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Investing.com -- The Financial Stability Board (FSB) has called for enhanced policy implementation to achieve tangible improvements in cross-border payments, according to a consolidated progress report published Thursday.
While the FSB and partner organizations have completed most of the international policy work under the G20 Roadmap for Enhancing Cross-Border Payments, these initiatives have not yet translated into the desired real-world gains for end-users globally.
The report, which integrates annual progress with key performance indicators, highlights several significant milestones achieved over the past year.
These include FSB recommendations to level the playing field between bank and non-bank payment services providers, measures to mitigate data-related frictions in cross-border payments, and the Financial Action Task Force’s revision of standards for data in cross-border payments.
Despite some improvements in specific areas, the FSB noted it is unlikely that satisfactory improvements at the global level will be achieved in line with the 2027 Roadmap timetable. While global speed of wholesale payments has increased and remittance speeds have improved, the average global cost of such payments remains high.
"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," said Lesetja Kganyago, Governor of the South African Reserve Bank and Co-Chair of the FSB Cross-border Payments Coordination Group.
The FSB emphasized that individual jurisdictions need to take practical steps to implement measures that will have downstream benefits, while private sector stakeholders should explore and implement changes to improve the end-user’s cross-border payments experience.
Fabio Panetta, Governor of Banca d’Italia, Chair of the CPMI and Co-Chair of the FSB Cross-border Payments Coordination Group, stated: "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."
Over the coming year, the FSB and other partner organizations will focus on enhancing monitoring and supporting implementation of the agreed policy recommendations under the G20 Roadmap.
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