The IIF has submitted comments in response to the FSB’s consultation on ‘Targets for Addressing the Four Challenges of Cross-Border Payments’. This consultation addresses the specific areas of cost, speed, access and transparency.
The IIF supports the G20’s important initiative to improve cross-border payments, and welcomes the FSB-CPMI Roadmap and building blocks, which are the prominent focus of the new Global Payments Forum that the IIF has launched this year jointly with the Emerging Payments Association. With this consultation, the IIF has taken the opportunity to provide detailed comments that we hope will help to ensure that the eventual roadmap is implementable in practice, delivering on the aspirations.
Among other items, our comments highlight risks of retrenchment and international fragmentation, and the need to be cognizant of local factors, particularly where “last mile” issues can influence cost outcomes in a way that is not globally homogenous or fitting to global averages. These issues also need to be considered in the context of the ongoing efforts to combat financial crime more effectively.