Payments interoperability across communities and currencies
Domestic real-time retail payments systems are offering reach and ubiquity in many smaller communities through indirect memberships and service hubs. In larger communities, such as the U.S. and Euro-zone, multiple operators are positioning their solutions. But the desire (or obligation within a single currency zone) to interoperate comes with new challenges: how can operators guarantee finality to each other within seconds? Can instant payment confirmations be returned instantly through multiple players? What is the role banks can play in ensuring interoperability?