The Financial Stability Board (FSB) stated that the G20’s goal to make cross-border payments faster, cheaper, and more transparent by 2027 is likely to be missed.
When first set in 2021, the targets included bringing average retail payment costs to 1% and ensuring 75% of payments are settled within an hour. But infrastructure complexity, regulatory differences, and coordination hurdles are hampering progress.
Some improvements in settlement speed have occurred, but many users are still charged high fees and face opaque processes. The FSB report suggests the G20 may need to extend its deadline or set new benchmarks. Meanwhile, innovations like cryptocurrencies and stablecoins are adding pressure for modernization.