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The Reserve Bank'sPayments Vision 2025aims to bring efficiency in the cross- border payments aligning with the G20 roadmap for cross-border payments that has set targets for achieving cheaper, faster, more transparent, and more accessible cross-border payments. The speed of the cross-border payment
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The main goal is to make cross-border inward payments faster, cheaper, more transparent, and more accessible, in line with the G20 roadmap.
A key challenge addressed is the delay in crediting funds to the beneficiary's account after the payment has been received by the beneficiary bank.
Banks must inform their customers immediately upon receipt of an inward cross-border transaction message. If a message is received after operating hours, the customer will be informed at the start of the next business day.
Banks are advised to reconcile and confirm credits in their nostro accounts more frequently, either on a near real-time basis or at periodic intervals, with a normal interval not exceeding one hour.
The new directions will be effective six months from the date of the circular.
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