BRICS ministers back further work on faster, cheaper cross-border payment options

BRICS finance ministers and central bank governors issued a joint statement acknowledging the BRICS Payment Task Force (BPTF) for exploring practical approaches to more efficient cross-border payments. The statement, released ahead of a BRICS summit in Delhi, highlighted work on interoperability of payment and messaging channels and discussed promoting trade and investment using BRICS countries' local currencies.

The task force is studying options to make cross-border payments faster, lower cost, more accessible, efficient, transparent, and safe. Its work draws on earlier BRICS guidance in the Kazan and Rio declarations and focuses on pragmatic, implementable solutions rather than theoretical frameworks.

Concrete areas under study include cross-border interoperability of payment systems and messaging channels. The ministers asked the BPTF to continue discussions but to respect national priorities and acknowledge that there is no single technical or policy approach that will suit all members.

Payments measures under consideration

• Interoperability: Linking or harmonising payment rails and messaging protocols so payments can move across BRICS systems more directly.
• Local-currency settlements: Encouraging trade and investment settlements in member currencies to reduce reliance on third‑currency conversion.
• Faster, low-cost flows: Targeting reduced time and fees for remittances, trade payments, and financial transactions among BRICS partners.

The statement described these options as needing to be fast, low-cost, accessible, efficient, transparent and safe, while being practical to deploy across diverse national systems.

Governors used the statement to restate broader BRICS priorities on global economic governance. They called for reform of Bretton Woods institutions to reflect the changing global economy and argued for more representative, transparent and accountable governance at the IMF and World Bank. The FMCBG reaffirmed the Rio Vision on IMF quota and governance reform and said the 2025 World Bank Shareholding Review remains a critical tool for strengthening multilateralism.

The statement also supported an enlarged role for the New Development Bank (NDB) as it enters its second decade. Ministers encouraged the NDB to mobilise resources, expand local-currency financing, strengthen project-preparation facilities, diversify funding sources and back projects that promote inclusive, sustainable growth.

Guarantees (BMG) initiative and noted NDB preparatory work for the pilot phase. They also emphasised commitments to curb tax-related illicit financial flows and to promote a fair allocation of taxing rights among jurisdictions.

• Specific technical choices on interoperability (e.g., whether to prioritise linkages between fast-payment systems, messaging standards, or central bank digital currency pilots).
• NDB announcements on resource mobilisation, local-currency lending facilities, and pilot support for the BMG initiative.

The joint statement frames payments reform as practical, incremental work to reduce frictions among BRICS economies, linked to a broader push for greater voice and representation in global finance institutions.