The efficiency of cross-border payments impacts businesses, consumers and financial institutions around the globe. The Financial Stability Board recently proposed targets to address key challenges in this space, and is seeking input from public and private-sector stakeholders.
Improving cross-border payments has been challenging on a global scale, but the Stage 3 Roadmap published by the Financial Stability Board continues to help pave the way for systemic improvements.
The largest remittance corridors, measured in terms of payment outflows from the United States, offer insight on the variations within the cross-border infrastructure.
The Federal Reserve is participating in a Committee on Payments and Market Infrastructures Cross-border Payments Task Force to identify ways to promote faster, less expensive, and more transparent and inclusive cross-border payments.
The Federal Reserve recently conducted a review of the current cross-border payments landscape to better understand developments and ongoing challenges. Key findings were discussed on a January webinar entitled Go Global: A Review of Progress and Pain in Cross-Border Payments (Off-site), where nearly 700 highly engaged stakeholders attended, demonstrating rich interest in this topic.
As domestic payment systems continue to experience rapid innovation in speed, security and accessibility, user expectations when sending and receiving money continue to climb. Yet there is one type of payment that has struggled to meet evolving user expectations and continues to be costly and inconvenient: cross-border payments. In Strategies …