Developing the Implementation Approach for the Cross-Border Payments Targets: Interim report
A foundational step in the G20 roadmap for Enhancing Cross-border Payments was the setting of quantitative global targets that directly relate to the challenges faced by cross-border payments: cost, speed, transparency and access.
The targets define the Roadmap’s ambition and create accountability. However, measuring progress toward these targets will not be straightforward because no comprehensive data sources currently exist. Consequently, the FSB established a Targets Data Group (TDG), comprising experts from FSB member organisations, to develop specific proposals for Key Performance Indicators (KPIs) and to identify existing and potential sources of data for calculating those KPIs, to monitor progress toward the targets.
This report shares the preliminary observations of the TDG as it works to develop specific proposals for measuring progress toward each of the targets, including which breakdowns (e.g., by region or by payment type) could complement the global-level measurements. It also shares the TDG’s preliminary recommendations on the types of organisations that would be best suited for sourcing the data to finalise the approach to be taken forward.
The FSB invites feedback from the public on the preliminary proposals in this report. In particular, feedback is appreciated on the following questions.
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Has the FSB identified appropriate potential sources of data for efficiently monitoring progress toward the Roadmap’s targets? What, if any, additional or alternative public or private data sources should the FSB also consider and for what KPIs?
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Has the FSB defined the KPIs appropriately, such that they are closely and meaningfully tied to the relevant target? What, if any, additional considerations should inform the calculation of the KPIs so that they provide sufficiently representative measurements of progress toward the targets without being overly burdensome?
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The FSB is evaluating the use of proxies for monitoring progress toward some of the targets. Are the proxies proposed appropriate? What, if any, additional or alternative proxies should the FSB consider that are sufficiently representative and simplify monitoring?
Feedback should be sent to Feedback should be sent to [email protected] by 31 July 2022 with the title “Monitoring progress toward cross-border payments targets”. The responses are for the purpose of informing the FSB’s Targets Data Group in its further work and will not be published.