Speakers
Objectives
The FSB/CPMI cross-border payments program aims to substantially improve speed, cost, accessibility, and transparency by 2027. The Consolidated progress report for 2023 highlights progress and areas for improvement. Key Performance Indicators (KPIs) provide insights, such as wholesale payment speeds, availability of cross-border payments globally, and costs of sending retail payments and remittances.
Wholesale payment highlights include 54% credited within one hour and 93% within one day globally. In the retail segment, average total cost exceeds the 1% target, Sub-Saharan Africa and Latin America are expensive for retail payments. For remittances, the global average cost of sending a $200 remittance is 6.3%, above the 3% target, with 53% making funds available within one hour, falling short of the 75% target.
The CPMI reports focus on harmonizing ISO 20022 data, increasing payment versus payment mechanisms, and considering governance for fast payment system interlinking. A joint task force aims to address related challenges.
The BIS CPMI interim report outlines governance and oversight challenges of fast payment system interlinking, with a final report scheduled for 2024.
The session aims to provide a detailed view of the FSB/CPMI project in addressing objectives and priorities clarified in 2023. Additionally, it seeks to explain the KPI assessment recently undertaken by the CPMI.
Points of discussion
- What are the main achievements on Cross-Border Payments? What do the Key Performance Indicators (KPIs) reveal about progress toward G20 targets?
- What areas are raising challenges or making significant progress under the G20 roadmap? What are the hurdles and timelines for PvP adoption and reducing FX costs?
- What are the key success factors and challenges in managing the G20 roadmap project and gaining commitment from private and public sectors?