Page 70 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

Figure 4 – Interoperability scenarios at the regional level

International interoperability: At the global level

24. Interoperability at the global level raises more complex issues. While national and/or regional
interoperability can form the nucleus for global interoperability, (Figure 5) and can in principle be taken as basic
models to be replicated on a larger scale to reflect global relations, in practice the coordination challenges to
do so are much more critical than at the national or regional level. Various sources of complexity emerge, such
as the coordination of a much more assorted set of stakeholders (including market participants and various
national authorities), inconsistencies among several and possibly very different legal and regulatory regimes,
and the identification of commercially viable business models and technological solutions that can match the
preferences of very diverse stakeholders, to mention just a few.

C. Challenges and risks of international interoperability

Although international and national interoperability feature similar types of risk, the former raises specific
challenges. Such challenges bear implications for central bank oversight policy. These challenges essentially
stem from: i) the scaling up to the cross-border level of the types of risk that are usually associated with national
interoperability, and ii) the international harmonization and standardization which national PSIs need to be
subject to if they are to be part of an international interoperability agreement.

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