In April 2020, the Financial Stability Board (FSB) presented its report on the development of improved cross-border payments to the G20, which has identified addressing frictions in these transactions as a priority for the year. The report provides an assessment of existing arrangements and challenges for international payments.
The G20 believes that faster, cheaper, more transparent and more inclusive cross-border payment services, including remittances, would have widespread benefits for citizens and economies worldwide, “supporting economic growth, international trade, global development and financial inclusion”.
