CPMI's report states 19 building blocks to boost cross-border payments

The Committee on Payments and Market Infrastructures (CPMI) has published a report which aims to make lasting improvements in cross-border payments.

The report is named Enhancing cross-border payments: building blocks of a global roadmap and sets out 19 building blocks for a global roadmap to boost cross-border payments. It forms part of a three-stage process initiated by the G20.

The G20 has made enhancing cross-border payments a priority during the 2020 Saudi Arabian Presidency and asked the Financial Stability Board (FSB) to coordinate the development of a roadmap to tackle the system's multidimensional problems.

The FSB's first-stage report, which assessed existing cross-border payment arrangements and challenges, was issued in April 2020. The current report launch marks the CPMI's completion of the second stage. It highlights five focus areas: a commitment to a joint public and private sector vision; regulatory, supervisory and oversight coordination; improvement of existing payment infrastructures; enhancing data quality; and exploring the potential of new payment infrastructures.

On this basis, the FSB will coordinate the development of a roadmap to enhance cross-border payments, which will be delivered to the G20 Finance Ministers and Central Bank Governors in October 2020. This third stage will also involve the CPMI and other relevant international organisations and standard-setting bodies, according to the official press release.