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  • Writer's pictureDeborah

On February 23, the Financial Stability Board (FSB) published the G20 Roadmap for Enhancing Cross-border Payments.

The focus of the next phases of work is guided by three priority themes, supported by actions to achieve target objectives:

  1. Payment system interoperability and extension

    1. Convening central bank operators in a community of practice on payment system interoperability and extension.

    2. Fostering fast payment system (FPS) interlinking across borders

    3. Finalisation of requirements for cross-border payment service level agreements/schemes

  2. Legal, regulatory and supervisory frameworks

    1. Improving consistency of bank and non-bank regulation and supervision

    2. Enhancing information to end-users

    3. Updating the application of AML/CFT rules

  3. Cross-border data exchange and message standards

  4. Enhancing the interaction between data frameworks and cross-border payments

  5. Finalising the ISO 20022 harmonisation requirements and promoting their real-world implementation

  6. Improving API harmonisation for cross-border payments use.

  7. Exploring enhanced use of the LEI in cross-border payments.

In addition, the actions to address all priority themes, include:

  1. Convening a Payments Summit with senior industry representatives

  2. Convening industry taskforces for ongoing industry engagement

  3. Monitoring and progress reporting on the Roadmap to the G20

  4. Technical assistance to help take forward priority themes

  5. Public sector outreach through engagement at the global and regional levels

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