The G20 has made improving cross-border payments a key priority for 2020. As part of this, the Financial Stability Board (FSB) has published a report to pave the way forward for important enhancements to cross-border payments.

This report presents a roadmap to address the key challenges often faced by cross-border payments and the frictions in existing processes that contribute to these challenges.

The roadmap incorporates a framework where individual actions are taken forward by the most suitable expert bodies, in accordance with their mandates, with the FSB providing coordination and reporting annually on progress to the G20 and the public. This process will provide an opportunity to update and adapt the roadmap over time in order to keep it on track to meet its overall goals.

Victoria Cleland, Executive Director for Banking, Payments & Innovation at the Bank of England and the Chair of the CPMI TaskForce on Cross-border Payments has delivered a keynote speech on cross-border payments to the Central Bank Payments Conference. The speech provides some more detail on the international work that has taken place this year to enhance cross-border payments and highlights some of the work the Bank of England is already undertaking to support a number of areas identified in the report.