27 January 2023
The roadmap provides a high-level plan, which sets ambitious but achievable goals and milestones.
At the request of the G20, the FSB has developed a roadmap to enhance cross-border payments, in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant international organisations and standard-setting bodies. The roadmap provides a high-level plan, which sets ambitious but achievable goals and milestones. It is designed to allow for flexibility to accommodate the differing starting points for payment system arrangements in countries and regions around the world and to be adaptable year by year in how the goals are met.
The roadmap deals with deep-seated, long-standing issues. It aims to achieve practical improvements in the shorter term while acknowledging that other initiatives will need to be implemented over longer time periods. It includes a set of committed actions and timetables, to achieve early results in improving existing arrangements and, beyond that point, indicative milestones that allow adjustments to the way forward in response to a constantly innovating market.
The roadmap will bring together a coalition of international and national actors to deliver on its five focus areas.
The involvement of the private sector, sharing their insights and practical expertise, as well as delivering change, will be key to support the practical implementation of the roadmap across the various projects. Public consultation will take place at appropriate points, in order to ensure transparency and accountability.
Quantitative Targets To Enhance Cross Border Payments
n 2022, the FSB published a report to the G20 with further details of the implementation approach, including key performance indicators (KPIs) to be used for monitoring progress toward the G20 targets for cross-border payments. The FSB also published a prioritisation plan and engagement model for taking the Roadmap forward, focussing on three priority themes:
Payment system interoperability and extension;
Legal, regulatory and supervisory frameworks; and
Cross-border data exchange and message standards.
In February 2023, the FSB outlined specific actions that will be undertaken to progress the priority themes and achieve the targets by 2027 end date. This includes the establishment of two industry taskforces, led respectively by the FSB and CPMI, for ongoing industry engagement.