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Enhancing cross-border payments: building blocks of a global roadmap

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Stage 2 report to the G20 CPMI Papers  |  No 193  |  13 July 2020 PDF full text (787kb)  |  11 pages [embedded content] Enhancing cross-border payments: building blocks of a global roadmap (00:03:56) Sir Jon Cunliffe, Chair of the CPMI and Deputy Governor, Bank of England The G20 has made enhancing cross-border payments a priority during the 2020 Saudi Arabian Presidency. Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver

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Stage 2 report to the G20

CPMI Papers  |  No 193  | 
13 July 2020
PDF full text
 (787kb)
 |  11 pages

Enhancing cross-border payments: building blocks of a global roadmap (00:03:56)

Sir Jon Cunliffe, Chair of the CPMI and Deputy Governor, Bank of England

The G20 has made enhancing cross-border payments a priority during the 2020 Saudi Arabian Presidency. Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion.

This CPMI report, and its accompanying technical background report, represent the output of Stage 2 of the three-stage process coordinated by the Financial Stability Board (FSB) to develop a global roadmap for enhancing cross-border payments. It identifies 19 "building blocks" where further joint public and private sector work could enhance cross-border payments, and supports a global approach to addressing the underlying frictions identified in the Stage 1 report published by the FSB.

The 19 building blocks are arranged into five focus areas, four of which (focus areas A to D) seek to enhance the existing payments ecosystem, while focus area E is more exploratory and covers emerging payment infrastructures and arrangements. The report concludes with a set of considerations around these building blocks that support the Stage 3 work to develop the roadmap.

International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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