The Global Push to Improve Cross-Border Payments: Current State and the Path Ahead
BIS Bulletin | No. 119 | December 11, 2025
Key takeaways
- The G20 Roadmap aimed at strengthening cross-border payments has generated strong momentum. With most international policy actions now in place, there is a solid foundation for tackling ongoing cross-border payment frictions and building a more inclusive, global payments ecosystem.
- Still, it is unlikely that the ambitious end-2027 targets set by the G20 will be met on schedule. So far, the gains seen by end users have been modest.
- To reach the Roadmap’s objectives, priorities must be implemented promptly and consistently—within G20 countries and beyond. This requires vigorous collaboration between public institutions and private sector actors.
The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.
About the authors
Why this matters and what to watch next
Cross-border payments have long suffered from high costs, opacity, settlement times, and friction across borders. The G20 Roadmap lays out a coordinated set of actions designed to reduce these frictions, improve transparency, and raise the overall efficiency of international payments. Since its launch, there has been notable progress in policy alignment, standardization, and the development of new rails and interoperability mechanisms. However, real-world benefits for end users—such as merchants, individuals, and small businesses—remain uneven and often concentrated among larger institutions or higher-volume corridors.
What’s working well
- Strong policy alignment across major economies has built a shared framework and clear milestones.
- Early implementations have started to reduce some of the longest-standing pain points, like delays and unexpected costs, in several corridors.
- A growing ecosystem of public-private cooperation is helping to pilot and scale new payment technologies and interoperable standards.
Where challenges persist
- The path to 2027 targets is not guaranteed; execution gaps and timing issues can slow progress.
- Benefit distribution is uneven, with some users seeing only marginal improvements so far.
- Achieving consistent outcomes requires sustained coordination, funding, and risk-management across diverse jurisdictions and stakeholders.
What’s needed to move forward
- Accelerated, consistent execution of Roadmap priorities across countries and institutions.
- Deeper collaboration between governments, central banks, banks, payment service providers, and fintechs to scale successful pilots and ensure interoperability.
- Transparent measurement of outcomes, focusing on real user experiences such as cost savings, speed, and reliability in everyday transactions.
A provocative note for readers
This agenda invites debate: are the Roadmap’s reforms broad enough to close the gaps that hinder small players, or do they risk creating new barriers for innovation and competition? How should policymakers balance regulation with the incentives needed for private investment in next-generation payments infrastructure? Share your perspective in the comments: Do you think the 2027 targets are realistic, or is a longer runway needed to deliver meaningful, lasting improvements? And this is the part many might miss: even well-intentioned reforms can have unintended consequences if they overlook local market nuances or fail to align with end-user needs.
The authors’ views are their own and do not necessarily represent the BIS or its member central banks.
