International work on instant payments
Published: 29 October 2020
Instant payments are expected to become increasingly common in the future. When information can be sent around the world in seconds, it may be difficult for consumers to understand why it takes up to several days for a payment to be executed. International interest in cross-border and cross-currency payments has increased in 2020. Such payments are often more expensive, slower and more difficult to follow than payments in domestic currency. The Group of Twenty (G20) has therefore, through the Financial Stability Board (FSB) and the Bank for International Settlements (BIS), started to look into the different ways in which international payments could be streamlined. The group delivered two reports to the G20 in the spring and summer. A new report with a number of proposals for concrete measures was published in October 2020.