Purchasing Power Parity-Adjusted GDP takes into account the differences in the cost of living between countries. It adjusts nominal GDP to reflect what goods and services would cost in a common currency, say USD. This allows for a more accurate comparison of economic output

Nominal GDP is the total value of goods and services produced within a country's borders, measured in its own currency at current market prices. It's a simple measure of economic output, but it doesn't account for differences in the cost of living between countries.

PPP-adjusted GDP gives a more accurate picture of economic strength: It accounts for differences in the cost of living across countries.

A simple explanation of the difference is as below from the Internet

Nominal GDP vs. PPP-Adjusted GDP👇

3 Key Facts:
> India is a rising economic powerhouse: It’s the world’s third-largest economy by PPP, and its growth is accelerating.
> BRICS nations are collectively outperforming the G7: This shift in global economic power is undeniable.

How do you see API harmonization reshaping cross-border payments in your region? Drop your thoughts or questions in the comments below!

5/ The future of cross-border payments hinges on one key ingredient: API harmonization.

API harmonisation is a complex and lengthy process involving diverse stakeholders.

Continuous collaboration and monitoring are essential to achieve the G20 targets for cross-border payments.

4.3/ These are my three predictions about the future of cross-border payments:
3️⃣ A Surge in Open Ecosystems: Collaboration between fintechs, banks, regulators will create platforms that are not only interoperable but also foster unprecedented innovation. Security & trust will be the driving forces.

4.2/ These are my three predictions about the future of cross-border payments:
2️⃣ Interlinked Payment Systems Will Define the Global Economy: API harmonization will act as the backbone for linking RTP systems worldwide. Think of it as the financial internet where payments flow as seamlessly as data

4.1/ These are my three predictions about the future of cross-border payments:
1️⃣ Faster, Cheaper, and Transparent Payments Will Become the Norm: With ISO 20022 adoption, pre-validation APIs, costs and delays will drop significantly. Businesses & consumers will demand this simplicity as a baseline.

3.2/So, what do these developments mean for businesses involved in cross-border payments, and how should they respond to them?
>Collaborate Across Ecosystems: Engage with global standard-setting bodies to influence adaptable, industry-aligned practices.

3.1/So, what do these developments mean for businesses involved in cross-border payments, and how should they respond to them?

>Adopt API Standards Early: Align with ISO 20022 to stay competitive.
> Invest in Developer Resources: Equip teams to integrate harmonized APIs efficiently.

2.2/ Key Takeaways:
> Innovation and Collaboration: Harmonised APIs foster innovation, enabling businesses to offer new and improved services.

2.1/ Key Takeaways:
> Efficiency Gains: APIs streamline payment initiation, back office processes, reconciliation, reducing manual interventions and operational costs
> Enhanced Transparency: Real-time updates and automated reconciliation improve transparency and trust in cross-border transactions

1/ The Bank for International Settlements – BIS has just released a groundbreaking report on the harmonisation of APIs to enhance cross-border payments.

This report is a game-changer, highlighting how standardising APIs can revolutionise the efficiency, cost, and transparency of global transactions