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Reforming Cross-border payments: keynote speech at the FSB Payments Summit

· Andrew Bailey, Chair of the Financial Stability Board (International)

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· Andrew Bailey Wiki · Financial Stability Board WikiReforming Cross-border payments: keynote speech at the FSB Payments Summit

ContextIn a keynote speech at the FSB Payments Summit, Andrew Bailey, Chair of the Financial Stability Board, sets out what more the private sector, public authorities and international bodies need to do to achieve the G20's goals on cross-border payments.

Why it mattersAdmits the G20 cross-border payment targets are lagging and assigns tasks to the private and public sectors.

Problems raised
  1. Cross-border payments remain slow, costly and opaque.
  2. Progress towards the G20 payment targets is lagging.
  3. Public and private efforts are not well coordinated.
Solutions proposed
  1. Build a closer partnership between the public and private sectors.
  2. Prioritise a small number of deliverable actions.
  3. Give clear tasks to firms, authorities and international bodies.
Read full speech on fsb.org ↗

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