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Ref: 41/2022

The Financial Stability Board (FSB) today published its report to the G20 on the framework for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments, to achieve cheaper, faster, more transparent, and more accessible payments. The framework includes key performance indicators (KPIs) defined across the 11 targets for the three market segments – wholesale, retail, and remittances. These estimates of progress toward meeting the targets will help to maintain momentum toward, and accountability for, achieving the targets.

The framework is designed to be consistent with the principles articulated in the FSB’s report on Targets for addressing the four challenges of cross-border payments. The framework takes a light approach by leveraging existing data collection and channels where possible; defines KPIs and data sources that rely on aggregated data and thereby monitor system-wide rather than individual firms’ improvements; and uses data sources that aim to be sufficiently representative of the different contexts of end-users in their respective market segments.

In developing the framework, the FSB has adopted adjustments to the definitions of the wholesale and retail market segments. These adjustments enable a clearer separation of the differing use cases and end-user experiences and better align the definitions with those most typically used by the payments industry and end-users.

The cross-border payments ecosystem is complex and multi-layered and therefore has fragmented and heterogeneous potential data sources. The FSB continues to evaluate the remaining gaps in data or metrics and will ensure that any new data collection methods that may be required will continue to be focused, appropriately limited in size and scope, and consistent with the principles in the Targets Report.

While this framework will support the monitoring of progress going forward, baseline estimates of the KPIs are not yet available for inclusion in this report. The FSB is continuing to engage with potential data providers and the necessary processes for developing baseline estimates of the KPIs will take several more months.

Consistent with the targets, the KPIs are defined at the global level. However, more granular breakdowns of the global KPIs will be published whenever possible to promote a fuller understanding of where progress is being made and where challenges remain.

Notes to editors

The G20 has made enhancing cross-border payments a priority. In October 2020, the FSB published the Roadmap for Enhancing Cross-border Payments in the form of 19 Building Blocks and related actions to address the four challenges of cross-border payments: high costs, low speed, limited access and limited transparency. In 2021, the FSB published the Targets for addressing the four challenges of cross-border payments. The 11 targets are set at the global level and are directly related to the four challenges across three segments of the cross-border-payments market: wholesale cross-border payments, retail cross-border payments, and remittances.

In July 2022, the FSB set out its Implementation Approach for the Cross-Border Payments Targets: Interim Report. Today’s report incorporates feedback received by the FSB’s Targets Data Group on the preliminary proposals in its interim report.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.