Linking fast payment systems across borders: considerations for governance and oversight

CPMI Papers  | 
18 October 2023

This consultative report - issued as part of the G20 cross-border payments programme - describes initial considerations on governance and oversight for fast payment system (FPS) interlinking across borders.

The interlinking of FPS is one of the most promising solutions for enhancing cross-border payments, offering the prospect of significantly faster, cheaper, more accessible and transparent cross-border payments. This is especially true when the interconnected payment systems provide real-time and 24/7 operational capabilities. However, agreeing on workable governance and oversight arrangements can be especially challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements.

The G20 has thus identified the governance and oversight of cross-border payment system interlinking arrangements, in particular of FPS, as a priority in helping to achieve its 2027 targets for the cost, speed, access and transparency of cross-border payments.

The interim report describes 10 initial considerations, resulting from a series of workshops with global stakeholders that was undertaken by the CPMI to better understand the sensitivities, complexities and experiences in this area. Together with the additional insights to be gained from further engagement with stakeholders and their written feedback on this interim report, the CPMI will submit a final report to the G20 on governance and oversight of FPS interlinking arrangements.

The CPMI invites comments on this interim report and the specific questions set out in the document. Comments should be sent to the CPMI Secretariat ( with "FPS interlinking" in the subject line. All responses will be published on the CPMI's website. Commercial or other sensitive information should either be omitted from the submissions, or it may be included with redactions for publication clearly noted.

Update: The consultation deadline has been extended until 31 December 2023.