CPMI Cross-border payments programme
Faster, cheaper, more transparent and more inclusive cross-border payments, while ensuring safety and security, would have widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion. The G20 roadmap to enhance cross-border payments is a comprehensive programme covering 19 "building blocks" across five focus areas. The CPMI is in the lead of the implementation of 11 of the 19 building blocks under the overall programme.
Cross-border payments have been on the agenda of international bodies and standard setters (including the CPMI) for a number of years. The current programme builds on earlier and related work in this regard and delivers substantive new insights and additional guidance supporting the cross-border payment step change the G20 roadmap is aiming for. In addition to the CPMI, the FSB and other relevant international organisations and standard-setting bodies are contributing to this cross-border payments body of work.
The G20 roadmap sets out a multi-year programme to enhance cross-border payments. All actions and dates of the programme are firmly agreed on an annual basis. Hence, actions for subsequent years and their timelines are more indicative. Next steps and timings are adjusted if needed in response to new information and changing circumstances and confirmed as part of the overall roadmap review to be delivered to the October G20 Summit. The CPMI monitors progress for each of the building blocks it leads.
Making a real difference in addressing the existing challenges of cross-border payments needs full support from central banks and close collaboration with the private sector to be successful. This requires direct involvement of public and private sector actors in taking the programme forward. It is important that the views of the full range of stakeholders are heard. The CPMI is in regular contact with relevant stakeholders and seeks their input via conferences, workshops, consultations and surveys.