16 July 2018
Visit www.gemalto.com

Swift Institute research highlights five enablers for implementation of successful regional payments

16 December 2014  |  3546 views  |  0 Source: Swift

Paper ranks the comparative success of various regional payments integration projects that are necessary to support economic growth.

The Swift Institute publishes today a new working paper that looks at the wide range of regional payments projects and the factors behind successful integration. The report produced by Dr. Leo Lipis and Colin Adams for the Swift Institute, entitled

“Cross-border low value payments and regional integration: enablers and disablers”, assesses enablers, disablers and success factors across the existing projects, areas which have received little research previously.

The paper explores nine different payments systems (ASEAN, COMESA, IPFA, NPA, SADC, SEPA, SML, WAEMU and WAMZ) looking at how each defines success. Using the findings from the study, each system was evaluated based on a rubric to rank the comparative success of each project across five enablers. Based on the evaluation the paper finds that WAEMU (West African Economic and Monetary Union) and SEPA (Single Euro Payments Area) are the most advanced projects in terms of integration. While the evaluation may tend to favour systems pursuing tighter integration that are farther along in the process of regional cooperation, it provides a useful overview of the most successful regional payments integration projects from around the world.

The paper highlights the following five major enablers of a successful regional payments project:

  • Linkage of payments integration to a political goal
  • Common currency or comment settlement currency
  • Centralized governance structure
  • Existence of a common data standard
  • Ensuring that the motivations of the different stakeholders are aligned

While the form of tight payments integration that defines a successful regional project remains rare, there are a number of regions that are in various stages of pursuing this goal and an increasing amount of countries are looking to begin integration projects.

Peter Ware, Director of the Swift Institute says: “The latest Swift Institute research provides a clear view of the enablers and disablers of regional payments integration. It helps to define and set benchmarks for success including the adoption of common standards and technical guidelines for payments projects. With this overview, countries can come together and integrate their payment systems in a variety of ways that can improve economic strength and cooperation for all participants.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.aciworldwide.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Top topics

Most viewed Most shared
Flux ready for take-off on Barclays Launchpad; scores trial with Costa CoffeeFlux ready for take-off on Barclays Launch...
10553 views comments | 4 tweets | 9 linkedin
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9572 views comments | 18 tweets | 30 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8113 views comments | 13 tweets | 17 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8108 views comments | 3 tweets | 1 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7661 views comments | 7 tweets | 13 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job