On October 10, 2022, the Financial Stability Board (FSB) published its Consolidated Progress Report for 2022 and Priorities for the Next Phase of Work, as a next phase for its work under the G20 Roadmap for Enhancing Cross-border Payments. The FSB wants to strengthen external engagement and partnership under the priorities, and plan to deliver both reports to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington, DC on October 12-13, 2022. While the work under the 2021 and 2022 Roadmaps was foundational, the current “Roadmap has now reached an inflection point and needs to move to practical initiatives to enhance payment arrangements”. The FSB will focus three priority themes: Payment system interoperability and extension; legal, regulatory and supervisory frameworks; and cross-border data exchange and message standards.

With a 2027 target date, the FSB joins the Bank for International Settlements’ (BIS) the Committee on Payments and Market Infrastructures (CPMI), and other partners to set priorities for cross-border payments that will have the most impact, thereby enhancing the cost, speed, access and transparency of cross-border payments. The FSB has planned a Cross-border Payments Summit that will take place this month with leaders from both private and public sectors participating.

More information on the FSB’s priorities for enhancing cross-border payments is available here.