Cross-border payments: 2025 survey highlights progress
A 2025 monitoring survey by the BIS Committee on Payments and Market Infrastructures (CPMI) identifies key advancements in making cross-border payments cheaper, faster, and more inclusive. The survey highlights expanded access to payment systems, extended operating hours, and ISO 20022 harmonisation as foundational steps for the G20 Roadmap.
Global settlement window expands
The 2025 monitoring survey, encompassing 82 jurisdictions and 197 payment systems, highlights foundational advancements in payment system interoperability and extension.
Expanded access, extended operating hours, and interoperable design are crucial for enhancing cross-border services.
The widespread adoption of fast payment systems (FPS), with 57 operational FPS reported, is poised to significantly improve retail payments, especially where FPS links are established.
Real-time gross settlement (RTGS) systems, with 82 reported, are also evolving towards extended operating hours, some nearing 24/7. This expansion of the global settlement window enhances efficiency through improved liquidity management and faster processing, while mitigating settlement risk.
Furthermore, widening direct access for non-bank and foreign payment service providers is fostering increased competition and innovation within the sector.
Global standards, local action
Aligning with ISO 20022 harmonisation and adopting standardised API frameworks are crucial to reduce inefficiencies and maximise benefits in cross-border payments.
Scaling fast payment system (FPS) links and expanding access for non-banks and foreign banks can further boost competition.
Extending payment system operating hours, particularly in the Americas and Europe, will broaden the global settlement window.
The report underscores that continued international cooperation and targeted technical assistance are vital for advancing the G20 Roadmap objectives.
Many jurisdictions are revising their legal and regulatory frameworks, with voluntary jurisdictional action plans offering a clear path to mobilise public and private sector stakeholders.
A marathon, not a sprint
The G20 Roadmap for cross-border payments sets ambitious goals, yet the 2025 survey reveals an uneven pace of implementation across jurisdictions.
While foundational steps like expanded access and standardization are progressing, achieving the 2027 targets remains unlikely without substantial, coordinated investment from both public and private sectors.
The journey towards truly cheaper, faster, and more inclusive cross-border payments is clearly a long-term endeavor, demanding sustained commitment beyond initial reforms.