The Financial Stability Board has published a Roadmap for enhancing cross-border payments. The Roadmap is the final stage in the G20's three-stage process to enable countries to enhance their cross-border payments systems. The FSB published the Stage 1 report in April 2020, which identified existing challenges in cross-border payments systems and specified key "frictions" in the cross-border payments system that contribute to these challenges. The Stage 2 report, published by the Committee on Payments and Market Infrastructures in July 2020, covered the 19 building blocks where further public and private sector work would enhance cross-border payments and address the frictions ascertained by the FSB.

The FSB's Roadmap presents a high-level plan for tackling the issues and sets both short term and longer term goals and milestones. The Roadmap indicates actions and timelines in five focus areas:

• Committing to a joint public and private sector vision to enhance cross-border payments;
• Coordinating on regulatory, supervisory and oversight frameworks;
• Improving existing payment infrastructures and arrangements to support the requirements of the cross-border payments market;
• Increasing data quality and straight-through processing by enhancing data and market practices; and
• Exploring the potential role of new payment infrastructures and arrangements.

The FSB confirms that consultations on the various workflows will take place at appropriate times, with an initial consultation due in May 2021 on specific quantitative targets on the challenges to be addressed.

View the FSB's Roadmap for enhancing cross-border payments.

View details of the CPMI's Stage 2 report.

View details of the FSB's Stage 1 report.

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