The FSB has today published a roadmap which has been delivered to G20 Finance Ministers and Central Bank Governors in advance of their meeting tomorrow.
The roadmap sets out the FSB’s opinion on how the key challenges affecting cross-border payments (costs, speed, access and transparency) can be tackled. To tackle those areas, the FSB plans to focus on the following five areas:
- Committing to a joint public and private sector vision to enhance cross-border payments
- Coordinating on regulatory, supervisory and oversight frameworks
- Improving existing payment infrastructures and arrangements to support the requirements of the cross-border payments market
- Increasing data quality and straight-through processing by enhancing data and market practices
- Exploring the potential role of new payment infrastructures and arrangements