Focused monitoring of progress against the G20 Roadmap for Enhancing Cross-Border Payments helps to maintain momentum and provides accountability. In 2022, the G20 endorsed a set of quantitative global targets for addressing the four challenges in the performance of cross-border payments across three market segments: wholesale payments, retail payments and remittances. This is the second year the FSB has published the estimates of the Key Performance Indicators (KPIs), which were developed to monitor progress against these targets.
Overall, at the global level, the KPIs show limited progress toward achieving the targets. Differences across regions and corridors remain. Some regions continue to face greater challenges, particularly in meeting the targets set for cost and speed. The results are not surprising, as it will take time for the actions carried out under the Roadmap to materialise and for the industry participants to adapt, so that clear improvements are perceived by the end users of cross-border payments.
An overview of the progress in the actions carried out under the Roadmap is presented in the consolidated Progress Report for 2024.