Report provides an overview of the progress made relative to the targets set for achieving cheaper, faster, more transparent and more accessible cross-border payments.
G20 Targets for Enhancing Cross-border Payments
In 2021, the G20 Leaders endorsed the Targets for Addressing the Four Challenges of Cross-Border Payments: Final Report (Targets report), which established 11 global targets across three market segments: wholesale payments, retail payments, and remittances. These targets define the Roadmap’s ambition for addressing the four challenges, create accountability and provide a common vision for the improvements sought under the Roadmap.
| Challenge | Payment Sector | ||
|---|---|---|---|
| Wholesale | Retail* | Remittances | |
| Cost | No target set | Global average cost of payment to be no more than 1%, with no corridors with costs higher than 3% by end-2027 | Reaffirm UN SDG: Global average cost of sending $200 remittance to be no more than 3% by 2030, with no corridors with costs higher than 5% |
| Speed | 75% of cross-border wholesale payments to be credited within one hour of payment initiation or within one hour of the pre-agreed settlement date and time for forward-dated transactions and for the remainder of the market to be within one business day of payment initiation, by end-2027. Payments to be reconciled by end of the day on which they are credited, by end-2027. | 75% of cross-border retail payments to provide availability of funds for the recipient within one hour from the time the payment is initiated and for the remainder of the market to be within one business day of payment initiation, by end-2027 | 75% of cross-border remittance payments in every corridor to provide availability of funds for the recipient within one hour of payment initiation and for the remainder of the market to be within one business day, by end-2027 |
| Access | All financial institutions (including financial sector remittance service providers) operating in all payment corridors to have at least one option and, where appropriate, multiple options (i.e. multiple infrastructures or providers available) for sending and receiving cross-border wholesale payments by end-2027 | All end-users (individuals, businesses (including MSMEs) or banks) to have at least one option (i.e. at least one infrastructure or provider available) for sending or receiving cross-border electronic payments by end-2027 | More than 90% of individuals (including those without bank accounts) who wish to send or receive a remittance payment to have access to a means of cross-border electronic remittance payment by end-2027 |
| Transparency | All payment service providers to provide at a minimum the following list of information concerning cross-border payments to payers and payees by end-2027: total transaction cost (showing all relevant charges, including sending and receiving fees including those of any intermediaries, FX rate and currency conversion charges); the expected time to deliver funds; tracking of payment status; and terms of service.) | ||
In 2022, the FSB adopted and the G20 endorsed Developing the Implementation Approach for the Cross-border Payments Targets: Final Report (Implementation report), which set out the KPIs for monitoring the targets.
Key Documents
21 October 2024
9 October 2023
FSB Cross-border payments 2023 KPI monitoring data – Retail cost speed transparency
9 October 2023
FSB Cross-border payments 2023 KPI monitoring data – retail cost speed transparency: retail Access KPI 1 data
9 October 2023
FSB Cross-border payments 2023 KPI monitoring data – country region groupings
9 October 2023
Report discusses the key performance indicators (KPIs) that will, over time, provide estimates of progress toward meeting the cross-border payments targets across three market segments: wholesale, retail and remittances.
9 October 2023
An annex to the Annual Progress Report on Meeting the Targets for Cross-Border Payments: 2023 Report on Key Performance Indicators.