In October 2021, a Financial Stability Board (FSB) report set out global quantitative targets for addressing the challenges of cost, speed, transparency and access faced by cross-border payments. One of the key targets was that the global average cost of retail payments should be no more than 1% by 2027. The FSB has said it will publish initial estimates of the key performance indicators (KPIs) required to meet this target in October.
The cost of supporting cross-border payments is not trivial and banks must invest substantial resources to make it work efficiently.
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