ECB’s Knot: Cross-Border Payment System Needs Public and Private Support

11 July 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Klaas Knot on Thursday said that global coordination between the public and the private sectors was key to developing a successful cross-border payments ecosystem.

In a speech at a conference organised by the Committee on Payments and Market Infrastructures, the text of which was posted on the website of De Nederlandsche Bank, which he heads, Knot said, ‘[We] need a shared commitment to improving cross-border payments, both from the public and the private sector. The onus to turn some of the completed priority actions into reality rests with the private sector, with the support of the public sector.’

It was important for the regulatory community to finish the work in progress towards cross-border payments, he said.

There should be special attention paid to the regions and market segments that were distant from the quantitative targets established for cross-border payments, he noted.

‘This is the case, because we may need a more in-depth understanding of the market practices and a dedicated action plan for those regions in order to see substantial progress at a global level’, he said.