The Financial Stability Board (FSB) has published “G20 Roadmap for Enhancing Cross-border Payments – First consolidated progress report“, which summarises the progress made during the first year of the Roadmap and confirms the next steps in the Roadmap for 2022 and beyond.
2020-2021 has seen a focus on laying the foundational elements for future Roadmap actions including stocktakes and analysis of both existing and emerging systems and arrangements such as:
- existing international standards and guidance, and national and regional data frameworks;
- operating hours of and access to payment systems; common elements of service level agreements/schemes;
- the use of payment-versus-payment mechanisms;
- the interlinking of payment systems; and
- CBDC design.
A key part of that foundation has been the publication of specific quantitative targets at the global level that address the challenges of cost, speed, transparency and access faced by cross-border payments. The targets will be made fully operational in 2022 through the development of the implementation approach to monitoring progress toward them.
The next stage of work in 2022 includes the development of specific proposals for material improvements of underlying systems and arrangements, as well as the development of new systems.