"Hence, the payment system gains much importance as it is a critical facilitator in cross-border flows, as well as domestic transactions. It should be able to cater not only to present needs, but also future demands."
Most south Asian countries had either opened up or were considering opening up their capital accounts and were growing fast, she told a conference in Colombo of senior officials from South Asian central and commercial banks.
They are discussing the setting up of a regional payment system.
Modern payments systems are required to facilitate cross border trade and investment flows through appropriate payment instruments, clearing mechanisms and settlement systems, Jayamaha said.
"The rapidly changing global payment system infrastructure is challenging the existence of domestic and regi