21 proposals with potential to succeed identified: RBI Governor

To align cross-border payments ecosystems with G20 priorities, 21 innovative proposals with the potential to succeed have been identified, Reserve Bank of India (RBI) Governor Shaktikanta Das said.

“In collaboration with the Bank for International Settlements (BIS), 21 proposals in total were shortlisted…they have the power to provide solutions to maintain the integrity of the financial system, empower the underserved, reduce frictions in cross-border payments and amplify the resilience of financial systems,” Das said at the G20 TechSprint Finale in Mumbai.

The G20 TechSprint is a global long-form hackathon series that the BIS Innovation Hub co-hosts annually with the G20 Presidency.

Das said that the adoption of the right technology platform, which is interoperable, would hold great benefit to the future of cross-border payments.