The Financial Stability Board (FSB) today published a public consultation on global targets for addressing the four challenges of cross-border payments. The quantitative targets proposed are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments, which was endorsed by G20 Leaders in November 2020.
The proposed targets set goals for improving cost, speed,
transparency and access for cross-border payments in the coming years
through the actions taken under the Roadmap. They will play an important
role in defining the ambition of the work and creating accountability.
They are intended to provide a common vision for the improvements that
are being sought in cross-border payments services through the
collaborative work of the private and public sectors. These targets are
being set in an inclusive manner, including through this public
consultation.
The proposed targets have been developed so that they are directly
related to the challenges, provide a clear indication of the extent of
progress, are appropriately ambitious, can be readily communicated, and
are meaningful to a wide range of stakeholders. They are designed to be a
small number of high-level, simple targets focused on end-users.
Targets are proposed across three market segments: wholesale payments;
retail payments (involving non-financial corporates or public sector
entities as payers or receivers and person-to-person (P2P) payments
other than remittances); and remittances.
The FSB proposes end-2027 as a common target date for achieving the
individual targets, with the exception of the remittance cost target,
where a 2030 date has already been set within the United Nations
Sustainable Development Group Goal (UN SDG) and endorsed by the G20.
Progress towards meeting the targets will be monitored and publicly
reported over time.
The FSB is inviting comments on the proposed targets and the
questions set out. By the time of the October final report setting the
targets, the FSB will also develop an implementation approach for
monitoring the targets that will set out:
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how targets will be measured and data sources and data gaps to be filled;
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how progress towards meeting the targets will be monitored; and
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the frequency of data collection and publication.
The public consultation period closes on Friday 16 July 2021. The
final recommendations, taking on board feedback from the public
consultation, will be delivered for endorsement at the G20 Summit in
October 2021 and published.
Notes to editors
The G20 has made enhancing cross-border payments a priority. The FSB published the Roadmap for Enhancing Cross-border Payments in
the form of 19 Building Blocks and related Actions. The Roadmap was
developed by the FSB, in coordination with the Committee on Payments and
Market Infrastructures (CPMI) and other relevant international
organisations and standard-setting bodies.
The FSB established the Cross-border Payments Coordination Group Task
Force on Targets, composed of senior FSB representatives, to develop a
proposal for specific quantitative targets including target dates for a
public consultation to be launched in May 2021.
The FSB coordinates at the international level the work of national
financial authorities and international standard-setting bodies and
develops and promotes the implementation of effective regulatory,
supervisory, and other financial sector policies in the interest of
financial stability. It brings together national authorities responsible
for financial stability in 24 countries and jurisdictions,
international financial institutions, sector-specific international
groupings of regulators and supervisors, and committees of central bank
experts. The FSB also conducts outreach with approximately 70 other
jurisdictions through its six Regional Consultative Groups.
