Your browser does not support JavaScript!

Cross border payments & G20 Roadmap

Cross border payments & G20 Roadmap

Context

Despite major progress in domestic payments, cross-border payments within the EU and at the global level remain more expensive, slower, and less transparent than purely domestic transactions. This fragmentation affects households, businesses and financial institutions alike, undermining the efficiency of the Single Market and limiting the EU’s ability to compete in an increasingly integrated global economy.

At the same time, the payments landscape is being reshaped by rapid digitalisation, the rise of new non-bank actors, BigTechs and private digital currencies, and growing reliance on non-European infrastructures and international card schemes. While these developments have spurred innovation, they have also increased operational dependencies, governance complexity and vulnerabilities, particularly in cross-border payment chains.

Against this backdrop, improving cross-border payments has become both an economic and a strategic priority for the EU and globally. The EU payments strategy emphasises cost efficiency, resilience and strategic autonomy, while global initiatives led by the FSB and CPMI seek to address longstanding frictions in cross-border payments. In parallel, European and international infrastructures and standards—such as ISO 20022, SWIFT GPI —are evolving to enhance interoperability and efficiency.

Central banks play an essential role in this transformation. The exploration of Central Bank Digital Currencies, including the digital euro, reflects efforts to preserve the role of central bank money in an increasingly digital and cross-border payment environment, while mitigating risks associated with private digital assets and external dependencies.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Summary

Session Summaries

Filter

Views The Eurofi Magazine

Eurofi Views Magazine chapters

Filter

Key contributions

Speeches & interviews

Filter