Assessment of Payment Networks and Tokenization Experiments in 82 Jurisdictions

The Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS) reviewed the payment network improvement tasks of 82 jurisdictions in its "2025 Cross-Border Payment Monitoring Survey" published on May 27, 2026. The report emphasizes that the first and last legs of cross-border payments rely on domestic payment networks of each country, stating that improvements in access to payment networks, operating hours, data standards, and legal and regulatory compliance are prerequisites for enhancement. BIS highlights the expansion of access to payment systems, extension of operating hours, and ensuring interoperability as key points, mentioning the expansion of connections to Fast Payment Systems (FPS) and increased access for non-bank payment service providers and foreign banks as tasks. This survey is part of the effort to assess the implementation of the G20 cross-border payment roadmap initiated in 2020. Data standards were also presented as a major focus, indicating that the adoption of ISO 20022 harmonization requirements and standardized API frameworks could reduce payment inefficiencies. The Financial Stability Board (FSB) evaluated in a report published on October 9, 2025, that global key performance indicators (KPIs) showed only slight improvements. Andrew Bailey, the FSB Chair, pointed out the lack of implementation, noting that more than half of all jurisdictions have extended or are reviewing the operating hours of Real-Time Gross Settlement (RTGS) systems. The BIS Innovation Hub's Project Aurora is a project testing atomic settlements for wholesale cross-border payments by tokenizing central bank reserves and commercial bank deposits, with a real value test conducted in July 2026. This experiment was carried out in a controlled environment and is interpreted as a signal that domestic payment infrastructure and legal and regulatory compliance need to be assessed together.

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