The Financial Stability Board published remarks by its Deputy Secretary General calling on stakeholders to start shaping what comes after the G20 cross-border payments roadmap ends in 2027. In the speech, which was expressly presented as the speaker’s own views rather than those of the FSB or its members, he said the effort to make cross-border payments faster, cheaper, more transparent and more inclusive has delivered progress but remains short of its quantitative targets, and that the experience now warrants a broader reassessment of strategy and governance. The remarks identified four main reasons for slower-than-expected progress: fragmented market structures and weak commercial incentives in many payment corridors, reliance on foreign exchange markets outside the roadmap’s remit, slow technology adoption by incumbents, and dispersed political and regulatory authority across jurisdictions and institutions. They also pointed to technical gains that remain incomplete. ISO 20022 adoption has reached 77% of fast payment systems and 53% of real-time gross settlement systems, but implementation is uneven and consistent operational use is still lacking across areas such as screening, reconciliation, fraud analytics and supervision. The speech also argued that stablecoins are not yet a systemwide answer for cross-border payments, noting that while total cross-border payments were around USD 200 trillion in 2024, stablecoins were estimated to account for less than 0.2% of total cross-border payments in 2025. Other unresolved frictions highlighted included fraud-related data sharing, capital controls, sanctions screening, foreign exchange access restrictions, payment-versus-payment coverage and operating hours. Looking beyond 2027, the speaker asked whether the next phase should continue to focus on removing frictions, shift toward corridor-by-corridor or regional operational plans with clearer ownership, or combine those approaches with technology-led models such as stablecoins and tokenised deposits in integrated payment arrangements. He called for engagement and submissions from stakeholders over the coming months as the debate develops over a possible second roadmap.
Financial Stability Board2026-07-08
Financial Stability Board Deputy Secretary General calls for debate on post-2027 cross-border payments roadmap
In remarks published by the Financial Stability Board, its Deputy Secretary General called for a debate on what should follow the G20 cross-border payments roadmap after 2027. The speech said progress has been constrained by fragmented markets, weak coordination and incomplete technical implementation, while stablecoins still account for only a very small share of cross-border flows. It pointed to options including continued friction-removal, corridor or regional operational plans, and hybrid technology models.