EPA, IIF to deliver the G20 Roadmap on Enhancing Cross Border Payments

According to the press release, the joint consultative forum will provide a key exchange point and clearing-house between the global standard-setters who are driving and implementing the G20’s Roadmap on Enhancing Cross Border Payments, and key representative associations with global industry membership. The forum will be led by and comprise representatives of financial institutions, payment service providers, and technology firms, with the potential for official sector bodies to act as observers. 

While membership and leadership will be drawn from across the associations globally, the EPA Asia and the IIF will provide the joint Secretariat for this new forum. Kicking off early next year, the forum will meet regularly to develop and provide industry feedback to the standard-setters and enable them to update on progress in their plans. As such, the forum will provide a key point of recruitment to this ambitious agenda. 

The forum will also provide a venue for policy or self-regulatory recommendations to be discussed. Furthermore, the G20 Leaders’ Summit in November 2020 agreed that lowering the cost and improving the speed, reliability, and transparency of cross-border payments is a key priority. In doing so G20 Leaders  endorsed a detailed Roadmap on Enhancing Cross Border Payments, with actions out to 2023 required to deliver an ambitious change agenda. 

The roadmap calls out collaboration between the official sector and private sector as essential, and plans for a number of formal consultation windows over the coming years as new standards are developed and rules are harmonised. This roadmap was developed by the Financial Services Board (FSB) building on work done by the Committee for Payments and Market Infrastructures (CPMI) with industry input. 

Besides the FSB and CPMI, official sector organisations such as the International Monetary Fund and Bank for International Settlements are working to deliver this roadmap.