2024-09-16 Payments BB Meeting notes

Multi-Currency Implementation

@Oscar Correia

• A subgroup was formed to discuss the implementation of multi-currency payments.

• The subgroup, consisting of @Oscar Correia and @David Higgins , met last week to discuss two options:

  • Option 1: Separate currency mechanisms for each currency.

  • Option 2: One base currency with conversions for other currencies.

• The subgroup agreed to focus on Option 1 for the current specification due to its simplicity and clarity, especially considering that settlement is not handled within the payments building block.

• Oscar will work on a specification document covering both scenarios (separate currencies and single base currency).

• David will update the specification document focusing on transactions happening in a single currency.

• The subgroup will meet again on Friday to further discuss the specification.

• @James Dailey raised a concern about aligning the solution with the requirements of government treasury operations and suggested getting feedback from knowledgeable people in this area before proceeding with development.

• It was agreed that Oscar would package the information into a document to be shared with relevant parties (World Bank, @Elie Sawaya , @PSRAMKUMAR , and government representatives) for feedback.

MasterCard Use Case for Cross-Border Payments

Florian has been working on documenting the MasterCard use case for cross-border payments (G2B), and will provide the full documentation by the next meeting.

Florian also shared additional information on the implications of using the MasterCard platform via email

@Florian.Greunz inquired about the internal assessment of the MasterCard solution. @Mauree, Venkatesen clarified that this would not be discussed in the payments working group but would be addressed in a separate meeting with Govstack people before the end of September