The event brought together public and private sector leaders to focus on how we accelerate progress towards the G20 targets for cross-border payments. In his opening remarks, Andrew Bailey highlighted that while important foundations have been laid, the priority now must be turning global ambition into real delivery. 

The G20 Roadmap sets out an ambitious vision: cross-border payments that are faster, cheaper, more transparent, and more inclusive. Achieving this would deliver real benefits for citizens and economies worldwide — supporting economic growth, international trade, global development, and financial inclusion. 

Efficient cross-border payments are also increasingly important to the global growth agenda. Businesses rely on international payments to trade, invest and expand across borders. Reducing friction in these systems can help unlock new opportunities for companies of all sizes and support more connected global markets. 

The discussions in London reflected a growing consensus that the foundations are now in place. Over the past few years, the work led by the FSB — alongside the Committee on Payments and Market Infrastructures (CPMI), central banks, regulators and industry — has created a much deeper understanding of the operational, governance, market practice and regulatory frictions that affect cross-border payments. 

That foundational work was essential. The focus now must be on delivery. 

Moving from ambition to implementation 

A key theme of the summit was how we intensify efforts in the coming years to deliver tangible improvements by the end of the roadmap’s timeline in 2027. 

Cross-border payments sit at the intersection of multiple payment systems, regulatory frameworks and market practices. They are complex and deeply embedded in global financial infrastructure. That means progress will not come from a single breakthrough, but through a series of practical initiatives delivered over time. 

Encouragingly, there is growing momentum across the global payments community to focus on concrete actions and measurable improvements for end users. 

Collaboration between industry and authorities 

One message that came through strongly during the summit is that improving cross-border payments is a shared responsibility. 

Public authorities have an essential role in areas such as regulatory alignment, global standards and legal certainty across jurisdictions. At the same time, banks and payment providers operate the infrastructure that enables cross-border payments every day and will be central to implementing many of the improvements needed.  

Progress will depend on close collaboration between authorities and industry, with a shared focus on prioritising initiatives and seeing them through to implementation.

Modernising infrastructure at home 

The summit also highlighted the importance of modernising domestic payment infrastructure as a foundation for improving cross-border payments. 

In the UK, the industry strongly supports the Bank of England’s direction on modernising the UK payments ecosystem, including the ongoing RTGS renewal programme and the development of next-generation instant payment capabilities. These initiatives also contribute to the UK’s jurisdictional action plan supporting delivery of the G20 cross-border payments roadmap, demonstrating how domestic infrastructure upgrades form a critical part of improving cross-border payment outcomes globally. 

These initiatives will help ensure the UK’s payments infrastructure remains resilient, innovative and capable of supporting the future evolution of cross-border payments. 

The UK industry is also actively exploring emerging technologies. This year, two live pilots involving tokenised deposits are underway, examining how tokenisation could support new and more efficient payment models. If successful, these initiatives could help shape a potential path towards implementation later this decade. 

Innovation and trust must go hand in hand 

At the same time, innovation in payments must be balanced with strong safeguards.  

The UK’s experience with faster payments demonstrates both the benefits and the risks of rapid innovation. Greater speed and convenience can transform the payments experience for consumers and businesses — but without appropriate protections, these improvements can also create opportunities for fraud. 

As the payments ecosystem evolves, maintaining trust will remain essential. That means ensuring new technologies and faster payment capabilities are introduced alongside robust safeguards that protect users and maintain confidence in the system. 

Delivering real progress 

Cross-border payments are fundamental to global economic activity. Businesses rely on them to trade internationally, families depend on them to send money across borders, and developing economies benefit from the financial flows they enable. 

Delivering the G20 roadmap is therefore not just about improving payments systems. It is about supporting global growth, enabling international trade and ensuring that the financial system works more effectively for people and businesses around the world. 

The groundwork has been laid through several years of collaboration and analysis. The task now is to turn that ambition into real progress — delivering faster, cheaper, more transparent and more inclusive cross-border payments for everyone who depends on them.