How to Implement
Guidance
Rely on shared core message elements.
The Scheme should rely on a common, core message structure for all use case needs, adding additional data elements as needed for the specific business needs. The messaging format should be drawn from international standards wherever possible.
Take API-forward development approach.
The platform connects to other appropriate databases (e.g., sanctions or negative lists) or software (e.g., fraud screening) to minimize internal effort and ensure access to most recent software and data.
Design for multilateral interlinking.
Link domestic Schemes multilaterally to create the cross-border Scheme by directly connecting with other payment systems using standardized protocols. The resulting cross-border Scheme brings together all the payment systems into an interoperable, harmonized set of rules and protocols.
Why It Matters
This ensures efficiency, interoperability, and security. Common design makes the platform less expensive to maintain and also facilitates educating staff and participants on how it works.
Seeing More Clearly
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Cross-Border
Multilateral linking of Inclusive IPS for cross-border purposes extends the value of interoperability to cross-borders transfers– easing and making more consistent the end user and DFSP experience through a single set of rules and keeping costs low through efficiencies and lower operational burdens.
Related Resources
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Review other L1P practices and learn more about how to apply them to your IPS.
