Cross-Border Lens

The Level One Project views cross-border transfers as an instance in all payment needs or use cases. Cross-border transfers are present in any payment need – not just peer to peer (P2P) remittances. Primary among these are consumer to merchant payments, including e-commerce, and cross-border trade.

Core tenets of Cross-Border Payments

Three tenets of the vision for Inclusive Cross-Border Payments:

The Scheme develops the needed technical and institutional basis for any Scheme participant to make cross-border payments.

Any DFSP participating in a domestic Scheme should be able to participate in the cross-border Scheme with minimal additional effort.

Multilateral interlinking between domestic Schemes is the foundation for enabling inclusive cross-border payments.

Bilateral linking on a Scheme-by-Scheme basis is costly and typically produces a confusing experience for providers and end users alike. Connect directly with other payments systems and develop a cross-border Scheme.

There is an essential role for central banks to play in achieving inclusive cross-border payments.

The role may be an enabling one: creating supportive regulations or setting inclusion targets. It may also play a more direct governance role as the owner of the cross-border payments Scheme guiding inclusive outcomes.

Getting started with the Toolkit

Learn or refresh yourself & your team on the links between cross-border payments and the L1P Principles and Practices

Not sure where to start? Download our report to understand core concepts, generate internal alignment, and build your case for inclusive design choices.

Cross-Border Payments: The Level One Project Perspective

Download the Report

All aspects of the Level One Project are relevant for a payment system that seeks to be inclusive. This report applies a “cross-border lens” to the L1P Principles and Practices, highlighting those that require additional emphasis to achieve inclusivity in the cross-border context.

Download
List of Principles

The Level One Principles

If you are new to L1P, learn more about our Principles.

Explore the L1P Principles

Browse L1P Guidance by Practice area

Follow the link to Select a Practice for a pre-filtered list of L1P Practices that are particularly important for cross-border payments. From this list of good practices, click each one for a rationale of why that practice matters for cross-border payments and how to implement the design well.

Tools for Cross-Border Payments

  • Market Illustration – Directo a México: Fostering More Competitive Terms
  • Market Illustration – Buna
  • Tool: Transparent Term Disclosure and FX cost calculator
Select a Practice to Dig Deeper