Despite improvements in recent years in domestic payment systems, cross-border payments continue to suffer from many inefficiencies. The G20 programme aims to enhance speed and transparency of payments, while increasing access to cross-border payment services and reducing costs. These enhancements could be especially beneficial for emerging markets and developing economies, for example through more efficient international remittances or in reducing frictions to further encourage regional trade. In particular, international remittances - regular payments sent home to support families and their local communities – are in many countries an essential source of income, at aggregated level often surpassing official foreign aid.
Digital payments are generally known to be one of the first services to onboard the unbanked and underserved into the financial systems, yet unfortunately there remain significant gender differences around the use of digital payment and of financial services more generally.
Tara will discuss these themes as well as the ongoing and potential future work – particularly that of the CPMI as a key implementing organisation of the G20 programme on cross-border payments, and how it can potentially address this imbalance.
The online lecture is chaired by Elena Carletti, Professor of Finance at Bocconi University.
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'Women in Finance' is the Florence School of Banking and Finance lecture series that aims to highlight successful women across different areas of finance: public service, academia, and the private sector.