seem to be the key problems we are confronted with. indeed many people who are unbanked or offline still have limited or no access to payments. cross - border payments remain expensive and inefficient. the regulatory 1 / 4 bis - central bankers'speeches environment has yet to respond to the growing importance of international payments and to new forms of payments and providers. this brings me to what needs to be done now. for domestic payments many solutions are emerging to lower costs and enhance inclusion. retail cbdc, stablecoins, tokenized deposits, fast payments are all good candidates. they compose an ecosystem that has not reached an equilibrium yet. it is likely that every jurisdiction will have a different configuration of this equilibrium, depending on its specific needs. my guess is that all these solutions will coexist, each caring for a specific use case. in this context, central banks need to make sure that a proper regulation is in place to avoid walled gardens, to foster competition and innovation in a safe environment for the benefits of households and firms. speaking of safety, we need to spend some time thinking on how we can apply innovation and technology advancement to detect in real time the insurgence of bank runs. i am more concerned about cross border payments, to which i will now turn. a viable path a lot depends on us as central bankers. one specific responsibility central banks cannot shirk is to provide infrastructure services that market forces alone cannot afford to offer. the perfect solution would be a global platform accessible from all countries to make instant payments in all currencies. while we pursue this goal, let us bear in mind that there is a much simpler solution at hand, namely linking existing payment systems. interlinking, in fact, means reusing existing infrastructure and reducing implementation times and costs. fast payment systems have the greatest potential for interlinking. they operate on a continuous basis, allowing for a full overlap of operating hours for 24 / 7 access across jurisdictions. they generally have a high degree of semantic interoperability ( i. e. they speak the same language ) and process payments in a matter of seconds or minutes. however, interlinking many national systems entails a large number of bilateral connections. this drawback can be addressed by relying on existing regional platforms. a telling example is the recent experiment in which the eurosystem's instant payments platform tips was linked with buna, the cross - border and multi - currency instant payment system owned by the

reach and therefore can support all countries included those that do not have other ways to tap into global knowledge ; second it has the power to gather all the key players around the table : ministries of finance, prudential supervisory bodies, aml authorities, ministries of domestic affairs and data protection authorities. one might ask whether it is wise, for the international community to embark on such an undertaking now. my answer is definitely yes. in fact, ensuring good interoperability of business environments is a necessary condition for any kind of approach to crossborder payments, whether based on traditional or new technologies, such as distributed ledger technology and central bank currency ( dlt and cbdc ). * * * 3 / 4 bis - central bankers'speeches let me conclude. progress in payment systems rests upon mutual trust and multilateral cooperation, both enabling conditions for advancing the g20 roadmap. central bank cooperation has a key role to play in developing payments infrastructures ; the involvement of governments and private sector stakeholders is also essential to create a sound regulatory and market environment. if we take a holistic approach and focus our efforts on what is actually achievable, the payments sector will be even more capable of improving the prosperity of our economies while reducing inequality. 1 cipollone p. ( 2021 ), the italian g20 presidency and the cross - border payments agenda, speech at the cpmi conference on'pushing the frontiers of payments ', 19 march 2021. 2 mckinsey ( 2022 ), the 2022 mckinsey global payments report. 3 carstens a. ( 2020 ), shaping the future of payments, bis quarterly review, march 2020 ; visco i. ( 2021 ), opening remarks at the webinar " enhancing digital and global infrastructures in cross - border payments ", organized on 27 - 28 september by the bank of italy during the italian g20 presidency ; cipollone p. ( 2022 ), keynote speech at the conference on digital platforms and global law, organized on 29 april 2022 by unidroit in collaboration with roma tre university and the european law institute ( eli ) in rome. 4 / 4 bis - central bankers'speeches