FSB and partners intensify cross-border payment reforms
The Financial Stability Board has launched a new implementation phase for enhancing cross-border payments, bringing together public authorities and private industry. The initiative aims to make payments cheaper, faster, more transparent, and more accessible by the end of 2027.
Public-private drive for payment reforms
The Financial Stability Board (FSB) convened its Cross-border Payments Summit in London, hosted by the Bank of England, to accelerate efforts under the G20 Roadmap.
FSB Chair Andrew Bailey renewed commitment to the Roadmap's goals, emphasizing the universal reach of cross-border payments.
"The clear message from today's Summit is that we are not stopping until the job of making a genuine difference to the user experience of cross-border payments is done," Bailey stated.
The next phase will focus on encouraging public authorities to develop jurisdictional and regional action plans, alongside promoting private-sector action and closer public-private collaboration.
This dual approach aims to drive domestic and regional implementation, with industry playing a decisive role in delivering tangible benefits for end users.
Industry leaders accelerate innovation
The Institute of International Finance (IIF) and Swift outlined their initiatives to support the Roadmap.
The IIF committed to assessing how the external environment has changed since 2020 and how the Roadmap needs to evolve.
Tim Adams, CEO of the IIF, noted that new technologies offer options for sending payments, while growing fraud demands enhanced security.
Swift reported that 75 percent of payments reach beneficiary banks in 10 minutes.
Swift also announced a new retail payments framework by June, ensuring faster speeds and cost certainty for consumer payments.
Javier Pérez-Tasso, CEO of Swift, highlighted significant improvements and continued innovation, collaborating with both public and private sectors to enhance the end-to-end payments experience.
Fabio Panetta, Governor of the Bank of Italy and Co-Chair of the FSB's Cross-border Payments Coordination Group, underscored the importance of joint action to modernize payment infrastructures and leverage technology for transparency and compliance automation.