Against this background, in 2020 the G20 Saudi Presidency launched an ambitious and challenging plan to enhance cross-border payments at the global level and mandated the FSB to develop a Roadmap, which was, as I mentioned, eventually published last October.
Given the complexity of the challenge, the Roadmap is necessarily a multiannual project and will require progress to be made on many separate, yet often interdependent, fronts. The work plan has been structured around 19 pillars or “building blocks”, aimed at paving the way for a favourable global payments ecosystem, taking into consideration a very broad range of legal, regulatory and operational issues.