G20 Roadmap for Enhancing Cross-border Payments: Priority actions for achieving the G20 targets
The detailed actions to meet the quantitative targets by 2027 provide accountability and ambition.
Since G20 Leaders endorsed the Roadmap for Enhancing Cross-border Payments in 2020, much has been accomplished through the necessary stocktakes and analyses. Quantitative targets were established to meet the roadmap’s ambition for achieving cheaper, faster, more transparent, and more accessible cross-border payments. During these first two years of the Roadmap, the projects were intentionally comprehensive in scope, examining the full range of approaches and models to address the identified frictions in cross-border payments.
In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan reflected the need to move to implementing practical projects to enhance cross-border payment arrangements to achieve the quantitative targets by the 2027 target date. Drawing from the analyses to date and the feedback received from stakeholders, the FSB, the Committee on Payments and Market Infrastructures (CPMI) and partner bodies identified three interconnected themes for orienting and focusing the next phase of the Roadmap:
Payment system interoperability and extension;
Legal, regulatory and supervisory frameworks; and
Cross-border data exchange and message standards.
This report details the specific actions that will be taken under the three priority themes to move forward the Roadmap and achieve the targets by 2027.
Successfully implementing the requisite changes will require ongoing close collaboration and coordination among the FSB and its partner bodies tasked with taking forward the Roadmap, the private sector, and authorities from jurisdictions beyond the G20.