Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
The G20 cross-border payments programme: A global effort
Journal of Payments Strategy & Systems,
16
(3),
207-218
(2022)
Abstract
The G20 cross-border payments programme is a globally coordinated endeavour that aims to address long-standing challenges in the cross-border payments market. This paper reviews those challenges and discusses the 19 ‘building blocks' that make up the programme. As the paper describes, each building block will provide notable benefits for cross-border payments; however, due to their interdependencies, the most significant enhancements will only be realised if public authorities and private actors across the globe work together to implement improvements in a coordinated manner. This paper reviews the programme's achievements to date and discusses key findings from related projects that provide useful insights for the programme going forward.
Keywords: cross-border payments; payment systems; interlinking; CBDC; foreign exchange; central banks; ISO 20022
The full article is available to subscribers to the journal.
Author's Biography
Thomas Lammer is Deputy Head of the CPMI Secretariat. Before joining the CPMI Secretariat, he worked for more than eight years at the European Central Bank, most recently as Principal Market Infrastructure Expert/Team Lead in the Oversight Division. He has also worked as a senior financial sector specialist at the World Bank and as a project manager at the Austrian central bank.
Tara Rice is Head of the CPMI Secretariat. Prior to this she was Deputy Assistant Secretary for International Financial Stability and Regulation at the US Department of the Treasury. She has also served as Chief of the Global Financial Institutions section at the US Federal Reserve System, where she received the Special Achievement Award for outstanding contributions to the Fed's objectives and mission. She holds a PhD in finance from Boston College.
