Cross-border Payments Roadmap Update Meeting - May 27, 2021
This update covers the stages of the Cross-border Payments Roadmap, including the assessment of challenges and frictions, building blocks to improve global payment arrangements, and the development of a roadmap to deliver the building blocks. Key figures and proposed targets for consultation are outlined, emphasizing the importance of industry input and collaboration in addressing cross-border payment challenges.
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Cross-border payments Roadmap update meeting 27 May 2021
Cross-border payments Roadmap: a recap Assessment (Stage 1): The FSB, in coordination with relevant international organisations and standard-setting bodies conducted an assessment of existing cross- border payment arrangements and identified frictions / challenges. Report published in April 2020. Building Blocks (Stage 2): The CPMI has led the work on creating the building blocks to improve the current global cross-border payment arrangements and address these frictions. Report published July 2020. Roadmap (Stage 3): the FSB will coordinate, with the CPMI and other relevant international organisations and standard- setting bodies on the development of a roadmap to deliver the building blocks. Published in October 2020. The CPMI is chaired by Sir Jon Cunliffe Deputy Governor for Financial Stability. The CPMI Taskforce is chaired by Victoria Cleland Executive Director for Banking, Payments and Innovation.
Stage 1: Assessment of challenges and frictions The challenges associated with cross-border payments arise from a series of frictions in existing processes.
BB1 Develop common cross-border payments vision and targets Targets designed to be: high level, simple, focused on end users and not too numerous 11 targets proposed: 3 market segments (wholesale, retail, remittances) 4 challenges (cost, speed, access, transparency) No wholesale cost target due to difficulties understanding the baseline Proposed target date is end-2027 Remittance cost target reaffirms existing UN SDG goal ambition reflecting the particular challenges for these types of payments Data collection and monitoring through the annual report will be key for tracking progress Consultation period closes 16 July 2021: industry input is essential 6
FSB proposed targets for consultation 4) Due to the difficulty of estimating average costs across in the wholesale market where transactions are typically not individually priced, it is proposed not to set a target for this segment 7 Source: FSB (2021): Targets for Addressing the Four Challenges of Cross-Border Payments: Consultative document
