The Financial Stability Board (FSB) has reported that while most international policy work under the G20 Roadmap for enhancing cross-border payments is complete, these efforts have not yet led to significant improvements for end-users. The FSB, together with the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and other partners, released its consolidated 2025 progress report, which now also includes key performance indicators to better monitor outcomes.
Recent milestones include recommendations by the FSB to create a level playing field between bank and non-bank payment service providers and reduce data-related obstacles in cross-border payments. The Financial Action Task Force (FATF) also revised its standards on payment transparency. Despite these developments, global end-users have not seen substantial benefits.
The report notes some progress, such as increased speed in wholesale payments and remittances, allowing recipients who depend on money from abroad to receive funds more quickly. However, the overall cost of remittances remains high, especially in certain regions.
Regional differences persist, and the FSB stresses that more action is needed at both regional and jurisdictional levels to ensure policy initiatives result in practical benefits. The private sector is encouraged to make changes that improve the experience for those making or receiving cross-border payments.
Lesetja Kganyago, Governor of the South African Reserve Bank and Co-Chair of the FSB Cross-border Payments Coordination Group, stated: "The FSB and South African G20 Presidency remain committed to achieving the goals of the Roadmap and urge the public and private sectors to make tangible improvements to domestic payment systems as the first and last mile of a cross-border payment depend on domestic payment rails."
Looking ahead, the FSB will focus on monitoring progress more closely and supporting implementation of policy recommendations at national levels. Fabio Panetta, Governor of Banca d’Italia, Chair of CPMI, and Co-Chair of the FSB Cross-border Payments Coordination Group, said: "We are committed to facilitating implementation of agreed policy recommendations and to engage actively with the private sector, G20 and non-G20 jurisdictions to make this happen."
The G20 first prioritized improving cross-border payments in 2020 under Saudi Arabia’s presidency. Since then, global quantitative targets were set for 2027, focusing on making such payments faster, cheaper, more transparent, and accessible.
The FSB brings together financial authorities from 24 countries as well as international institutions to promote effective regulatory policies for financial stability. It also conducts outreach with around 70 other jurisdictions through its Regional Consultative Groups. Andrew Bailey, Governor of the Bank of England, currently chairs the FSB.