FSB launches a new implementation phase to make cross‑border payments faster, cheaper, and more transparent by 2027 through upgraded systems, real-time processing, and public-private collaboration

This phase brings together public authorities and private sector stakeholders—including banks, fintechs, and payment system operators—to develop detailed jurisdictional and regional action plans, identify bottlenecks, and implement practical measures that improve the efficiency and resilience of cross-border payment systems. Key objectives include enhancing payment infrastructure, enabling real-time processing, reducing costs, improving transparency of fees and timelines, and strengthening regulatory coordination across borders…