BoE speech on reforming cross‑border payments

The Bank of England (BoE) has published a speech delivered by Andrew Bailey, Governor of the BoE and Chair of the Financial Stability Board (FSB) at the FSB Payments Summit on reforming cross‑border payments. Mr Bailey welcomes progress under the G20 cross‑border payments roadmap but stresses that implementation now needs to accelerate to meet the G20's 2027 targets. Looking ahead, he identifies cross‑border payments as a continuing strategic priority and sets out four areas of focus: (i) the development of jurisdictional and regional action plans to drive implementation of international standards, alongside a planned FSB review taking place in early 2027 of implementation of recommendations on data frameworks and bank and non‑bank regulation; (ii) further innovation and infrastructure upgrades, including deeper adoption of ISO 20022, extended RTGS operating hours, increased use of application programming interfaces and consideration of how digital payment innovations could support roadmap objectives; (iii) reducing regulatory compliance costs without diluting AML/CFT and other standards, including through greater cross‑jurisdictional consistency and the use of technology; and (iv) stronger commitment and coordinated action from the private sector, as well as some form of collective action, to move the dial on cross-border payments from the perspective of end users.

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