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\uD83D\uDDD3 Date

\uD83D\uDC65 Participants

\uD83E\uDD45 Agenda

  • Updates on Phase 1 completion

  • Discussion of new topics for Phase 2

\uD83D\uDDE3 Discussion topics

Item

Presenter

Notes

Phase 1 Completion

David Higgins

  • David Higgins provided an update on the completion of Phase 1, which focused on developing a candidate solution for government-to-person (G2P) and person-to-government (P2G) payments.

  • The solution enhanced an existing digital public good, Payment Hub, to meet GovStack specifications.

  • Training sessions and documentation are available on GovStack Confluence.

Phase 2 Topics


Oscar Correia Mauree, Venkatesen

David Higgins

James Dailey

Multicurrency support and cross-border payments

  • Oscar Correia led the discussion, highlighting the need for multi-currency support in countries with multiple currencies in use.

  • Two approaches were discussed: separate currency accounts for each currency and a base currency approach with conversions.

  • Challenges related to conversion rates, rounding, and reconciliation were noted.

  • David Higgins confirmed that the existing solution supports multiple currency accounts but not currency conversion.

  • Further discussion is needed on the integration of multi-currency support within the existing specifications.

  • The discussion on multi-currency payments highlighted the need to consider both in-country and cross-border scenarios

  • The group will need to determine the role of the payments building block in currency conversion, especially in cross-border transactions.

Use cases for business-to-government (B2G) and government-to-government (G2G) payments

  • Common use cases for B2G payments include applications for business permits and tax submissions.

Government procurement will not be included in this building block as it is handled by another building block on the marketplace.

Use of blockchain in payments

Ensuring the payments building block fits into the Digital Public Infrastructure (DPI)

@James encouraged members to review the BIS paper “https://www.bis.org/publ/work1178.pdf“ on the future of digital finance as a consideration for the payments BB.

✅ Action items

  •  Oscar Correia : Update documentation on multicurrency support. (service description, key digital functionalities, functional requirements, and internal workflows related to multi-currency support.)
  •  David Higgins : Collaborate with Oscar on integrating multicurrency support into the existing payments BB.
  •  All members: Identify and invite potential contributors to the working group.
  •  All members: Consider taking the lead on specific topics for future discussions.
  •  The group will focus on use cases for B2G and G2G payments in the next meeting.
  •  James Dailey suggested prioritizing use cases that are relevant to governments and support DPI implementation.

⤴ Decisions

  • A follow-up meeting was scheduled for Tuesday 25th at 4:00 PM Geneva time to continue discussions on Phase 2 topics.
  • Oscar Correia will work on updating the service description, key digital functionalities, functional requirements, and internal workflows related to multicurrency support.
  • The group will aim to finalize the updated specifications and circulate them before the next meeting.
  • Members are encouraged to identify and invite other potential contributors to the working group.
  • The group agreed to use Slack for quick communication and document sharing
  • Each member is encouraged to take the lead on specific topics for future discussions.

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