Phase IFoundation
Background
Overview
Crucial for international trade, investment, and remittances, these systems impact economic sovereignty, financial stability, and the efficiency of global commerce. Discussions around alternatives reflect geopolitical shifts and technological advancements in finance, directly affecting India's external sector.
Cross-border payment systems facilitate financial transactions between entities in different countries. Traditionally, these systems rely on a network of correspondent banks and messaging services like SWIFT, often using a major reserve currency like the US Dollar as an intermediary.