The Financial Stability Board (FSB) has published its roadmap for boosting cross-border payments, which have traditionally been slow, expensive and unreliable.
The FSB has put together the roadmap in response to Saudi Arabia making the improvement of cross-border payments a priority of its G20 presidency. In its report, the FSB says cross-border payments have several challenges, including high costs, low speed, limited access and insufficient transparency. In particular, individuals and small companies face challenges with retail cross-border payments, and "financial inclusion remains a challenge for many, especially in emerging market and developing economies," says the report. Jon Cunliffe, Deputy Governor of the Bank of England, co-chair of the FSB Cross-border Payments Coordination Group, says: "the roadmap will transform cross-border payments to make them faster, cheaper, more transparent and inclusive."