Booming Brics payments systems seek more cross-border links
Government-backed networks such as UPI and Pix explore link-ups with central banks overseas
Source: Financial Times
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DW NOTE
BRICS payment rails are a bid to escape dollar settlement, not a technical achievement. UPI and Pix work domestically because their governments enforce participation. Cross-border interoperability means negotiating whose central bank clears in whose currency when something breaks — which is exactly the coordination problem correspondent banking already solved. The difference is these systems route around institutions that might enforce sanctions, which is the point.