The Financial Stability Board (FSB) has launched a new phase of global efforts to enhance cross-border payments, as policymakers and industry leaders gathered in London to assess progress and outline the next steps toward faster, cheaper and more transparent international transactions.
The initiative was discussed during the FSB Cross-border Payments Summit, hosted by the Bank of England. The event brought together senior public authorities, financial institutions and industry representatives to evaluate how far the global payments ecosystem has progressed in meeting the G20’s roadmap objectives and to determine how the next stage of implementation should unfold.
The summit focused on advancing improvements to the cost, speed, transparency and accessibility of cross-border payments, areas which remain a priority for regulators and financial institutions alike. The work forms part of the broader G20 roadmap introduced in 2020, which aims to transform how international payments operate globally by the end of 2027.
In his opening remarks, Financial Stability Board chair Andrew Bailey emphasised the wide-reaching importance of cross-border payments and the need for sustained collaboration across the global financial system.
FSB chair Andrew Bailey said, “There are few issues in our responsibilities that have as universal a reach as cross-border payments. The clear message from today’s Summit is that we are not stopping until the job of making a genuine difference to the user experience of cross-border payments is done. Strong commitment and collective action from both the public and private sector are essential for delivering on the Roadmap’s goals.”
A key focus of the next phase will be the development of regional and jurisdictional implementation plans. Public authorities are expected to create frameworks that encourage domestic adoption of the roadmap’s goals while supporting stronger cross-border alignment.
At the same time, the FSB emphasised the importance of deeper cooperation with the private sector, recognising that industry participation will play a central role in delivering improvements for end users. The summit highlighted that meaningful progress will depend on the ability of financial institutions, infrastructure providers and technology companies to work alongside regulators in shaping the future payments ecosystem.
Participants also reviewed initiatives already underway to support the roadmap’s targets and discussed how progress can be accelerated as the 2027 deadline approaches.
The Institute of International Finance (IIF) announced that it will work with its members throughout 2026 to reassess the roadmap’s priorities in light of evolving technological and market conditions.
IIF CEO Tim Adams said, “The operating environment has shifted, and progress has been made in important areas of cross-border payments. We have new options for sending payments, enabled by new technologies, while, at the same time, growing payments fraud requires security to retake a prominent place in the agenda.”
The organisation plans to publish a report later this year outlining its findings and providing recommendations for how the G20’s cross-border payments agenda should evolve. As part of the process, the IIF will convene stakeholders during the upcoming IMF and World Bank Spring Meetings to further explore the future direction of the initiative.
Industry infrastructure provider Swift also highlighted progress in improving payment processing speeds. According to the organisation, approximately 75% of cross-border payments now reach beneficiary banks within ten minutes, with some transactions arriving within seconds.
Swift recently announced that banks will launch a new retail payments framework by June, aimed at ensuring consumer payments processed through its network benefit from faster processing times, cost certainty and improved end-to-end transparency.
The organisation is also developing infrastructure designed to support the future of cross-border payments by integrating a shared blockchain-based ledger, which will initially target real-time, 24/7 international payment capabilities.
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