Charting the evolution of the G20 Cross-Border Payments Roadmap: Building blocks, targets, and what lies ahead
Abstract
The efficiency and accessibility of cross-border payments are critical for fostering economic growth, financial inclusion and global financial stability. Despite significant advancements in technology and innovation, cross-border payment systems remain hindered by inefficiencies, high costs, limited transparency and restricted access. These challenges have underscored the need for coordinated global efforts to enhance cross-border payment systems. In 2020, the G20 charged the Financial Stability Board (FSB) with developing a comprehensive roadmap to transform cross-border payments, in collaboration with the Bank for International Settlements’ Committee on Payments and Market Infrastructures. By setting measurable and timebound objectives, the FSB and its stakeholders aimed to create a more efficient, accessible and inclusive global payments system. This paper traces the journey of the Roadmap, highlighting its transformation from foundational ‘building blocks’ to actionable ‘targets’ and ‘priority themes’, with a strong emphasis on implementation. While progress has been commendable, ongoing dialogue and experimentation emphasise the need for adaptability and collaboration. The paper offers reflections on the lessons learned and explores considerations for future work. This article is also included in the Business & Management Collection which can be accessed at http://hstalks.com/business.
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Author's Biography
Martin Moloney is the Deputy Secretary General of the Financial Stability Board. Prior to this role, he was Secretary General of the International Organization of Securities Commissions, and before that, Director General of the Jersey Financial Services Commission. He previously held senior posts at the Central Bank of Ireland and the Irish Department of Finance. Martin holds postgraduate qualifications in economic policy and commercial law and professional qualifications in banking and arbitration.
Masami Inoue is a Member of the Secretariat of the Financial Stability Board. Prior to this role, she spent over 15 years at the Bank of Japan, most recently as Director, Deputy Head of the International Division in the Financial System and Bank Examination Department. Her career has focused on prudential policy and payment and settlement systems policy, and she has represented the Bank of Japan on various international groups, including Basel Committee on Banking Supervision, Committee on Payments and Market Infrastructures and FSB working groups. Masami holds an LLB from Keio University and LLM from the Europa-Institut of Saarland University.
