The Bank for International Settlements is calling on market participants to join a panel working on the harmonisation of API protocols for cross-border payments.
BIS's Committee on Payments and Market Infrastructures (CPMI) is asking cross-border payment service providers, financial infrastructures, industry associations and central banks to nominate API experts to join the panel.
The move is in response to the G20 cross-border payments programme, which has seen the issue become a global priority over the last few years.
APIs are increasingly being adopted by payment systems and payment service providers alike. By reducing manual intervention and facilitating more timely data exchange across the payment chain, APIs can facilitate more efficient and faster cross-border payments, says the CPMI.
But, as APIs gain wider adoption, the fragmentation of protocols could undercut the potential implementation benefits.
Supporting greater harmonisation of API protocols has therefore been identified by the G20 programme as a priority for achieving cheaper, faster, more transparent and more accessible cross-border payments.
The new panel, made up of about 20 members, will help evaluate proposals for API standards in cross-border payment information exchange; propose areas for greater harmonisation; and develop a longer-term global governance proposal and process to continue updating harmonised API requirements.