Monica Jasuja

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Wishing you a wonderful Christmas filled with the spirit of giving, moments of reflection, and the priceless gift of spending time with family.

Are you heading to the 9th Annual India FinTech Forum Awards (IFTA 2024) today?

This year’s theme, AI-Driven Fintech: Shaping the Future of Finance, focuses on AI’s transformative role.

Catch my session post-lunch on the 12th, where I’ll share insights on AI's disruptive impact on payments.

Did you know that China’s economy is 4 trillion dollars bigger than the US?

India Climbs to 3rd Position as the worlds third largest economy- A major milestone for this emerging economic power.

Purchasing Power Parity-Adjusted GDP takes into account the differences in the cost of living between countries. It adjusts nominal GDP to reflect what goods and services would cost in a common currency, say USD. This allows for a more accurate comparison of economic output

Nominal GDP is the total value of goods and services produced within a country's borders, measured in its own currency at current market prices. It's a simple measure of economic output, but it doesn't account for differences in the cost of living between countries.

PPP-adjusted GDP gives a more accurate picture of economic strength: It accounts for differences in the cost of living across countries.

A simple explanation of the difference is as below from the Internet

Nominal GDP vs. PPP-Adjusted GDP👇

3 Key Facts:
> India is a rising economic powerhouse: It’s the world’s third-largest economy by PPP, and its growth is accelerating.
> BRICS nations are collectively outperforming the G7: This shift in global economic power is undeniable.

Did you know that China’s economy is 4 trillion dollars bigger than the US?

India Climbs to 3rd Position as the worlds third largest economy- A major milestone for this emerging economic power.

India just set a record that will make the world pay attention.

On October 31, the day of Diwali, UPI recorded 644 million transactions, the highest so far on a single day.

To put this into perspective: UPI processed more daily transactions than twice the entire population of the United States!

How do you see API harmonization reshaping cross-border payments in your region? Drop your thoughts or questions in the comments below!

5/ The future of cross-border payments hinges on one key ingredient: API harmonization.

API harmonisation is a complex and lengthy process involving diverse stakeholders.

Continuous collaboration and monitoring are essential to achieve the G20 targets for cross-border payments.

4.3/ These are my three predictions about the future of cross-border payments:
3️⃣ A Surge in Open Ecosystems: Collaboration between fintechs, banks, regulators will create platforms that are not only interoperable but also foster unprecedented innovation. Security & trust will be the driving forces.

4.2/ These are my three predictions about the future of cross-border payments:
2️⃣ Interlinked Payment Systems Will Define the Global Economy: API harmonization will act as the backbone for linking RTP systems worldwide. Think of it as the financial internet where payments flow as seamlessly as data

4.1/ These are my three predictions about the future of cross-border payments:
1️⃣ Faster, Cheaper, and Transparent Payments Will Become the Norm: With ISO 20022 adoption, pre-validation APIs, costs and delays will drop significantly. Businesses & consumers will demand this simplicity as a baseline.

3.2/So, what do these developments mean for businesses involved in cross-border payments, and how should they respond to them?
>Collaborate Across Ecosystems: Engage with global standard-setting bodies to influence adaptable, industry-aligned practices.

3.1/So, what do these developments mean for businesses involved in cross-border payments, and how should they respond to them?

>Adopt API Standards Early: Align with ISO 20022 to stay competitive.
> Invest in Developer Resources: Equip teams to integrate harmonized APIs efficiently.

2.2/ Key Takeaways:
> Innovation and Collaboration: Harmonised APIs foster innovation, enabling businesses to offer new and improved services.

2.1/ Key Takeaways:
> Efficiency Gains: APIs streamline payment initiation, back office processes, reconciliation, reducing manual interventions and operational costs
> Enhanced Transparency: Real-time updates and automated reconciliation improve transparency and trust in cross-border transactions

1/ The Bank for International Settlements – BIS has just released a groundbreaking report on the harmonisation of APIs to enhance cross-border payments.

This report is a game-changer, highlighting how standardising APIs can revolutionise the efficiency, cost, and transparency of global transactions

The World’s Payment Systems Aren’t Broken, They’re Just Not Speaking The Same Language.

Imagine a world where payment initiation is seamless, compliance checks are real-time, and reconciliation happens without a hitch—all powered by standardized APIs.

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