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WEF_Connecting_Digital_Economies_2020
auto-generated 1-Feb-2021
Connecting Digital Economies: Policy Recommendations for Cross-Border Payments I N S I G H T R E P O R T J U N E 2 0 2 0 3 4 6 8 9 10 11 11 14 15 16 20 21 22 22 23 25 26 26 29 30 31 Contents Foreword Executive summary Introduction 1 Barriers to supplying payment services 1.1 Domestic infrastructure/processing requirements 1.2 Forced data localization 1.3 Licensing and equity requirements for foreign firms 1.4 Recommendations: Best practices, initiatives and next steps 2 Standards and interoperab

Keywords

agreement between the mas agreements with its regulatory authority and the monetary countries and other markets requirements known as data infrastructure have an economic innovation of the depa localization in the financial standard such as iso

Sources: WEF

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This section lists the Pathway type, Priority/ function areas, Sectors/ fields of life and People/ roles for the pathway.
Type:   Forecasts
Priority/ Function Areas:   Law & Government  People & Society
Sectors/ Fields of Life:   Economy-wide
People/ Roles:   Multi-Nationals  Private Corporations  Governments
This section lists the Categories, Goals, Measures and Actions included in the pathway.
Categories:   country   interoperability   standard   http   regulatory   cybersecurity   world   include   international   border   private   cross   forum   payment   network   asean   policy   services   market   financial   access   digital   system
Profiles:   wto members   the transition   the sector   an countries   a firm   each connection   the future   the forum   this issue   the requirements   a host   the inability   a country   the countries   no standards   an kind   esser associate   that systems   the transmission   digital trade   the model   the parties   a agreement   each link   a incentive   the nature   pressarticle79917fis54countrieshaveactivatedrealtimepaymentsystems website   a share   this proposals   the pace   this commitments   this network   this measures   the cost   the mechanism   a study   a company   the applicability   the provisions   a understanding   the adoption   the prevalence   gfin lessons   what factors   its link   a set   an examples   a paper   a approach   an challenges   the ability   the results   the list   the lessons   each member   this policies   the gap   the breach   a entity   innovation jury   wwwbisorgbcbspubld486pdf insights   eleni lawmakers   the need   a initiative   the supply   a provider   each recommendation   another area   this barriers   both parties   compendium1 lessons   this systems   the barriers   january recommendations   the industry   this report   community blueprint   llp period   the person   the installation   the part   a user   digital systems   this understanding   this standards   the documentation   a agreements   a concerns   bank systems   the needs   this phones   this type   the era   the expansion   the transformation   the cptpp   the guidance   its customers   e15 initiative   the challenge   the chapter   this regulations   the extent   it members   a number   the customer   the system   this requirements   an governments   the divergence   its services   the oversight   this standard   this rounds   botwright community   the paypers   the level   all rights   we members   bi principles   op ibid   a panel   the standard   the force   the agreement   this accounts   the rules   no effort   this divergences   the landscape   the opportunity   the user   the challenges   the impact   the importance   http wwwdentonscomeninsights   the areas   http website   the types   mexico agreement   this restrictions   the economy   a body   the solution   the appearance   the crisis   this section   the framework   the implications   the alliance   the government   the number   the rise   a hacker   the establishment   the domain   a customer   the work   a lack   the provider   the integration   icc issues   the usmca   a measure   the goal
Goals:   analyse key types   launch crossborder pilot   use computing facilities   build local centre   create reference paper   enable practices initiatives   treat foreign suppliers   encourage connecting guidelines   provide detailed protections   leverage extensive community   offer electronic services   diverge security threats   achieve fatf objectives   encourage flexible risk   note regulatory considerations   make crossborder payments   establish market barriers   address affecting measures   maintain competitive connections   take technology approach   govern exist issues   force payment providers   connect current crisis   require vast network   enact systems act   increase competition interoperability   affect defined services   enable greater coordination   facilitate border payments   play important role   use code qr   achieve harmonization organizations   require internal controls   enable telecommunications sector   establish consumer protections   make allow commitment   give trade commitments   provide financial services   reduce specific commitments   follow forced challenge   cover including technologies   bring public sectors   cover recent agreement   establish payments forum   level playing field   require payment processing   develop common application   report global survey   improve payment efficiency   introduce requires measure   embrace banking banking   explore related projects   assist poor cgap   mitigate sharing cyberrisk   transfer processing capabilities   address trust security   use proprietary standards   expand network figure   support helpful tool   encourage competition innovation   include payment systems   provide model framework   require providers processes   activate payment systems   inmarket practices initiatives   use latest solutions   reduce associated costs   base system principles   breach best engineering   improve payment experiences   lower barriers costs   connect applications currencies   promote cybersecurity practices   open public apis   facilitate retail payments   provide basic principle   provide good example   take proactive role   address concerns privacy   impede free flow   match sensitive information   adopt same standard   include validate standards   require domestic atm   protect entire industry   play key role   accept observing members   provide clear framework   see negotiating group   allow free flow   require holistic approach   establish member commitments   store transaction data   include payment services   pas important information   achieve harmonization security   offer flexibility fintechs   reach end consumer   use common organization   treat payment services   give invest incentive   use transport networks   reduce recommendations initiatives   promote ubiquity interoperability   tilt competitive field   limit crossborder supply   manage prohibited transactions   foster economic growth   encourage interoperability76 third   treat generated data   reinforce basic foundations   provide privacy principles   face retail payments   create friction interoperability   address respective challenge   spur recommendations competition   support payment standards   develop guidelines standards   eliminate potential limitations   create public dialogue   govern recent efforts   provide included services   pas facilitate information   shape world forum   circumvent regulatory requirements   see fourth ratings   propose cybersecurity policy   allow crossborder supply   reduce friction redundancies   give unprecedented level   streamline service pilots   provide cost options   ensure economic development   use storage services   reduce border friction   set computing facilities   provide good model   use joint ventures   support domestic sector   finance legislation changes   send clear message   mandate caps licensing   pose cybersecurity risk   provide reduce opportunity   exacerbate meant issues   constitute supplied service   accept warn reject   improve payment services   provide payment services   cross payment services   define payment services   start intentioned policies   leaf entire system   link identity proxies   recognize domestic standards   provide complete profile   weaken cybersecurity concerns   encourage adoption interoperability   modernize messaging systems   govern financial technologies   support share some   protect free flow   increase access consumers   establish undermine measures   provide good alternative   supply modern commitments   unlock using inclusion   examine key challenges   relate industry standard   use sims group   pas richer information   update clearing systems   establish local entity   include following phones   present expand opportunity   provide border services   explore regional coordination   affect crossborder supply   maximize initial investments   force known concept   play active role   adopt force standards   create robust framework   set gather academies   hinder payment services   thank following contributors   adopt nonconforming standards   establish press release   enact requiring law   gather including authorities   understand unique challenges   establish detailed set   take value chain   support competitive sector   promote interlinking interoperability   undergo due diligence   maintain level field   establish banking guidelines   obtain systems operator   convene global community   foster enabling environment   authorize discriminate measures   create unlevel field   require crossborder flow   receive payments countries   hurt own startups   prevent service providers   explore trade agreements   encourage payment acceptance   offer riskbased approach   make additional commitments   assess relevant levels   create regulatory standards   guarantee discriminatory treatment   recognize eliminate need   take open approaches   share banking data   build regulatory systems   create cybersecurity framework   use preferred provider   propose require mandate   support successful introduction   reduce payment friction   use single code   sign bilateral agreements   reduce corruption crime   establish working committee   create payment councils   require identity verification   summarize economic impact   support trade needs   enact processing requirements   lack operating system   create practices initiatives   force payment networks   endorse developed standards   share common standard   encourage harmonization interoperability   bring interoperability standards   develop common set   address raised concerns   develop source standard   manage wide range   develop comprehensive list   improve policy recommendations   provide market access   mitigate wide range   contribute additional billion   ban crossborder transmission   pursue technical standards   encourage competition interconnectivity   meet modern commitments   enact system laws   undermine identificationverification regulations   promote integrated network   develop infrastructure nations   liberalize crossborder supply   reinforce basic principle   utilize payment services   deserve allows consideration90   maintain cybersecurity requirements   bring experts privatesector   offer holistic solutions   improve trust cybersecurity   enable adequate supervision   meet policy objectives   see following section   secure personal swaps   retract due concerns   foster policy environment   launch domestic standards   reinforce broad definition   streamline payment oversight   maintain competitive advantage   connect addressing conclusion   use licensing requirements   manipulate block remove   address policy goals   address interoperability security   provide innovative services   favour meant guidelines   create interoperability challenges   support system modernization   require domestic transactions   include allow commitment   mitigate diverging standards   develop regional framework   prohibit made requirements
Measures:   foreign supplier   brave world   neutral approach   underbanked populations   financial system   hsbc payments   local entity   important infrastructure   vary sizes   digitize economy   more technology   various jurisdictions   oversight redundancies   sufficient information   safe principles   own startups   holistic approach   several agreements   important providers   subsequent panels   international community   regional agendas   secure services   telecom operators   practice initiatives   work paper   crossborder interoperability   payment systems   strict mandates   oversee processes   transaction costs4   global commitments   personal swaps   current practice   legal considerations   cybersecurity risks   common principles   technical experts   regional standards   more interoperability   authentication standards   common organization   efficient services   little ability   voluntary guidelines   exist commitments   mutual assistance   high barriers   additional examinations   border payments   publicationsconsumerintelligenceseriesprotectmecisprotectmefindingspdf statistics   entire industry   access commitments   interoperability security   requisite access   risk management   increase difficulty   current crisis   domestic sector   international organizations   open source   consider steps   interoperability challenges   major hurdle   global government   great connectivity   standardsrelated issues   extensive community   alternative way   cross services   standardize messages   service pilots   economic needs   regulatory authorities   local markets   les availability   victimization rates   significant room   great risk   systemic risk   manual process   retail systems   identity verification   long run   new providers   complete access   new innovations   more payments   political economy   bank data   specific firms   many policies   important ways   border supply   qualify firms   good alternative   credit profile   legal assistance   negotiate group   similar consequences   electronic store   digital reputation   limit inmarket   diverge standards   different countries   payment platforms   retail payment   negligent employees   restrictive requirements   great firms   domestic economy   enforcement cooperation   recent agreement   force requirements   play field   financial standards   payment oversight   traveller cheques   payment experiences   broad projects   future growth   major risk   financial solutions   establish coalition   essential services   interconnect networks   intentioned reasons   technical practitioners   digital market   simplify diligence   common cyberattacks   regulatory environment   risk mitigation   local storage   likeminded parties   special consideration   common licensing   equity caps   cost options   digital transactions   crossborder pilot   local development   discriminatory measures   senior group   emerge cyberrisks   new commitments   cybersecurity framework   accept standard   basic paper   educational training   wholesale systems   increase trust   new network   global risks83   central institutions   competitive advantage   digital payments   secure location   national agencies   respective systems   mobile phones   significant variation   central banking   non treatment   follow section   good faith   payment efficiency   riskbased approach   adequate security   enforcement agencies   digital infrastructure   own departments89   global framework   financial institution   such paper   regulatory compendium   same time   domestic component   specific goal   local institutions   financial authorities   economy guidelines   good practice   immediate city   acceptance code   financial authorities98   local competition   many consequences   digital providers   transaction examples   several computers   great competition   financial service   foremost business   regional cooperation   valid methods   negative consequences   telecommunication sector   different entities   indirect barriers   executive order   regulatory reforms   crossborder supply   process capabilities   relevant parties   private sector   market access   domestic providers   publicprivate initiative   fund grants   emerge technologies   global standards   significant costs   open data   local economy   prominent agencies   mobile device   sensitive data   sector specialist   ordinary course   complex set   rapid expansion   financial crime   technical expertise   full commitments   common code   international firms   sound basis   discriminatory treatment   minimum standard   far innovation   many localization   crossborder services   cross friction   holistic solutions   inclusive growth   vast network   economic impact   partial commitments   nascent sector   detail set   cover persons   kind promotion   long shadow   new systems   successful work   commitment mode   consistent reporting   high rates   bilateral coordination   unnecessary frictions   regulatory entities   mutual recognition   domestic network   new rules   several initiatives   low levels   cybersecurity practices   key information   good examples   digital literacy   different levels   several organizations   large institutions   same standard   entire system   proactive role   friction interoperability   additional commitments   identificationverification regulations   due concerns   treatment commitments37   far detail   key areas   license parties   nonregulatory members   regulatory requirements   broad modernization   pointofsale atm   payment framework   cybersecurity firms   common rules   key points   adequate oversight   great banking   standard threats   robust regulation   supervisory requirements   clear message   service providers   inclusion concerns   international cooperation   concrete solutions   border services   consumer data   competitive sector   regulatory mandate   physical commerce   supervisory authorities   retail oversight   key role   financial regulators   identity proxies   global innovation   border friction   digital currencies   storage services   innovative services   useful tools   global payments   effective training   informal economy   digital acceptance   multiple jurisdictions   marketbased model   great coordination   crossborder countries   regulatory redundancies   robust framework   press release   much data   accept standards   general agreement   international standard   economic forum   likely step   connect guidelines   global economy   follow recommendations   cybersecurity localization   meaningful access   vulnerable system   additional access   unprecedented recommendations   unfair advantage   fintech startups   regulatory redundancy   deliverable services   force localization   unlevel field   payment issues   domestic processing   base approach   international policy   various providers   domestic growth   kyc process   multiple markets   subject providers   foreign companies   foreign equity   local requirements   payment competition   regulatory consideration   electronic transactions   service report   interoperable systems   uneven attention   safe payments   policy objectives   foreign exchange   public projects   difficult set   mobile users   legislation changes   exist standards   personal information   specific areas   govern messaging   protect hardware   international studies   efficient flows   cross supply   biometric data   cyber ecosystem   amlcft systems   single firm   security threats   available prevalence   joint ventures   infrastructure services   single server   civil society   little incentive   intentioned policies   certain standards   high requirements   own enterprises   new frictions   lead blockchain   basic telecommunications   first year   various modes   special consideration90   next requirements   specific commitments   more information   significant focus   domestic requirements   unintended consequences   sensitive information   current commitments   multiple jurisdiction   past localization   new customers   effective cooperation   national treatment   preferential treatment   digital transformation   criminal abuse   competitive connections   top priority   wifi networks   trade agreements   force ventures   domestic services   know term   open regimes   provider processes   economic priority   lead efforts   publicprivate cooperation   multistakeholder approach   crossborder payments   electrical engineers   cybersecurity governments   transport networks   modern needs   open s   reduce investment   regional oversight   digital economy   global flows   develop countries   important component   electronic service   next steps   social engineering   les need   datum security   epayment challenges   outdate way   electronic money   differential rules   global agendas   consumer protections   card system   new sources   multiplier effects   multiple regions   negative effects   ekyc systems   broad economy   local proxies   international service   domestic standards   key types   consultative group   most regions   major achievements   private dialogue   intermediary companies   essential fraud   digital services   localization policies   deep swaps   low money   fourth ratings   large majority   national card   important development   exist management   open principles   datum localization   domestic councils   relative providers   small businesses   executive agreements   public networks   foreign competition   financial market   local mandate   small breaches   advisory committee   similar projects   recent experience   private entities   immediate access   regional councils   human intervention   new avenues   low options   legislative acts   domestic transactions   system principles   operational risk   international currencies   ecosystem concerns   direct oversight   such use   distribute denial   oversight coordination   enable factor   few clicks   additional friction   reasonable opportunity   informal economy1   financial stability   machinereadable form   network figure   security controls   immediate outcome   public health   regulatory concerns   active role   financial transaction   robust controls   small countries   financial services31   protectionist measures   cooperative initiatives   uneven adoption   regulatory flexibility   explicit requirements   unanimous agreement   necessary requirements   relevant commitments   such suppliers   practical challenges   crossborder transactions   past research   privatesectorled standard   process requirements   medium size   lawful use   national database   effective way   domestic customization   electronic payment   international organization   rise fraud   international coordination   force processing   distinct lack   bilateral agreements   unique challenges   regulate entities   integrate network   overseas use   regulatory supervision   explicit protections   private partnership   wide variety   initial investments   realtime platforms   message authentication   long term   international standardization   increase threats   thirdparty agent   single repository   electronic transmission   explicit treatment   datum sharing   industry standard   exist technologies   np law   regulatory authority   free flow   engineer techniques   many opportunities   observe members   payment sector   small size   global network   consistent use   secure systems   coherent interoperability   federal law   stateowned firm   certain measures   similar agreements   update services   grow barriers   payment forum   mutual confidence   national system   publicprivate collaboration   qualify government   national market   certain limitations   good model   global ecommerce   consolidate policy   inperson verification   current trade   local facilities   dependent startups   personal data   financial innovation   instant systems   financial oversight   sim swaps   commercial presence   global policy   local ownership   foreign investment   transaction data   economic growth   initial costs   wary participants   asian nations   branchless banking   update commitments   innovation network   user experiences   technical standards   complex firms   private standards   new regulations   policy challenges   service sector   payment standards   datum centre   digital readiness   future discussions   particular providers   trade commitments   financial infrastructure   open apis   head technology   efficient payments   bank guidelines   central representatives   local firms   foreign service   security solutions   significant challenges   domestic industries   respective challenge   intergovernmental organizations   select countries   regional coordination   such elements   economic consequences   authenticationsecurity standards   open guidelines   significant impact   same market   asean epayments   open report   regulatory systems   message standards   foreign affairs   broad discussions   follow phones   associate information   common standard   work committee   persistent obstacle   financial industry   common api   internal controls   critical players   realtime systems   payment service   preventive measures   information technology   retail payments   new access   foreign suppliers   message systems   financial sector   thirdparty players   new products   academic experts   exist measures   consumer privacy16   continuous service   policy goals   key challenges   few complications   financial integrity   effective frameworks   old systems   message organization   malicious software   public network   cyber defence   financial firms   potential agreement   additional work   international providers   integrate systems   siloed systems   open networks   message standard   direct investment   feature phones   most jurisdictions   renew commitments   cybersecurity authorities   exports5 networks   usage guidelines   unprecedented level   banktobank payments   assurance levels   system modernization   first step   electronic storage   multilateral level   own networks   economic cooperation   nonbinding set   financial data   multiple bodies   financial institutions   political business   modern commitments   far cooperation   low competition   regulatory sandboxes   nonconform standards   regional forums   cooperative frameworks   russian laws   broad sharing   digital economies   major obstacle   good place   relevant levels   system operator   security standard   digital trade   more transactions   private collaboration   local affiliates   relax practices   second part   holistic reforms   due diligence   executive agreement   crossborder efficiency   payment providers   great access   regulatory oversight   open banking   current crises   economic interdependence   comprehensive laws   traditional goods   establish providers   public apis   source standard   public information   financial regulation   significant impediment   initial goals   due threats   single code   payment networks   standard development   new standards   local processing   global survey   service firms   local switches   wwwbisorgcpmipubld154pdf recommendations   end consumer   continue growth   protection concerns   public sectors   legal framework   flexible risk   potential limitations   such processing   biometric information73   model framework   cptpp definition   single switch   full value   digital agreements   good practices   electronic services   important parts   cybersecurity standard   potential vulnerability   organization industry   adequate documents   regional agreements   financial action   prime target   new infrastructure   datum centres   optional none   main objectives   small amounts   payment processing   digital growth   regulatory cooperation   regulatory information   crossborder flow   advantage connections   efficient way   reasonable basis   common set   russian system   cybersecurity ecosystem   vulnerable phishing   andor nondiscrimination   weak links   many countries   public telecommunications   local needs   public dialogue   new jurisdiction   foundational step   outline rules   fintech collaboration   new platforms   exist network   phishing phishing   certain acts   russian legislation   enable policy   cybersecurity concerns   exist providers   bilateral oversight   question storage   capability inmarket   digital d   crossborder pilots   payment acceptance   cooperation agreements   international bodies   evolve field   financial integration   standard adoption   real time   sufficient coordination   novel standards   subject measures   dedicate chapter   domestic payment   foreign providers   communication content   verify group   great interoperability   comprehensive list   useful innovation   foreign jurisdictions   key factor   such attacks   localization requirements   significant barriers   global gfin   discriminatory licensing   broad definition   large caches   lead programmes   vulnerable policies   new laws   crossborder friction   crossborder solutions   free stations   fundamental countries   public policy   economic development   specific focus   central bank   late solutions   good example   wide range   global interoperability   financial inclusion   great harmonization   wto principle   public service   bilateral crossborder   global capabilities   privacy principles   integrity regulations   new entrants   international connections   senior rules   new measures   unsophisticated users   such persons   new services   formal accounts   different networks   turkish law   national gateway   les risk   regulatory considerations   prefer provider   third parties   domestic payments   relevant provisions   set organizations   important role   cybersecurity field   technological innovation   public collaboration   operate system   inevitable nature   digital commerce79   broad ecosystem   digital commerce   parallel cooperation   international settlements   local switch   thirdparty connections   general commitments   council comments   digital forms   significant targets   international networks   follow contributors   cybersecurity requirements   international trade   information sharing   great oversight   recent efforts   many reasons   transaction costs   impose sanction   competitive field   fastestgrowing segment   executive summary   developer platforms   regulatory practices   important information   financialsector risk   ithandbookffiecgovitbookletsretailpaymentsystemsretailpaymentsystemsriskmanagementaspx systems   significant work   regulatory passports   open wallets   member commitments   global gdp   bank report   significant synergy   significant barrier   payment countries   burden countries   different approaches   presence inmarket   standard organization   economy conclusion   fast identity   global community   domestic presence   basic foundations   open services   local services   tiered client   global landscape   local merchants   common standards   multilateral coordination   financial services54   great cooperation   fintech agreements   public partnership   little guidance   previous section   standard organizations   efficiency competition   cumulative increase   digital systems   domestic fintech   governmentled programmes   health crisis   new firms   explicit prohibition   cybersecurity hackers   particular segments   foreign firms   helpful tool   bilateral efforts   fraudulent litigation   financial technology   economic requirements   small markets   restrict type   new policies   foster interoperability   first move   detail protections   digital innovation   broad set   datum storage   regulate providers   reference paper   cyberterrorism attacks   incoming emails   payment councils   agreement violations   regulatory law   riskbased rules   regulatory counterparts   financial services   foster growth   wto group   expand cooperation   differ rules   independent networks   financial technologies   competent authorities   trade needs   financial information   system regulation   domestic firms   official issue   regulatory discrimination   enable merchants   value chain   regulatory standards   governance gaps   major changes   commit service   international standards   international harmonization   additional services   local providers   new technologies   small firms   test pilot   strategic studies   regulatory access   manage director   new world   major target   legal entities   important protections   global evaluation   most countries   small enterprises   payment infrastructure   complete profile   digitize information38   connect economies   proprietary standards   payment provider   cyber hygiene   regulatory fragmentation   area security   maximum protection   industry experts   increase competition   crossborder coordination   digital wallets   cybersecurity risk   regional framework   crossborder ecommerce   immediate future   financial supervisors   payment services   rich information   innovative instruments   several tools   enable environment   top risks83   southeast nations   third country   several bodies   particular standards   redundant reporting   public vehicles   international experts   round ratings   electronic form   issue guidance   global commerce   domestic atm   concrete recommendations   multiple documents   innovation academies   domestic provider   publicprivate dialogue   dataresidency requirements   practical solutions   natural progression   digital wallet   compute facilities   open initiative   foreign ownership   electronic payments   global system   big factor   basic principle   policy recommendations   local centre   next trust   come years   interoperable networks   domestic operations   cybersecurity policy   facial recognition   good engineering   fatf objectives   payment friction   system laws   rigid standards   bank issuers   connect merchants   international security   underserved populations   regulatory regimes   publicprivate partnerships   adequate supervision   conflict standards   clear framework   market barriers   digital businesses   subdue technology   cft system   potential requirements   adequate resources   broad work   face firms   digital identity   own country   cybersecurity practice   solution flavors   cross payments   joint projects   public infrastructure   associate models   permanent committee   cybersecurity processing   common application   regulatory initiatives   les supervision   foreign government   successful introduction
Actions:   expand friction   originate messages   install malware   improve coordination   develop application   combat financing   facilitate inclusion   enhance speed   encourage agencies   shape future   streamline licensing   provide examples   support modernization   achieve security   datautilizing services   summarize state   discuss monitoring   require flow   outline rules   affect providers   prevent providers   hold competitions   pas information   lose techcrunch   establish release   build systems   increase security   deserve consideration90   reduce cyberrisk   http wwwcbbgovbh   address concerns   undergo examinations   regard violations   treat suppliers   limit types   improve role   apply treatment   use this   underlie transactions   govern identity   raise issues   make purchases   expand challenges   hinder services   provide sources   report conformance   discuss matters   send funds   take approach   promote practices   create standards   view data   passport licences   allow access   guarantee treatment   lower barriers   accept reject   mitigate cyberrisk   safeguard supply   enable example   clarify use   remove barriers   compromise prevalence   encourage approach   limit https   undermine regulations   take time   enable supervision   expand payments   see group   use solutions   protect them   embrace ecommerce   bring aspects   develop strategies   create network   reduce localization   direct computers   prompt competition   cite mitigation   assist network   require verification   govern issues   set practices   move funds   govern payments   set standards57   explore many   flow role   enact requirements   support growth   incapacitate them   open banking   encourage acceptance   create security   improve interoperability   facilitate communication   expand level   asses them   link proxies   contact details   represent agencies   datautilizing businesses   increase gdp   ban transmission   mandate standards   urge cooperation   treat data   analyse types   prohibit barriers   utilize services   overcome them   process transactions   instantpayments payments   demonstrate resilience   domainbased authentication   require presentation   eliminate limitations   make payments   compile rules   support some   use standard   prohibit localization   prohibit parties   set academies   prefer mandates   create challenges   launch platforms   ensure competition   cite requirements60   mandate licensing   develop guidelines   encourage interoperability   send message   align framework   duplicate inmarket   lead development   improve literacy   access services54   limit value   encourage connectivity   ensure development   enable access   promote interoperability   create regulations   include services   include dacx   follow barriers   lead trade   bring challenge   supply commitments   brief guidelines   adopt standards   restrict number   open report   maintain centres   improve privacy16   allow supply   build cyberresilience   provide example   use techniques   see act   address number   encourage competition   establish entity   provide incentives   reduce security   expand scope   meet objectives   lead specialist   cast shadow   supply definition   http digalaki   leverage technologies   require network   support tool   use data   lend itself   create confusion   take resources   http payments   create initiatives   streamline pilots   nominate body   encourage collaboration   erode trust   take role   report etc   set facilities   incentivize innovation   provide access   endnote analytics   launder terrorism   promote trust   connect currencies   support competition   promote them   move data   require processing   recommend solutions   share content   increase interoperability   encourage cooperation   accelerate benefits   separate victims   manage transactions   support development   enact barriers   connect economies   reinforce principle   meet set   reduce commitments   gain access   do business   withdraw services   ensure supervision   prohibit requirements   see services   require transactions   manage development   provide protections   support introduction   use code   force concept   share standard   provide protection   stimulate use   continue arrangement   support entrance   connect recommendations   use organization   use engineering   explore agreements   leaf party   hold deposits   lose impacts   assume coordination   force firms   enter market   address privacy   connect crisis   identify gaps   offer approach   include standards   foster growth   offer solutions   block data   repeat process   support systems   set council   enable oversight   create dialogue   retract concerns   modernize systems   provide recommendations   documentsworldbankorgcurated localizationrequirements   provide options   encourage inclusion   develop expertise   maintain requirements   expand services   concern security   take approaches   produce standards   enable challenge   open access   extend benefits   require locally10   provide fintechs   strengthen efficiency   connect conclusion   lead gfin   explore coordination   set accounts   increase costs   maintain governance   make connections   restore systems   verify identity   use facilities   support banking   define means   bear costs   use services   develop list   trust mitigation   include ghanaians   use networks   address measures   discuss concerns   breach provisions   convene community   recognize need   improve cybersecurity   scale recommendations   create interoperability   activate systems   raise costs   enable interoperability   note considerations   transfer information   constitute service   accept payments   announce negotiations   relate standard   expand functionality   compromise security   manage range   include payments   connect systems   cost technology   adopt passports   do this   favour guidelines   start policies   affect supply   undergo that   include annex   include provisions   include systems   http paymentssector   convince operators   propose mandate   lead chamber   use qr   secure swaps   include principles   upend trend   obtain information   face payments   make payments93   spread benefits   protect industry   ensure reciprocity   receive payments   develop standards   promote network   draft report   maintain connections   include nondiscrimination   enable attacks   examine issues   move step   improve connections   embrace banking   pose risk   ensure oversight   thank contributors   introduce frictions   spur guidelines   cover issues   address challenge   provide alternative   counter them   take commitments   provide treatment   enable scammer   ease countries   encourage sharing   draw technology   shift data   assist cgap   demonstrate commitment   summarize boulevard   enable solutions   require countries   expand inefficiencies   authorize agreements   provide firms   address challenges   see box   cost enterprise   shape forum   enact law   set grants   enable sector   form partnerships   reach consumer   sign agreements   summarize impact   exclude them   address some   enable participants   reserve part   connect commitments   cut them   provide value   spur competition   assist alliance   meet commitments   include commitment   cover agreement   gather experts   augment access   process transaction   send messages   http ustrgovsitesdefaultfilesfilesagreementsfta   encourage third   give approval   enable initiatives   ask storage   formalize sharing   develop set   lead way   support standards   encourage adoption   change innovation46   bring reporting   provide principles   support inclusion   add friction   treat commitments   increase friction   define sector   receive countries   facilitate transactions   impose costs   maintain stability   examine challenges   use amounts   locate storage   modernize infrastructure   define guidelines   accommodate innovations   leave negotiators   enable consumers   develop infrastructure   involve regulators   utilize businesses   bring privatesector   form gfin   maximize investments   require data   reinforce treatment   phishing attacks   gather authorities   face dilemma   facilitate interoperability   reduce inefficiencies   use phones   connect consumers   engage business   provide profile   undergo diligence   follow example   accelerate trade   allow banking   understand importance   define services   build centres   threaten growth   prevent economies   require members   require recommendations   ensure access   impede flow   weaken concerns   foster environment   increase competition   add rules   improve payments   set standard   pas modernization   use agent   leverage community   avoid risk   offer fintechs   mitigate standards   shift storage   coordinate oversight   reduce ability   share practices   govern technologies   follow challenge   make recommendations   sell products   address goals   proliferate centres   undermine competitiveness   assist secretariat   diverge threats   advance growth   increase sharing   reduce businesses   combat cyberrisks   advise players   impact merchants   establish commitments   trust director   endorse adoption   see article   http authority   enable fraudster   overload systems   bring startups   protect flow   adopt iso   target users   launch initiative   fall victim   combat phishing   create paper   improve efficiency   give commitments   limit imposition   prohibit firms   sign parties   technologyenabled innovation   share this   increase experience   require firms   obtain operator   locate that   lead campaigns   establish guidelines   open account   fill gaps   reduce redundancies   reduce costs4   grant licence   change paper   provide information   foster adoption   improve livelihoods   build trust   reduce barriers   reinforce analysis   provide policymakers   cite kyc   disrupt commerce   make commitments   present risk   governmentled campaigns   include phones   endorse standards   offer services   unlock inclusion   enact laws   reduce friction   circumvent requirements   support sector   improve recommendations   support commitments   quell innovation   enable coordination   bring fintechs   slow center   improve services   recognize importance   expand figure   estimate billion   streamline oversight   make claims   pay money   reduce costs   take network   launch pilot   enable avenues   require supervision   use standards   encourage hygiene   contribute billion   take chain   reach scale   force requirements   breach engineering   hurt startups   require processes   present opportunity   lower costs   seek policies   streamline requirements   coordinate development   establish cooperation   counter risks   expand expansion   affect report   assist bank   cross services   take control   establish organizations   keep providers   include creation   digitize process   achieve organizations   share data   bring services   mitigate costs   liberalize supply   antiphishing measures   streamline emphasis   developmentfintechfintechcooperationagreements collaboration   pursue policies   encourage industries   enact localization   require atm   provide model   lack system   promote growth   authorize measures   improve state   streamline payments   base principles   assess levels   take that   develop standard   affect services   see articles   give it   establish set   build centre   create frictions   enact rules   report survey   explore projects   ensure services   provide guidance   expand it   send information   use switches   force networks   breach commitments37   achieve objective   provide principle   address security   establish committee   bring standards   activate wwwfinextracom   require storage   set requirements   establish partnerships   justify localization   allow flow   trust many   treat services   require providers   give incentive   provide services   lead 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update which   make commitment   create gaps
This section lists the details about pathway-specific attributes.