The Bank for International Settlements published a bulletin taking stock of the G20 Roadmap for enhancing cross-border payments and outlining a way forward, concluding that the quantitative targets set for end-2027 are unlikely to be achieved on time. While most policy actions assigned to international bodies are complete or near completion, jurisdiction-level implementation has been uneven and improvements in end-user outcomes have so far been modest. The bulletin highlights delivered international recommendations and standards covering areas such as payment system operating hours, ISO 20022 and application programming interface harmonisation, and supervision of non-bank payment service providers and their access to payment systems, alongside revised Financial Action Task Force standards on cross-border payment instructions for anti-money laundering and countering the financing of terrorism. It points to growing adoption of Roadmap elements in fast payment systems, with more than 90 in operation and over 20 under development, but notes that few cross-border interlinking arrangements are currently operational. Using the latest Financial Stability Board monitoring, it reports that as of 2025 only 35% of global cross-border retail payments and 55% of wholesale and remittance payments are credited within one hour, against a 75% target, with costs falling and transparency improving slightly but still below target. Looking ahead, the bulletin argues that near-term efforts should prioritise timely and consistent domestic implementation of existing Roadmap priorities, supported by stronger public-private collaboration, rather than additional international guidance ahead of the end-2027 deadline. It emphasises interoperability and standardisation measures such as harmonised ISO 20022 and APIs and a “global settlement window”, and notes emerging initiatives and technologies including fast payment system interlinking and Nexus Global Payments, which plans to begin live operations by mid-2027, as well as tokenisation and artificial intelligence, while cautioning that technology alone cannot resolve cross-border governance and incentive frictions.
Bank for International Settlements 2025-12-11
Bank for International Settlements reviews G20 cross-border payments roadmap and says end-2027 targets are unlikely to be met
The Bank for International Settlements assessed the G20 Roadmap for cross-border payments, concluding the 2027 targets are unlikely to be met. Despite largely complete international policy actions, uneven jurisdiction-level implementation has led to modest end-user improvements. The bulletin recommends prioritising domestic implementation and public-private collaboration, highlighting interoperability, standardisation, and emerging technologies like fast payment system interlinking and Nexus Global Payments.