G20 Roadmap for Enhancing Cross-border Payments: Consolidated progress report for 2022
Much has been accomplished during the roadmap’s first two years, to establish the foundational element for practical projects to improve existing systems and develop new ones.
The Roadmap for Enhancing Cross-border Payments is a priority initiative of the G20. This report summarises progress during the second year of the roadmap, bringing together in one place the work under the roadmap’s wide-ranging but interconnected set of initiatives.
The FSB coordinates the implementation of the roadmap through its Cross-Border Payments Coordination Group (CPC), and reports on progress to the G20. Each of the roadmap’s 19 building blocks is being taken forward by one or more specified bodies – notably the Bank for International Settlements’ Committee on Payments and Market Infrastructures, FSB and other relevant international organisations and standard-setting bodies.
The work in 2021 and 2022 has focused on establishing the foundational elements of the Roadmap and beginning to pivot from stocktaking, analysis and guidance to practical projects to improve existing systems and develop new ones.
The FSB will publish in November 2022 an update on its planned framework for monitoring progress toward the G20 targets for cross-border payments. The targets have been set to motivate progress along the Roadmap.
As reflected in the accompanying note to the G20 outlining the way forward for the Roadmap, the work on the Roadmap has now reached an inflection point. Priority areas and an approach to external engagement for the next phase of the work under the Roadmap have been agreed, to achieve the targets that have been set. The bodies taking forward the roadmap’s building blocks remain committed to following an inclusive and collaborative process, including public consultation at the appropriate points.