Enhancing cross-border payments fundamentally depends on domestic improvements and local support, as the first and last mile of such payments rely on domestic payment rails. Modernising domestic systems is crucial for achieving interoperability across jurisdictions and is often integrated into broader payment system strategies or financial sector reforms. Implementing these upgrades effectively requires significant time and effort.
The broader the participation of countries and stakeholders in enhancing cross-border payments, the greater the likelihood of achieving meaningful improvements in people’s lives. Accurate, granular, and timely information on these developments is essential for tracking progress. To support this, the CPMI, in collaboration with the Financial Stability Board (FSB), conducts an annual cross-border payments monitoring survey to get insights from individual jurisdictions. Gaining a deeper understanding of domestic and regional developments can help better track progress and address remaining challenges. Analyses of the survey responses are published on the CPMI webpage, alongside selected regional analyses. From 2018 to 2022, the CPMI also provided an annual quantitative review of correspondent banking data supplied by Swift.