Summary of document history
A foundational step in the G20 Roadmap for Enhancing Cross-border Payments consists of setting quantitative global targets for addressing the challenges of cost, speed, transparency and access faced by cross-border payments.
This consultation sets out quantitative targets for addressing the challenges of cost, speed, transparency and access faced by cross-border payments.
The targets are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments. 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 targets will be set at a global level and will play an important role in defining the ambition of the work on enhancing cross-border payments and creating accountability. They will act as a commitment mechanism to drive change. These targets will therefore need to be monitored and publicly reported on over time.
The consultation:
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describes the principles, and key design features underpinning, the targets and target metrics;
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proposes three market segments (wholesale, retail and remittances) for which targets will be set across the four challenges;
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considers factors in setting the targets; and
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proposes a small number of high-level, simple targets that are focused on end-users
Responses to this consultative document should be sent to [email protected] by Friday 16 July 2021. Responses will be published on the FSB’s website unless respondents expressly request otherwise. 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.