G20 Roadmap for enhancing cross-border payments: First consolidated progress report
The G20 has made enhancing cross-border payments a priority.
This report summarises progress during the first year of the Roadmap, bringing together in one place the work under the wide-ranging, but interconnected, set of initiatives. The report also confirms the next steps in the Roadmap for 2022 and beyond.
Work in 2020-2021 has primarily focused on laying the foundational elements for future Roadmap actions. A key part of that foundation has been the publication of specific quantitative targets at the global level that address the challenges of cost, speed, transparency and access faced by cross-border payments. These targets play an important role in defining the ambition of the work, creating accountability. The targets will be made fully operational in 2022 through the development of the implementation approach to monitoring progress toward them.
The foundational work during the first year of the G20 Roadmap has also included stocktakes and analysis of both existing and emerging systems and arrangements. These stocktakes have covered diverse topics such as existing international standards and guidance, and national and regional data frameworks; operating hours of and access to payment systems; common elements of service level agreements/schemes; the use of payment-versus-payment mechanisms; the interlinking of payment systems; and CBDC design. This work will provide a strong basis and guide for the operational improvements to come.
The report highlights that most of the milestones set by the Roadmap for 2021 have been successfully completed or are close to finalisation. The breadth of the work underway and the recognition of the importance of conducting sufficient external outreach has led some of the timelines to be extended. But the end-goals of the overall Roadmap remain firmly on track.
The next stage of work in 2022 includes the development of specific proposals for material improvements of underlying systems and arrangements, as well as the development of new systems. Making these practical improvements and taking advantage of new developments will require global coordination, sustained political support and investment in systems, processes and technologies. The success of this work will depend heavily on the commitment of public authorities and the private sector, working together.