Despite the rapid innovation made possible by the internet and the rapid development of emerging markets, cross-border payments have remained costly, slow, and insufficiently secure. To address these challenges, the Financial Stability Board is coordinating a 19-building block roadmap.
In October 2022 the FSB published a prioritisation plan and engagement model for taking the roadmap forward. In February 2023 practical projects have been proposed to achieve the quantitative targets by 2027.
The actions address payment system interoperability and extension, legal, regulatory, and supervisory frameworks, as well as data exchange and message standards.
One key success factor to implementing planned changes, is achieving continued close collaboration and coordination among the FSB and its partner bodies involved in the roadmap, the private sector, and authorities from jurisdictions beyond the G20.
In this context the session aims at clarifying the priorities of the proposed implementation roadmap, and their added value globally. In addition, the panel will try to identify the difficulties ahead and work out whether the proposed arrangements would address them.
Points of discussion
- What are the key milestones and priorities of the updated Roadmap and how they address the different needs regarding cross-border payments?
- What are the main expected improvements in payment arrangements that are key to advance towards G20 target? In which part of the value chain would the Roadmap deliver more improvements and for whom, consumers/businesses/infrastructure operators?
- What are the main challenges ahead to further committing both the private and public sectors? Why should banks want this? What incentives would be required to achieve commitment within the private sector?