FSB provides updates on next steps of its cross-border payments project

The Financial Stability Board today published its priority themes for the next phase of work under its G20 Roadmap for Enhancing Cross-Border Payments. The plan includes steps to strengthen external engagement during the next phase of the group’s work. The board also published a report on the progress made during the second year of the project.

The Basel, Switzerland-based organization identified three priorities for the payment program’s next phase: payment system interoperability and extension; legal, regulatory and supervisory frameworks; and cross-border data exchange and message standards. Work will focus on initiatives to achieve targets for enhancing the cost, speed, access and transparency of cross-border payments, FSB said. According to the board, by placing this at the center of its planning, the public and private sector will be able to direct resources toward work most likely to have the biggest impact by the program’s 2027 target date. Accompanying the list of priorities is a plan to expand FSB’s systematic engagement with the private sector and a wider range of public authorities.

The two reports will be discussed by G20 finance ministers and central bank governors during their meeting later this week in Washington, and FSB plans to publish an update in November on its framework for monitoring progress toward the G20 targets for cross-border payments. Read the FSB’s priority themes. Read the progress report.