Multilateral Payment Platforms

A Global and Regional Breakdown of Cross-Border Interlinkages

Multilateral payment platforms are transforming how money moves across borders—shifting from costly, slow, and fragmented systems to interoperable, fast, and policy-aligned infrastructures. These platforms act as shared payment rails that connect multiple countries, central banks, or financial institutions, and are essential in both wholesale (bank-to-bank) and retail (consumer/business) payments.

This post provides a comprehensive overview of these platforms, enhanced with URLs, live case studies, and architecture breakdowns from the CPMI Survey on multilateral platforms.

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🌍 Regional Multilateral Platforms

Wholesale Platforms

Architecture	Type	Region	Platforms	Case Studies & Links
Common platform	Single-currency	Eastern Caribbean	ECCB-RTGS	Used by 8 member countries for monetary union settlements
		West Africa	STAR-UEMOA	Regional RTGS under the BCEAO, for UEMOA zone
		Central Africa	SYGMA	CEMAC zone settlementSettlement settlement The process of transferring funds from the issuer to the acquirer. platform
		Southern Africa	SADC-RTGS	Over 16 countries in SADC clearingClearing clearing The exchange of financial information and instructions between acquirers and issuers to facilitate settlement. in ZAR
		Europe	TARGET2	Pan-European RTGS used by Eurosystem

| Hub & Spoke | Single-currency | Central America | SIP | Links across SICA nations via national central banks | | | | Central Africa | REPSS | For COMESA region, enables net settlement across members |

| Common platform | Multicurrency | Gulf States | AFAQ | AMF-led project to enable cross-border multicurrency RTGS |

| Hub & Spoke | Multicurrency | East Africa | EAPS | Connects Kenya, Uganda, Tanzania using SWIFT-based rails |

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Retail Platforms (Including Remittances)

Architecture	Type	Region	Platforms	Case Studies & Links
Common platform	Single-currency	Europe	TIPS	Real-time settlement in Euro; integrated with Sveriges Riksbank(Sweden)
Common platform	Multicurrency	Africa	PAPSS	Pan-African Payment and Settlement System live in 6 countries; backed by Afreximbank and AfCFTA
		Nordics	P27	Cross-border Nordic payments across SEK, DKK, NOK, EUR (launching in phases)
		Arab World	Buna	Run by Arab Monetary Fund, already linked to Egypt, Jordan, UAE, Bahrain

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🌐 Global Multilateral Platforms

Wholesale Market

Architecture	Type	Platforms	Case Studies & Links
Common platform	Multicurrency	CLS	FX settlement utility handling USD/EUR/JPY etc. Handles over $6 trillion/day
		Project Dunbar*	MAS, RBA, South Africa & Malaysia CBDC pilot via BIS Innovation Hub
		Project Jura*	CBDC-based FX settlement: Banque de France, SNB, BIS, private banks
		Project mBridge*	China, HK, Thailand, UAE—pilot for multicurrency CBDC corridor

*CBDC-based platforms; not yet commercial.

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Retail Market

Architecture	Type	Platforms	Case Studies & Links
Common platform	Multicurrency	Visa	VisaVisa visa A leading global payment technology company connecting consumers, businesses, and banks. Direct powers cross-border P2P remittances in over 170 countries
		Mastercard	Through Send & Cross-Border Services, also supports B2B and remittances
Hub & Spoke	Multicurrency	Amplus	BIS Innovation project targeting global low-cost remittance corridors

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🔗 Real-World Linkages and Interoperability Initiatives

Many multilateral platforms are not isolated, but are actively linking up, including:

• TARGET2 + TIPS + SEPA: Enable end-to-end Euro payments via instant rails across Europe.
• Buna and EAPS: Discussions to interlink Buna (Arab) and East Africa corridors.
• PAPSS and Commercial Banks: Live partnerships with Ecobank, UBA, and Stanbic to scale cross-border merchantMerchant merchant An individual or business that accepts payments in exchange for goods or services. payments.
• Project mBridge + SWIFT GPI: Exploring interoperability between CBDC corridors and existing correspondent banking rails.
• P27 + European RTGS: Future integration being explored to align Nordic RTGS with broader EU systems.
• Visa Direct + M-Pesa: Partnership allowing M-Pesa users in Africa to send and receive global remittances.

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🧭 Why It Matters

Multilateral platforms help solve key frictions in cross-border payments by:

• Reducing transaction costs
• Accelerating settlement time
• Increasing transparency
• Reducing FX inefficiencies

They are central to the G20 agenda for enhancing cross-border payments by 2027.

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🔮 Looking Ahead

Expect more platforms to:

• Interlink via APIs and shared messaging standards (ISO 20022, gpi, CBDC APIs)
• Expand their currency scope, especially in Asia and Africa
• Include non-banks and fintechs for remittance, trade finance, and ecommerceeCommerce ecommerce Commercial transactions conducted electronically on the internet. Includes digital payments, shopping carts, and fraud prevention. use cases

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📚 References & Resources

• BIS CPMI Report on Multilateral Platforms (2024)
• SWIFT Cross-Border Payment Strategy
• Arab Regional Payment System (Buna)
• Project Amplus Overview