How Challenger FMIs are revolutionizing Cross-border Payments
Thursday 23rd June 2022
Cross-border payments have always been in the spotlight. They have been criticized for being slow and costly, unable to cope with the demands for efficient payments among individuals, firms and financial institutions from different jurisdictions.
Challenger financial market infrastructures are trying to solve this long-lived claim for efficient cross-border payments. New technologies, along with access to flexible and affordable computing services have encouraged the development of solutions that aim to fulfil the demand for better retail and wholesale cross-border payments.
In this session of the FMI Broadcast, explored how Arf and RTGS.global envision efficient solutions that could revolutionize retail and wholesale cross-border payments with Kazım Rıfat Ozyılmaz, Co-Founder of Arf, and Dave Sissens, Chief Executive Officer of RTGS.global.
The session covered:
- The issues challenger FMIs, Arf and RTGS.global are looking to solve and how/?
- How stablecoins contribute to solving problems in cross-border payment
- The reactions of financial authorities to RTGS.global’s novel approach to cross-border payments centred around avoiding the transfer of funds
- How Arf and RTGS.global faced the common pain point of getting regulatory approval and validating their business model
- The risks new solutions pose and how they can be managed
- Whether Arf and RTGS.global are likely to become systemically important FMIs in the payment system
Watch the Recording
Session #3 Guests
|Kazım Rıfat Özyılmaz|
Kazım Rıfat Özyılmaz, Co-Founder at Arf, is an entrepreneur and engineer with more than 15+ years of experience in high-quality software development. He is working on blockchain technologies both at protocol and application (Smart Contracts) levels, focusing on building decentralized, scalable business solutions. He is pursuing a PhD in Computer Engineering with a focus on blockchain and IoT integration.
Dave Sissens is CEO of RTGS.global. Dave has decades of experience in building and growing financial market infrastructures. His leadership skills and strengths in strategy, delivery and technology were forged across many leadership roles during his >20-year tenure at CLS- the largest global settlement system, which processes transactions of multi-trillion dollar, a deep technology firm which specialises in the design, analytics and simulation of payment systems. In this role, Dave was responsible for all revenue and ensuring the strategic alignment of the advanced technology to the market’s requirements.
Throughout his career, Dave has retained a deep focus on reducing risk in global markets, specifically settlement risk. Having worked closely with the world’s largest banks and Central Banks, Dave is acutely aware of the risks, challenges and opportunities they face when processing cross-border transactions.
Resources & Links
Access the slides from this session here >
How Arf achieved instant fiat-to-fiat cross-border payments by leveraging stablecoins. Read More >
The current state and future of financial markets and technologies Read More >
How Bilateral Atomic Settlement from RTGS.global addresses settlement deficiencies within the wholesale FX market Watch Now>
RTGS.global’s Ark: A truly Independent market resilience solution Watch Now>
Missed our previous sessions? Watch the series on-demand
|The FMI Broadcast: 23rd June 2022|
With: Kazım Rıfat Ozyılmaz and Dave Sissens
|The FMI Broadcast: 25th May 2022|
With: John Jackson & James Southgate
|The FMI Broadcast: 27th April 2022|
With: Dr Kimmo Soramäki & Dr Carlos León