G20 Cross-Border Payment Goals: Target Slippage to 2027

The G20's aim to enhance cross-border payment efficiency by 2027 is unlikely to be met, says the Financial Stability Board. Despite initial efforts, global payment cost reductions and timing targets remain unmet. Decision-makers are considering extending deadlines or adopting new strategies amid evolving payment trends like cryptocurrencies.

Devdiscourse News Desk | London | Updated: 09-10-2025 13:31 IST | Created: 09-10-2025 13:31 IST

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The G20's ambitious goal to revolutionize cross-border payments by 2027 faces significant setbacks, according to a report from the Financial Stability Board. Despite 'Roadmap' initiatives since 2021, anticipated improvements in transaction speed and cost have been modest, leaving many objectives unmet.

FSB's Deputy Secretary General, Martin Moloney, attributed the delay to complex infrastructure changes and global cooperation challenges. The global key performance indicators exhibited only slight advancements since 2023, highlighting a shortfall in achieving desired benchmarks.

Amid evolving financial landscapes with cryptocurrencies gaining traction, G20 decision-makers must consider whether to extend deadlines or reform targets completely, ensuring future cross-border payments meet the necessary standards. A comprehensive debate among the G20 nations is essential to address these pressing issues effectively.

(With inputs from agencies.)