This letter to G20 Leaders highlights the achievements made during the first phase of work in implementing the 2020 G20 Roadmap to enhance cross-border payments. Most significantly, this work led to the agreement by G20 members of specific quantitative targets to be achieved by 2027 for better outcomes for those making and receiving payments. The second phase of work is focussing on achieving these targets, as detailed in an update on next steps submitted to the G20 Finance Ministers and Central Bank Governors in February. Authorities and standard setters have focussed their efforts on the determination of and support for concrete projects that will make a difference across various parts of the cross-border landscape and on developing further the partnership with the private sector to work to achieve the Roadmap goals.

To support this current phase of work, two new public-private sector taskforces have been established to look at i) practical changes that can reduce unnecessary legal, regulatory and supervisory frictions and ii) projects to enhance payment systems. These taskforces are accompanied by a range of public sector groups looking at practical actions for enhancing cross-border payments, such as the adoption of ISO messaging standards, the updating of the FATF recommendation on wire transfers, and the sharing of best practices on operating central bank payments systems.

The FSB will submit a progress report, setting out in detail the substantial progress made on these next steps, to the October G20 Finance Ministers and Central Bank Governors meeting.