Central bank governors, senior finance officials, and policy leaders from across the Pacific are gathering in Nadi this week for the Pacific Fast Payments Systems Workshop, aimed at laying the groundwork for advanced payment systems in the Pacific region. The event is an integral part of the Pacific Strengthening Correspondent Banking Relationships (CBR) Project, which is supported by the World Bank and facilitated by the Pacific Islands Forum Secretariat (PIFS).
According to the Pacific Islands Forum Secretariat, the workshop will allow participants to delve into global trends surrounding fast payments, focusing on critical elements such as risk management, fraud prevention, emerging technologies, overlay services, and cross-border interlinking. PIF Secretary General Baron Divavesi Waqa emphasized the importance of efficient, safe, and affordable payment systems within a modern Pacific economy. “By strengthening our financial systems and enhancing the way money moves across borders, we are providing support to families, businesses, and governments throughout our Blue Pacific Continent,” he stated.
Waqa also noted that the workshop presents a vital opportunity for the region to adopt global best practices and create a unified strategy for building a more connected and resilient financial future.
Fast payments, which facilitate near-instant money transfers between accounts, are transforming digital economies globally, with over 120 jurisdictions already implementing such systems. Reserve Bank of Fiji Governor Ariff Ali described fast payments as not merely a trend but an essential evolution that promises seamless payment experiences. He highlighted that the significance of fast payments extends to driving financial inclusion, accelerating digital transformation, enhancing cross-border connectivity, and supporting sustainable economic development.
Ali mentioned that this workshop would explore the latest innovations in fast payment systems, review the regulatory landscape, and discuss both the opportunities and challenges associated with adoption, along with sharing best practices for effective implementation.
Stephen N. Ndegwa, World Bank Division Director for the North and South Pacific, expressed optimism that advancing fast payment systems would unlock new opportunities for financial inclusion, job creation, and economic growth throughout the Pacific. He stated, “This collaboration marks a pivotal step toward a more connected and resilient region.”
The three-day workshop, commencing today, intends to draw valuable lessons from other regions that have undergone similar World Bank-led knowledge exchanges, including Europe, Central Asia, Africa, Latin America, and the Middle East. This initiative reflects the commitment to fostering a robust financial network that can sustain and thrive in the modern economic landscape.
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