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 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


The session covered:

    • The issues challenger FMIs, Arf and are looking to solve and how/? 
    • How stablecoins contribute to solving problems in cross-border payment
    • The reactions of financial authorities to’s novel approach to cross-border payments centred around avoiding the transfer of funds
    • How Arf and 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 are likely to become systemically important FMIs in the payment system


Watch the Recording


Session #3 Guests


 Kazım Rıfat Özyılmaz

Co-Founder, Arf 

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


Dave Sissens is CEO of 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 addresses settlement deficiencies within the wholesale FX market Watch Now>’s Ark: A truly Independent market resilience solution Watch Now>


Missed our previous sessions? Watch the series on-demand


The FMI Broadcast: 26th January 2023

The operational Resilience of Decentralised Payment Systems in Wholesale Banking

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The FMI Broadcast: 26th January 2023

The operational Resilience of Decentralised Payment Systems in Wholesale Banking

With: Patrick Papsdorf (ECB) and Claudine Hurman (Banque de France)

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The FMI Broadcast: 25th January 2023

A global standard for payment messaging- everything you need to know about ISO 20022

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The FMI Broadcast: 10th November 2022

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The FMI Broadcast: 22nd September 2022

Saving Liquidity with Cross-Border Payments

With: Jan Schoombee (Fnality International)

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The FMI Broadcast: 30th August 2022

How Challenger FMIs are revolutionizing Cross-Border Payments

With: Phil Mochan (Nomos Digital) and Claudio Cersesani (DGT Solutions)

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The FMI Broadcast: 23rd June 2022

How Challenger FMIs are revolutionizing Cross-Border Payments

With: Kazım Rıfat Ozyılmaz (Arf) and Dave Sissens (RTGS.Global)

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The FMI Broadcast: 25th May 2022

The Bank of England’s RTGS CHAPS Renewal Programme

With: John Jackson (Bank of England) & James Southgate (Bank of England)

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The FMI Broadcast: 27th April 2022

The FMI Ecosystem: Recent Developments and the Road Ahead

With: Dr Kimmo Soramäki (FNA) & Dr Carlos León (FNA)

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