Highlights from the FSB's cross-border payments report at the G20 summit

The Financial Stability Board (FSB) has published two landmark reports this week, marking the beginning of a yearly publication series on the progress of cross-border payments. The reports, titled "Annual Progress Report on Meeting the Targets for Cross-Border Payments: 2023 Report on Key Performance Indicators" and "G20 Roadmap for Enhancing Cross-border Payments: Consolidated progress report for 2023," have significant implications for the cross-border payments industry.

The reports are meticulously underpinned by a number of key datasets, including extensive retail market data from a specific platform. This platform's data is instrumental to two out of the three areas (retail, wholesale, and remittances) the reports focus on. Notably, the platform directly supplied the data for the retail section of the report, and also provides the underlying data for the World Bank's Remittance Prices Worldwide dataset, which is used in the remittances section of the report.

The responsible party providing data for the Remittances section, besides their own data, is typically an international financial institution or a designated regulatory authority involved in monitoring cross-border payment systems. The World Bank's dataset, combined with the platform's data, offers a comprehensive view of the global cross-border payments landscape.

These reports focus on the G20's targets for cross-border payments, providing valuable insights into the industry's progress towards achieving these goals. The reports are the first in a yearly publication series, signalling a commitment to transparency and accountability in the cross-border payments sector.

For those interested in staying informed about the latest developments in cross-border payments, creating a free account provides access to the most extensive range of research and analysis globally, including the industry-leading newsletter. These reports are a testament to the strides being made in the cross-border payments industry and serve as a beacon for continued progress in the years to come.