Global Payment-System Reform
Continuing work on a priority set by the Group of Twenty heads of state, the FSB in consultation with other global bodies is seeking views on how best to measure progress towards the G20’s goal of a faster, safer, cheaper, transparent, and inclusive cross-border payment system. Given these ambitious goals, the interactions among them, and the sunk costs in legacy systems, the FSB has decided to set quantitative goals that in its view best achieve the appropriate balance needed for a reformed global payment system. The extent to which nations can or will achieve these goals in their own payment systems and then the cross-border interconnections they and payment-service providers select will determine the extent to which current fragmentation, risk, and cost are reduced and inclusion is better achieved.