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