The Financial Stability Board — the international body that monitors and makes recommendations on the global financial system — has launched a public consultation on global targets for cross-border payments.
Fast Facts:
- The G20 has made enhancing cross-border payments a priority, and the proposed quantitative targets are intended to improve the cost, speed, transparency of and access to cross-border payments.
- The proposed targets, which focus on end-users, cover three market segments — wholesale payments, retail and person-to-person payments, and remittances.
- In November, G20 leaders endorsed the G20 Roadmap for Enhancing Cross-border Payments. The roadmap, which covers five focus areas, includes examining the role of new multilateral platforms, global stablecoin arrangements and central bank digital currencies to address the challenges of cross-border payments without compromising regulatory supervision to manage monetary and financial stability risks.
- The public consultation period — aimed at stakeholders such as governments, the payments industry, advocacy groups for financial inclusion and the general public — closes on July 16. The FSB intends to conduct outreach in the coming months, with final recommendations to be delivered for endorsement at the G20 Summit in October.
See related article: Digital payments — not cash — is now king in Asia’s payment ecosystem
