Service level agreements for cross-border payment arrangements

CPMI Papers  | 
29 April 2024

Service level agreements used in cross-border payment arrangements define minimum service levels for correspondent banking relationships, the links between payment systems and payment instrument rulebooks. Properly designed service level agreements can help to meet the G20 goals of making cross-border payments cheaper, faster, more transparent and more accessible, while also ensuring their safety. Hence, the G20 has identified service level agreements as a priority in helping to achieve its targets by end-2027.

This report contains high-level recommendations, key features and guiding questions to inform parties involved in such arrangements. Payment service providers, correspondent banks and/or payment system operators are encouraged to consider the recommendations when establishing new agreements or reviewing existing ones.

The recommendations, key features and guiding questions were informed by a year-long interaction with public and private stakeholders. The recommendations were deliberately kept at a high level. They should not put an undue burden on new and smaller payment arrangements, while still contributing to increased harmonisation of new and existing agreements.