On 13 July 2020, the Committee on Payments and Market Infrastructures (CPMI) issued a report, ‘Enhancing cross-border payments: building blocks of a global roadmap’. The report presents the output of stage 2 of a three stage process to develop a global roadmap for enhancing cross-border payment. The report identifies a set of building blocks where further joint public and private sector work could enhance cross-border payments, thereby supporting a global approach to addressing those frictions that were identified in stage 1. The report 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.

The Financial Stability Board (FSB) has published a letter to the G20 from the FSB Chair, Randal K. Quarles, welcoming the CPMI report. In his letter to the G20 the FSB Chair stresses the FSB’s strong support for the CPMI report’s approach. The report provides elements that can be used flexibly within a roadmap, combining enhancements to the current cross-border arrangements and infrastructures with the exploration of more ambitious yet more uncertain longer-term possibilities.