FSB全球金融稳定委员会-Regulation-Supervision-and-Oversight-of-Global-Stablecoin-Arrangements_36页_851kb

Summary of the FSB Cross-border Payments Roadmap

Core Content

The Financial Stability Board (FSB), in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other international organizations, has developed a Stage 3 roadmap to enhance cross-border payments globally. This initiative was initiated during the G20 Saudi Arabian Presidency and aims to address key challenges such as high costs, low speed, limited access, and insufficient transparency in cross-border payment systems. The goal is to deliver faster, cheaper, more transparent, and more inclusive payment services while ensuring safety and security.

The roadmap is structured around five focus areas and 19 building blocks, each representing a specific action or initiative to improve the cross-border payments ecosystem. It is designed to be flexible and adaptable, incorporating annual reviews to update and refine the plan as needed. The roadmap also emphasizes public-private collaboration, stakeholder engagement, and technical assistance for countries with limited implementation capacity.

Main Points

1. Challenges in Cross-border Payments

• High costs, especially for low-value transactions.
• Low speed due to outdated systems and fragmented processes.
• Limited access, particularly for the unbanked and individuals in fragile states.
• Insufficient transparency in transaction processes and data flow.

2. Objectives of the Roadmap

• To create a shared vision for cross-border payments.
• To harmonize regulations, supervisory frameworks, and data standards.
• To improve existing payment infrastructures.
• To enhance data quality and straight-through processing.
• To explore the potential of new payment infrastructures.

3. Structure of the Roadmap

• The roadmap is based on the 19 building blocks outlined in the CPMI Stage 2 report.
• It is divided into five focus areas:
  • Focus Area A: Committing to a joint public and private sector vision.
  • Focus Area B: Coordinating regulatory, supervisory, and oversight frameworks.
  • Focus Area C: Improving existing payment infrastructures.
  • Focus Area D: Increasing data quality and straight-through processing.
  • Focus Area E: Exploring new payment infrastructures and arrangements.

4. Implementation and Coordination

• The FSB Cross-Border Payments Coordination group (CPC) oversees the roadmap and coordinates actions across the five focus areas.
• Annual progress reports are provided to the G20 and the public to ensure transparency and accountability.
• Public consultation is encouraged at key stages to incorporate diverse perspectives and ensure inclusivity.

5. Private Sector Involvement

• The private sector is a critical partner in the implementation of the roadmap.
• Their insights and expertise are essential for practical improvements in payment arrangements.
• Each building block includes specific steps to involve the private sector effectively.

6. Timeline and Flexibility

• 2021 actions are committed deliverables.
• Actions beyond 2021 are indicative, with timelines and content potentially adjusted based on new developments and feedback.
• Annual reviews are planned to refine the roadmap and ensure it remains aligned with the overall goals.

Key Information

Focus Areas and Building Blocks

Key Initiatives

• Quantitative targets for cost, speed, transparency, and access will be set and endorsed by G20 leaders.
• Enhanced implementation monitoring will be conducted by the FSB and standard-setting bodies (SSBs).
• Self-assessment frameworks and service-level agreement templates will be developed to standardize cross-border payment services.
• AML/CFT harmonization and supervisory cooperation will be promoted to ensure compliance without hindering innovation.
• Technical assistance will be provided to support implementation in countries with limited capacity.

Accountability and Flexibility

• The FSB will provide annual consolidated reports to the G20 and the public.
• The roadmap will be reviewed and adapted over time to reflect new developments and stakeholder input.
• Public consultation is a key component of the roadmap's design, ensuring transparency and broad stakeholder engagement.

Conclusion

The roadmap is a comprehensive and collaborative effort to transform the cross-border payments landscape, with a focus on global coordination, regulatory alignment, and technological innovation. It emphasizes the importance of public-private partnerships and flexible implementation to achieve practical and long-term improvements in the payment ecosystem.