The G20 has made enhancing cross-border payments a priority. Faster, cheaper, more transparent and more inclusive cross-border payment services, including remittances, while maintaining their safety and security, would have widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion. The FSB, in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant international organisations and standard-setting bodies, developed a roadmap to address these challenges.
The roadmap is designed to allow for flexibility and adaptation in the path to get there as the work progresses and the cross-border payment landscape evolves. It encompasses a variety of approaches and time horizons, in order to achieve practical improvements in the shorter term while acknowledging that other initiatives will need to be implemented over longer time periods.
This report summarises progress to date during the first year of the roadmap, bringing together in one place the work under the wide-ranging but interconnected set of initiatives. The report also confirms the next steps in the roadmap for 2022 and beyond.