This letter from the FSB Chair, Randal K. Quarles, to the G20, accompanied a report setting out building blocks for a roadmap to enhance cross-border payments. The report, by the Committee on Payments and Market Infrastructures (CPMI), was welcomed by the FSB. The CPMI report sets out the necessary elements to address problems with the high costs, low speed, limited access and insufficient transparency of cross-border payments, highlighted by an FSB report published in April.
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. The report was delivered to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 18 July.
The G20 at is February 2020 Finance Ministers and Central Bank Governors meeting asked the FSB to coordinate a three-stage process to develop a roadmap to enhance cross-border payments:
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Assessment (Stage 1): In its