The application of non-Latin language data in traditional cross-border payments : A discussion

Abstract

During the rapid development of globalisation observed over the last few decades, the English language has emerged as the default language for the communication of cross-border payments. Concurrently, the Latinisation of communication has resolved most of the problems related to the use of non-Latin languages. However, with the G20 cross-border payment roadmap promoting connectivity with local payment systems, this paper suggests that supporting the use of non- Latin language data in certain scenarios and transaction channels could improve the efficiency of cross-border payments and help enhance financial inclusion. This paper examines the use of language data in cross-border payments, reflects on how cross-border payments might support non-Latin language data, and makes relevant suggestions.