RBI launches G20 TechSprint competition to improve cross-border payments

The Reserve Bank of India (RBI) on Thursday launched G20 TechSprint, a global technology competition for developing innovative solutions to improve cross-border payments.

Under India’s G20 Presidency, the RBI and the BIS Innovation Hub (BISIH) of the Bank for International Settlements have jointly launched the fourth edition of the G20 TechSprint.

The 2023 TechSprint will focus on solutions for three challenges cross-border payments face. The first focus would be Anti Money Laundering and Sanctions technology solutions to reduce illicit finance risk. 

Second aspect would cover Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies. Finally, come up with technology solutions for multilateral cross-border Central Bank Digital Currency (CBDC) platforms.

RBI in a statement said it along with BIS would invite global innovators to help develop innovative technology solutions for cross-border payments. The competition is open to developers from around the world for submitting application from May 04, 2023 to June 04, 2023 and the TechSprint will conclude around August/ September 2023.

RBI said when payments across borders become efficient, economic linkages, economic cooperation and economic activities across borders become easier, effective and efficient. Payments should be able to flow seamlessly across borders and between payment systems to promote competition while preserving financial integrity, it added.