Targets for Addressing Challenges in Cross-Border Payments

This report is a final document from the Financial Stability Board (FSB) detailing the quantitative targets established for addressing the challenges in cross-border payments, specifically focusing on cost, speed, transparency, and access. The targets are part of the G20 Roadmap for Enhancing Cross-Border Payments and aim to create accountability and improve the end-user experience. The report outlines the principles guiding the targets, which are designed to be ambitious yet achievable, and emphasizes the importance of collaboration between public and private sectors. It includes specific targets for wholesale, retail, and remittance payments, with a common target date set for the end of 2027, except for remittances, which have a target date of 2030. The document also discusses the implementation approach for monitoring progress toward these targets, including data collection and the establishment of Key Performance Indicators (KPIs) to assess current performance. The report highlights the need for industry involvement in developing effective monitoring strategies.