The BIS has released a report under the G20 cross-border payments program, advocating for increased adoption of PvP to reduce foreign exchange settlement risk and improve cross-border payments. While existing PvP arrangements have reduced settlement risk, some market segments remain exposed to risk due to a lack of availability of PvP arrangements for all currencies. Baton Systems, a provider of post-trade solutions, emphasized the need for efficient reconciliation, netting, and safe settlement of FX transactions for a greater number of currencies and participants on a bilateral PvP basis. Baton’s DLT solution has helped clients settle PvP using existing payment rails and bank account money, overcoming legal and regulatory barriers to adopting some PvP solutions.