November 8, 2023

An industry in need of collaboration – what we learnt from Sibos 2023

The landscape of cross-border payments reached an inflection point at this year's Sibos conference. With the theme of "Collaborative Finance in a Fragmented World," discussions centred on driving interconnectivity between instant payment systems worldwide.

Across the four days, took part in conversations on key trends and priorities to enable seamless, transparent global transactions. With a spirit of cooperation and technical innovation on the industry’s agenda, the future of frictionless cross-border payments looks bright. at Sibos 2023

Aligned with the conference’s focus on cooperation, participated in a roundtable, sponsored by The Banker. Exploring intersections between interconnectivity, liquidity management and tokenisation.

In the company of several market-leading experts, the team held discussions around the need for collaboration between regulators and the private sector to unlock the full potential of real-time payments, echoing key conference themes.

While technology has been pivotal in the sector, seamless cross-border transactions require cooperation on interoperability and standards. Participants also examined emerging liquidity models to power real-time systems efficiently as transactions scale globally. Finally, the promise and risks of tokenization were weighed given its likely impact on future payments.

Altogether, it was promising to see that the conclusions from the roundtable reinforced that the shared vision between the public and private spheres will be integral to frictionless payments.

Highlights from the Banks Working Group also convened an impactful in-person Banks Working Group (BWG) meeting, which featured productive dialogue on the company's settlement layer and roadmap. Discussions centred on use cases for frictionless cross-border transactions across remittances, trade finance and capital markets. Members explored various collaboration opportunities around the settlement service and its alignement with bank needs.

Additionally, previewed its new BWG microsite which will facilitate thought leadership and closer engagement with members. Attendees also received an exclusive demonstration showcasing the latest capabilities and development roadmap of the settlement service.

The session marked an important step in expanding's BWG community and driving greater financial inclusion. Looking ahead, aims to further diversify membership beyond the current commercial banks. The addition of card processors, FMIs and/or central banks could bring immense strategic value. By bringing more voices to the table, the pace of innovation and alignment would undoubtedly accelerate.

Looking ahead: What's next for

Aligning with Sibos 2023’s focus on interconnectivity, will prioritise partnerships with institutions across banking, payments and fintech to link real-time rails and ensure seamless end-user experiences. also aims to expand its Banks Working Group, engaging industry leaders around its settlement service.

Additionally, new product developments that increase access and transparency are on the horizon. Collaborating with the public sector on standards and policies will be key. looks forward to contributing its expertise and technology to make frictionless cross-border payments a reality.

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