On 31 May 2021, the Financial Stability Board (FSB) issued a consultative document regarding targets for addressing the four challenges of cross-border payments – cost, speed, transparency and access. The FSB explains that these targets are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments.
The consultative document: (i) describes the principles, and key design features underpinning, the targets and target metrics; (ii) proposes three market segments for which targets are to be set across the four challenges; (iii) considers factors in setting the targets; and (iv) proposes a set of targets that are high-level, simple, small in number and focused on end-users.
The FSB proposes end-2027 as a common target date for achieving the individual targets, with the exception of the remittance cost target, where a 2030 date has already been set within the United Nations Sustainable Development Group Goal and endorsed by the G20. Progress towards meeting the targets will be monitored and publicly reported over time.
The deadline for comments on the consultative document is 16 July 2021.
The final recommendations, taking on board feedback from the public consultation, will be delivered for endorsement at the G20 Summit in October 2021 and published.