Swiss National Bank and ECB Explore Linking Instant Payment Systems
The two central banks are evaluating a connection between their platforms to enhance the speed and efficiency of cross-border transactions.
Summary
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Terms & Concepts
Instant Payment Systems: Financial infrastructure enabling immediate transfer of funds between accounts, often available 24/7 to facilitate rapid transactions.
Cross-Border Transactions: Payments or transfers of funds between parties located in different countries, often requiring coordination between distinct banking systems.