The Financial Stability Board (FSB) today published a letter to the G20 from the FSB Chair, Randal K. Quarles, welcoming the report published today by the Committee on Payments and Market Infrastructures (CPMI), which sets out building blocks for a roadmap to enhance cross-border payments.
The publication of the CPMI report marks the second of a three-stage process, coordinated by the FSB at the request of the G20, to develop a roadmap to enhance cross-border payments. It sets out the necessary elements to address the challenges of high costs, low speed, limited access and insufficient transparency of cross-border payments, highlighted by the first-stage FSB report published in April. The CPMI report was delivered to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 18 July. The FSB will publish the roadmap, as the third and final stage of this deliverable, in October.
In his letter to the G20 the FSB Chair stresses the FSB’s strong support for the CP
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