Central bank governors, senior finance officials and policy leaders from across the Pacific, including from multilateral organisations and development partners are in Nadi this week to attend the Pacific Fast Payments Systems Workshop that will set the stage for fast payment systems in the Pacific.
The event is part of the Pacific Strengthening Correspondent Banking Relationships (CBR) Project, funded under the World Bank-supported regional programme and led by the Pacific Islands Forum Secretariat (PIFS).
In a statement, the Pacific Islands Forum Secretariat said participants will examine global trends in fast payments, including risk management, fraud prevention, new technologies, overlay services and cross-border interlinking.
PIF secretary general Baron Divavesi Waqa said fast, secure and affordable payments are essential to a modern Pacific economy.
“By strengthening our financial systems and improving the way money moves across borders, we are directly supporting families, businesses, and governments across our Blue Pacific Continent,” he said.
“This workshop is an opportunity for our region to learn from global best practice and chart a collective pathway toward a more connected, inclusive, and resilient financial future.”
Fast payments, a network that allows for the near-instant transfer of funds between accounts, are rapidly transforming digital economies worldwide, with more than 120 jurisdictions now operating fast payment systems.
Reserve Bank of Fiji Governor Ariff Ali said fast payments are not just a trend but a fundamental evolution enabling seamless payment experiences.
“Its significance lies in its ability to drive financial inclusion, accelerate digital transformation, enhance cross-border connectivity and foster sustainable economic development,” he said.
“This workshop will help us explore the latest innovations in fast payment systems, examine the regulatory landscape, discuss opportunities for adoption, challenges involved and share best practices for effective implementation.
World Bank Division director for the North and South Pacific Stephen N. Ndegwa said by advancing fast payment systems, new opportunities will be unlocked for financial inclusion, job creation and economic growth throughout the Pacific.
“This collaboration marks a pivotal step toward a more connected and resilient region,” he said.
The three-day workshop, which begins today, will draw on lessons from other regions where similar World Bank–led knowledge exchanges have been held, including Europe, Central Asia, Africa, Latin America and the Middle East.
