The Financial Stability Board (FSB) convened the FSB Cross-border Payments Summit in London and kicked off a new implementation phase of the G20 Roadmap for Enhancing Cross-border Payments, aimed at making cross-border payments cheaper, faster, more transparent and more accessible. The next phase focuses on driving domestic and regional execution by public authorities while intensifying private-sector action through closer public-private collaboration. The FSB will ask its members to develop jurisdictional and regional action plans that set out practical steps and priorities for enhancing payment systems, as work accelerates towards the end-2027 deadline. Industry initiatives highlighted at the summit included the Institute of International Finance’s plan to work with its members throughout 2026 to reassess how the external environment has changed since the roadmap was published in 2020 and to publish a report later this year with findings and recommendations, and Swift’s efforts to improve speed and transparency, including a new retail payments framework to be introduced by banks by June and infrastructure work to integrate a shared, blockchain-based ledger initially targeting 24/7 real-time cross-border payments. The IIF will convene stakeholders alongside the IMF and World Bank Spring Meetings to kick off its assessment, while FSB members are expected to translate roadmap priorities into domestic and regional action plans as implementation moves into the new phase.

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