G20 Roadmap for Enhancing Cross-border Payments: Priority actions for achieving the G20 targets

The Financial Stability Board (FSB) has published a report outlining priority actions to achieve the G20 targets for enhancing cross-border payments. The report has been submitted to the G20 Finance Ministers and Central Bank Governors for their meeting on 24-25 February 2023.
The report summarizes the lessons learned during the first two years of the Roadmap for Enhancing Cross-border Payments and includes feedback from stakeholders. The report focuses on three interrelated priority themes: Payment system interoperability and extension, Legal, regulatory and supervisory finalizing frameworks, and Cross-border data exchange and message standards.
The first priority theme, payment system interoperability and extension, aims to improve payment system interoperability, extend RTGS operating hours, and access policies. The actions include convening a forum for central banks to exchange practices, fostering fast payment systems interlinking across borders, and finalizing requirements for cross-border payment service level agreements.
The second priority theme, legal, regulatory, and supervisory finalizing frameworks, aims to promote an efficient legal, regulatory, and supervisory environment for cross-border payments while maintaining safety, security, and integrity. The actions aim to enhance consistency of bank and non-bank regulation and supervision, enhance information provided to end-users, and update the application of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) rules.
The third priority theme, cross-border data exchange and message standards, aims to facilitate cross-border data exchange and increase the use of standardized messaging formats for cross-border payments. The actions include enhancing the interaction between data frameworks and cross-border payments, finalizing ISO 20022 harmonization requirements and promoting their real-world implementation, improving API harmonization for cross-border payments use, and exploring enhanced use of the legal entity identifier (LEI) in cross-border payments.
To successfully implement these changes, wider collaboration is required. Therefore, the FSB and Committee on Payments and Market Infrastructures (CPMI) will convene two industry task forces, and the International Monetary Fund (IMF) and World Bank will provide technical assistance to jurisdictions beyond the G20 to help take forward the priority themes.