The result is an improved customer experience.
Tokenized Sustainability Credits: Corporates can settle parts of cross-border payments with on-chain carbon tokens or biodiversity credits, automating offset procurement during reconciliation. They can embed ESG tags in ISO20022 MX messages to enable seamless cross-border sustainability tracking.
The CBDC will soon be introduced in phases to mitigate risks, with an intermediated two-tier distribution model and wallet-based access. The retail CBDC will support peer-to-peer, online and in-store payments, business-to-consumer, business-to-business, and government-to-consumer transactions, and other use cases enabled by programmability.
The initial protocols were refined, expanded, and formalized into a globally recognized suite of ISO20022-based standards. Future-proofing with ISO20022 compliance, worldwide migration to this modern structure providing flexibility for new and future services (cards, Instant Payment, CBDC, e-Invoicing, …).
In Europe, the EU’s eIDAS regulation promotes cross-border recognition of electronic identities, facilitating seamless travel within member states. The EU’s smart borders initiative exemplifies the innovative applications of digital identity in border control, using automated processes and biometric verification.
From the decline of physical cash to the rise of blockchain-based systems, central bank digital currencies (CBDCs), and real-time cross-border settlements, payments are becoming faster, more secure, decentralised, and increasingly invisible. CBDCs could reduce settlement times to seconds and lower fees to near zero.
The upcoming ISO20022 migration deadline in November 2025 further intensified the need for banks to upgrade core systems or risk operational inefficiencies and non-compliance. Free Headlines in your E-mail Every day we send out a free e-mail with the most important headlines of the last 24 hours.
The sandbox will conform to ISO20022 standards, introducing various new features enabled by enriched data, such as optimised data flow alongside transactions. This rich data facilitates the development of augmented methods for improving fraud detection and reduction and supports future enhancements.
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World.
As many as 80 percent of the 66 central banks polled by the Bank of International Settlements said they were at some stage of CBDC development. China has been at the forefront of those efforts, at least as measured in terms of debuting an actual CBDC, and is in the midst of testing its digital yuan in various settings.
Some are retail, some are wholesale, some are domestic, some are regional, and some are crossborder. The panel will explore some of these initiatives including the New York Fed's CBDC pilot program with major banks, the recently concluded Boston Fed's Project Hamilton and other global CBDC projects.
This marks a critical milestone in the exploration of a Central Bank Digital Currency (CBDC). The PoC findings also revealed that DLT-based solutions could enhance liquidity management and security, ensuring seamless integration with both domestic and cross-border systems.
Immediate focus areas include fraud prevention, ISO20022 readiness, and stablecoin regulationbut longer-term success depends on active engagement with consultations, operational resilience, and global alignment. ISO20022 also unlocks improvements in fraud detection, regulatory reporting, and data analytics.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content