The Reserve Bank of India (RBI), the country’s central bank, has suggested developing a plug-and-play system for cross-border payments to improve interoperability among countries. With the emergence of fast payment systems across countries and experimentation around central bank digital currencies (CBDC), new possibilities have emerged that could bring greater efficiency to cross-border payments. Shaktikanta Das, Governor of RBI, said at a recent conference that maximum efficiency gains in such initiatives would come from ensuring interoperability as a key design element. However, in the proce…