导读

意大利央行行长Fabio Panetta于2025年亚洲开发银行年会期间在“跨境支付轨道”专题会上发表主旨演讲，强调在当前美国关税政策下，支付体系正从技术支撑走向地缘核心，跨境支付的高效运行不仅关乎金融效率，更关乎全球治理秩序的重塑。Panetta指出，支付体系是金融系统的“隐形的基础设施”，在运转顺畅时常被忽视，一旦失灵却会引发系统性风险。尽管近年来技术进步显著改善了本地支付效率，全球跨境支付系统却依然面临“慢、贵、不透明”的三重困境。根据FXC Intelligence的数据，2024年全球跨境支付市场规模已超过190万亿美元，未来5至10年有望突破300万亿美元，堪比全球GDP的两倍。

为应对这一挑战，G20早在2020年便启动了“跨境支付路线图”，提出“更快捷、更便宜、更透明、更普惠”的四大目标，并细化至批发支付、零售支付与侨汇三大子市场。Panetta在演讲中坦言，尽管国际标准制定机构已取得诸多进展，包括延长支付系统运行时间、开放接入机制、统一ISO 20022报文格式等，但真正实现用户端体验的提升仍需时间。目前存在的问题主要集中于以下几个方面。第一，结构性障碍依旧明显。首先是传统代理银行网络的萎缩。2011年至2022年，全球活跃代理银行数量减少30%，部分地区跌幅甚至高达50%，这导致跨境支付通道收窄、成本上升，甚至在某些地区抑制了国际贸易和投资流动。第二，监管碎片化问题加剧。反洗钱（AML）与反恐融资（CFT）合规规则在各国不一致，加之资本管制和数据本地化要求不统一，严重阻碍了支付链条的简化与互联。第三，在稳定币、加密资产等新兴支付工具上，欧美监管路径分歧也使得未来格局更加难以预测。此外，Panetta指出，跨境支付效率不高所造成的“社会成本”不容忽视，尤其对低收入国家而言，侨汇已成为家庭主要收入来源和国家外汇储备的稳定来源。2023年，亚太地区接收了全球38%的侨汇资金，总额达3280亿美元，几乎与该地区吸收的外商直接投资持平。但一笔200美元的转账往往要支付高达7%的手续费，这种“高费用+低可及性”的现实在某种程度上构成了对全球劳动力流动的隐性制约。

对此，Panetta就以上问题提出建议，在政策路径上，认为未来可采取“双轨制”：在技术兼容性强、经济一体化水平高的区域内建设多边互联平台，在其他区域则通过双边互联机制逐步扩展网络覆盖。这一“多中心-多节点”的结构，既能减少治理复杂性，又具备更强的战略弹性。在全球化遭遇不确定性时，重塑支付连接能力，无疑是稳定与发展的重要保障。

“海外之声”栏目将持续关注地缘政治动荡时期各国金融改革进程，追踪支付创新如何塑造下一轮全球经济格局。

英文原文（节选）：

Payments are the backbone of the financial system. An efficient payment system is crucial for ensuring the secure and timely movement of funds between individuals, businesses, and institutions – both domestically and internationally.

The efficiency and reliability of payment systems are often taken for granted, and largely go unnoticed – until something goes wrong. In recent years, however, there has been growing recognition that payments are not just a technical function but a vital pillar of financial inclusion, financial stability, monetary sovereignty and even geopolitics.

Technological progress has greatly improved the efficiency of domestic payment infrastructures, reducing transaction costs and speeding up execution. However, these gains have scarcely materialized for cross-border payments, which remain slow, expensive and opaque. The reason is that technology alone is not enough: harmonized rules and procedures are essential on this front, and making progress on these aspects is more complex.

The Asian region stands out as a hub of innovation and experimentation – one that we observe with interest and from which we can draw inspiration. The implementation of several bilateral links across the region has effectively addressed cross-border payment inefficiencies in multiple corridors. At the same time, more ambitious longer-term projects are also emerging. This is why I believe today's event will be extremely relevant and fruitful.

‘What is essential is invisible to the eye’ said the fox to the Little Prince in Antoine de Saint-Exupéry’s timeless tale. The same can be said of payment systems: when they function well, they go unnoticed – yet when they fail, they are impossible to ignore. Payments don’t just transfer money; they move people, businesses, and entire economies. And in a globalized world, when payments stop at borders, progress stops too.

Integrating payment systems is not just a matter of improving efficiency; it is a way to improve lives. And for many, especially the most vulnerable, the impact can be profound.

Integration can also be a source of stability. In fact, it is an insurance against political fragmentation: as global financial infrastructures become increasingly interconnected, the cost of geopolitical confrontations rises, and their likelihood is consequently reduced.

The challenges ahead are many, but they can be overcome through dialogue and cooperation.

原文

来源

作者：

Fabio Panetta（意大利央行行长）

来源：

国际货币基金组织，IMF

选题：海外宏观经济选题组

编译：朱俊逸

监制：崔洁

版面编辑｜王浩

责任编辑｜李锦璇、阎奕舟

主编｜安然、李婧怡