Enhancing Cross-border Payments

Stage 3 roadmap

13 October 2020
The Financial Stability Board (FSB) coordinates at the international level the work of national
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 Table of Contents

Executive summary ............................................................................................................... 1

Introduction ............................................................................................................................ 3
Design of the roadmap........................................................................................................... 3
Involving a wide range of stakeholders .................................................................................. 6
Taking forward the roadmap .................................................................................................. 7
Annex 1: Informal summary of roadmap actions and timelines .............................................. 9
Annex 2: Full actions and milestones for each Building Block .............................................. 14

iii
Executive summary
The G20 has made enhancing cross-border payments a priority during the Saudi Arabian
Presidency. Faster, cheaper, more transparent and more inclusive cross-border payment
services, including remittances, while maintaining their safety and security, would have
widespread benefits for citizens and economies worldwide, supporting economic growth,
international trade, global development and financial inclusion.

This report presents a roadmap to address the key challenges often faced by cross-border
payments and the frictions in existing processes that contribute to these challenges. These
challenges, namely high costs, low speed, limited access and insufficient transparency, affect
end-users and service providers, though not all in the same way. Individuals and small
companies face particular challenges with retail cross-border payments, and financial inclusion
remains a challenge for many, especially in emerging market and developing economies. Low-
value payments may incur high fees as a percentage of the amount sent and face cumbersome
processes. The unbanked and individuals and firms from fragile states are amongst those who
may not be able to access payment services at all.

This roadmap has been developed by the FSB, in coordination with the Committee on Payments
and Market Infrastructures (CPMI) and other relevant international organisations and standard-
setting bodies. It builds on the FSB’s Stage 1 report, setting out the challenges and the frictions
in cross-border payments that contribute to them, and the CPMI’s Stage 2 report, describing the
necessary elements of a response, in the form of a set of 19 building blocks.

The roadmap provides a high-level plan, which sets ambitious but achievable goals and
milestones, and is designed to allow for flexibility and adaptation in the path to get there as the
work progresses, while ensuring that the safeguards in terms of secure processing and legal
compliance are observed. It encompasses a variety of approaches and time horizons, in order
to achieve practical improvements in the shorter term while acknowledging that other initiatives
will need to be implemented over longer time periods. It follows the structure of the Stage 2
report, setting out actions and indicative timelines in the following five focus areas:

■ Committing to a joint public and private sector vision to enhance cross-border payments

■ Coordinating on regulatory, supervisory and oversight frameworks

■ Improving existing payment infrastructures and arrangements to support the

requirements of the cross-border payments market

■ Increasing data quality and straight-through processing by enhancing data and market
practices

■ Exploring the potential role of new payment infrastructures and arrangements

The first four focus areas seek to enhance the existing payments ecosystem. The fifth is more
exploratory and covers emerging payment infrastructures and arrangements. While each of the
building blocks in the first four focus areas individually has the ability to bring notable benefits to
cross-border payments, they have many interdependencies and the most significant

1
enhancements are likely to be achieved if they are all implemented in a coordinated manner.
The potential for new payment infrastructures and arrangements will also depend on the first
four focus areas delivering change.

Strong commitment, coordination and accountability will be critical to success. The roadmap
incorporates a framework where individual actions are taken forward by the most suitable expert
bodies, in accordance with their mandates, with the FSB providing coordination and reporting
annually on progress to the G20 and the public. This process will provide an opportunity to
update and adapt the roadmap over time in order to keep it on track to meet its overall goals.

The involvement of the private sector, sharing their insights and practical expertise, as well as
delivering change, will be key to support the practical implementation of the roadmap. The work
under each building block will consider how to most effectively involve them. Public consultation
on the individual building blocks will take place at the appropriate points, in order to ensure
transparency and accountability.

2
Introduction
The G20 has made enhancing cross-border payments a priority during the Saudi Arabian
Presidency, and asked the FSB to coordinate the development of a roadmap for this purpose,
through a three-stage process.

The FSB’s Stage 1 report 1, published in April 2020, identified the four challenges to be
addressed – high costs, low speed, limited access and insufficient transparency – and the
frictions that contribute to those challenges. Those frictions include: fragmented data standards
or lack of interoperability; complexities in meeting compliance requirements, including for anti-
money laundering and countering the financing of terrorism (AML/CFT) and data protection
purposes; different operating hours across different time zones; and outdated legacy technology
platforms. Additionally, the frictions increase the need for intermediaries involved in cross-border
payments to hold precautionary funding – often in multiple currencies. Furthermore, depending
on the country corridor and payment process, the length of the transaction chain can add to
costs and delays. The costs from these frictions create barriers to entry that may weaken
competition in providing cross-border payments services.

The Stage 2 report 2, published by the CPMI in July 2020, set out the necessary elements of a
response to address those challenges, as a set of 19 building blocks that can be used flexibly,
combining enhancements to the current cross-border arrangements and infrastructures with the
exploration of more ambitious yet more uncertain longer-term possibilities.

This report, as Stage 3 of the process, sets out for G20 endorsement the roadmap itself, as a
comprehensive plan for addressing the identified challenges, including practical steps and
indicative timeframes needed to do so and paves the way for implementation.

Design of the roadmap

The roadmap provides a high-level plan, which sets ambitious but achievable goals. It is
designed to allow for flexibility and adaptation in the path to get there as the work progresses,
and as new approaches and technologies offer the potential to transform the payment market. It
defines outcomes, timelines and actions that are commensurate with that level of ambition –
including firm commitment to the necessary initial actions and deliverables and building
momentum early on.

New approaches and technologies are rapidly transforming the payments market. The roadmap
will need to remain adaptable, and be refined as the work develops and in light of market and
technological developments and engagement with other stakeholders (including the private
sector). The roadmap therefore incorporates annual review points to take stock of progress and
adjust as necessary, in order to maintain focus on achieving the intended practical outcomes
that will improve payment arrangements.

1
FSB, Enhancing Cross-border Payments - Stage 1 report to the G20, April 2020.
2
CPMI, Enhancing cross-border payments: building blocks of a global roadmap, July 2020.

3
The roadmap aims to encompass a variety of approaches and time horizons. Individual
jurisdictions, and customer and market segments, have differing starting points in terms of
current payment systems and arrangements. The roadmap sets out actions and goals at the
global level that may, according to circumstances, need to be adapted to reflect local conditions
and implementation capacity. Individual jurisdictions or operators of payment systems and
arrangements are encouraged to set out publicly the actions they intend to take to contribute to
meeting the overall roadmap goals. The more countries that embrace these changes and
quickly, the greater the progress that will be made in enhancing cross border payments – so
those countries that can move more quickly are encouraged to do so. Technical assistance will
be available for those facing implementation capacity constraints.

The roadmap is structured according to the 19 building blocks in the CPMI’s Stage 2 report in
July 2020, which span the following five focus areas:

■ Focus area A: Committing to a joint public and private sector vision to enhance cross-
border payments

This focus area will be foundational and provide overall direction, by establishing a shared
understanding of the targeted improvements in users’ experience with cross-border payments
and acting as a commitment mechanism to drive change. It includes setting quantitative targets
at the global level for addressing the challenges of cost, speed, transparency and access, as
well as a framework that stakeholders can use for establishing more granular service-level
agreements. Common foundations will also be strengthened at the supervisory and regulatory
level by identifying where it would be useful to achieve more consistent implementation of
existing international standards and guidance.

■ Focus area B: Coordinating on regulatory, supervisory and oversight frameworks

This focus area will address a number of frictions that arise from the inherently multi-jurisdictional
nature of the cross-border payments market. It will better align regulatory, supervisory and
oversight frameworks across jurisdictions, where appropriate, on a “same business, same risk,
same rules” basis. High-quality customer due diligence is essential, but relatively costly for cross-
border transactions. The roadmap will aim to improve confidence between financial institutions
and between jurisdictions by promoting more consistent application of AML/CFT standards,
facilitating cross-border data flows and information sharing, fostering improved digital identity
frameworks and shared customer due diligence infrastructures and, in specific cases, identifying
low-risk “safe payment corridors”.

■ Focus area C: Improving existing payment infrastructures and arrangements to support

the requirements of the cross-border payments market

Making operational improvements to existing payment infrastructures and arrangements can

help to address the current frictions in cross-border payments. Current technical differences can
add to costs and slow transactions. This focus area would seek to widen availability, strengthen
links between payment systems and reduce settlement risk, through measures such as
facilitating payment-versus-payment, improving access to systems, extending and aligning
operating hours between systems, pursuing interlinking and exploring reciprocal liquidity
arrangements.

4
 ■ Focus area D: Increasing data quality and straight-through processing by enhancing
data and market practices

Promoting the adoption of common data formats, including rules for conversion and mapping
from legacy formats, as well as protocols for information exchange can reduce costs and improve
the scope for straight-through data processing in existing payments systems and arrangements.
This focus area aims to harmonise technical standards for common message formats (in
particular a harmonized version of ISO 20022) and for application programming interfaces (APIs)
for data exchange, as well as to examine the scope for a unique global identifier that links to the
account information in payment transactions. These are also important building blocks to enable
the development of efficient new payment infrastructures.

■ Focus area E: Exploring the potential role of new payment infrastructures and
arrangements

Recent advances in technology and innovation have created the potential for new payment
infrastructures and arrangements for cross-border payments. These could offer solutions to
challenges that are not easy to address through adjustments to existing processes. So far, these
innovations have not been implemented broadly; some are still in their design phase and others
remain theoretical. This focus area will examine the scope for new multilateral platforms, global
stablecoin arrangements and central bank digital currencies to address the challenges that
cross-border payments face without compromising on minimum supervisory and regulatory
standards to control risks to monetary and financial stability.

Focus areas A to D seek to enhance the existing payments ecosystem, while focus area E is
more exploratory and covers emerging payment infrastructures and arrangements. While each
of the building blocks in the first four focus areas individually has the ability to bring notable
benefits to cross-border payments, they are interdependent and some are foundational, and
therefore the most significant enhancements are likely to arise if over time they are all advanced
and implemented in a coordinated manner. The potential benefit of the building blocks in focus
area E will also be enhanced by progressing focus areas A to D, which, in addition to enhancing
the existing payments ecosystem, will address barriers to the emergence of new cross-border
payment infrastructures and arrangements.

5
Overview of the focus areas and associated building blocks Figure 1

Source: CPMI: Enhancing cross-border payments: building blocks of a global roadmap - Stage 2 report to the G20 (July 2020)

The tables in Annex 2 describe, for each individual building block, the actions that FSB member
authorities, standard-setters and international organisations have agreed to take and the
indicative timelines for achieving them. These actions and timelines comprise the roadmap.
Annex 1 provides an informal summary of the actions and an overview of the timelines.

Involving a wide range of stakeholders

The work set out in the roadmap will need to involve close collaboration with, and direct action
from, the private sector to achieve tangible improvements in payment arrangements. The
involvement of a wide range of private and public sector stakeholders, through their insights and
expertise, will be key to support the successful practical implementation of the roadmap.

The nature and degree of private sector involvement will vary from one building block to another.
For each building block, as one of their initial steps the bodies responsible for taking work forward
will identify the most effective approach to collaborating with the private sector. More generally,

6
private sector involvement and experience will also be an important input to the annual overall
reviews of the roadmap described below.

Enhancing cross-border payment arrangements is a shared global goal. Nevertheless, the

perspectives and priorities vary, according to each jurisdiction’s circumstances. During the
development of this roadmap, the CPMI and the FSB have conducted outreach with a wide
range of private and public sector participants. It will be important that external outreach and
involvement continue to incorporate this full diversity of perspectives, and that technical
assistance is available where needed to achieve the goals.

The bodies taking forward individual building blocks or individual actions under these building
blocks will publicly consult at the appropriate points, according to their own governance
processes, in order to ensure transparency and accountability and benefit from as wide a range
of perspectives as possible. As the work progresses, as a general principle, any significant
proposed change to international standards or domestic regulations should include time for
public consultation.

Taking forward the roadmap

Enhancing cross-border payments is a multi-dimensional task. This is reflected in the roadmap
and in the way it will be taken forward.

■ Each building block and relevant actions will be taken forward by the body or bodies
specified in the roadmap in accordance with the body’s own work processes,
coordination processes and governance.

■ Progress under the overall roadmap will be coordinated by the FSB, through its Cross-
Border Payments Coordination group (CPC) that developed this roadmap. The CPC will
monitor progress across the full range of building blocks and coordinate across actions
where needed and report on progress to the G20 and to the public.

The CPC brings together senior representatives from relevant international bodies and a number
of central banks and other financial authorities from individual jurisdictions, and its membership
will be adjusted as needed to most efficiently provide overall coordination.

The bodies taking forward individual building blocks or specific actions under these building
blocks will coordinate with others – including those taking forward other interconnected actions
– as appropriate. Bodies taking forward individual building blocks or individual actions will report
on progress to the CPC, including on any issues arising, so that CPC can monitor and coordinate
work under the overall roadmap and address any issues.

One of the first actions under the roadmap will be to reinforce momentum by setting more specific
quantitative targets for addressing the four challenges (cost, speed, transparency, access), for
G20 endorsement at the October 2021 G20 Summit, and to be monitored and publicly reported
on over time. These targets will be set in an inclusive manner, including through public
consultation. Although such overall targets cannot fully reflect the diversity of the global cross-
border payment market, and may need to be refined over time in light of experience, they will
play an important role in defining the ambition of the work and creating accountability.

7
The FSB will present a consolidated report to the G20 each year, developed by the CPC,
beginning with a report to the G20 Summit in October 2021. This consolidated reporting will
provide an opportunity not only to report on progress, but also to review actions and timelines,
adjust as necessary, and confirm actions for the coming year. In this way, the roadmap will
remain flexible and adapt to changing circumstances in order to meet the agreed overall
roadmap goals.

Accordingly:

■ For all actions in 2021: actions and dates are committed deliverables.

■ For all actions beyond that date: actions and timelines are more indicative (in both
content and timing). Next steps and timings will be adjusted if needed in response to
new information and confirmed for 2022 as part of the overall roadmap review to be
delivered to the October 2021 G20 Summit.

■ Further reviews will take place at annual intervals, reporting to G20 Summits,
incorporating both progress reporting and confirmation of next steps and timings.

These regular review points will also provide an opportunity for taking account of the
interdependencies in the roadmap. The scope for progress in a particular building block, or the
benefits to be obtained from that progress, may be dependent on progress in other building
blocks. The bodies responsible for taking forward particular actions will need to stay in close
contact with work on actions with which they are interdependent. The review points will provide
an opportunity to adjust overall roadmap plans in light of developments.

8
 Annex 1: Informal summary of roadmap actions and timelines
These five illustrative Gantt charts provide an informal visualisation of the actions and timelines for each of the five Focus Areas, and the bodies that will lead
the work to take forward each building block. The detailed descriptions of actions and milestones in the individual tables for each building block that follow these
charts constitute the roadmap itself.
2020 2021 2022 2023 2024 2025

Start End Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Focus area A: Public and private sector commitments

BB1: Developing a common cross-border payments vision and Oct.20 Jun.25
targets [FSB]
Task force proposes targets for public consultation. Oct.20 May.21
G20 Leaders’ endorsement of targets. Aug.21 Oct.21
FSB CPC provides first report against key performance indicators Oct.21 Jun.22
for the agreed targets.
Second progress report. Apr.23 Jun.23
Third progress report. Apr.24 Jun.24
Fourth progress report. Apr.25 Jun.25
BB2: Implementing international guidance and principles [FSB] Oct.20 Jun.23
FSB to coordinate with SSBs the identification of areas for Oct.20 Oct.21
enhancing implementation monitoring
FSB/SSBs work on enhanced implementation monitoring and Nov.21 Apr.22
priorities.
FSB/SSBs first round of enhanced implementation monitoring. Apr.22 Nov.22
IMF/WB identify priority cases for technical assistance. Nov.22 Jun.23
BB3: Defining common features of cross-border payment Nov.20 Mar.23
service levels [CPMI]
CPMI, in consultation with public/private sectors, conducts an Nov.20 Aug.21
analysis of multilateral service level agreements, maps out common
elements and identifies segments for incorporating common
features.
CPMI, in consultation with public/private sectors, issues a self- Sep.21 Aug.22
assessment framework to help providers identify and analyse
common elements in cross border payment service level
agreements.
CPMI, in consultation with public/private sectors, develops a Aug.22 Mar.23
template for service level agreements, to be used by stakeholders.

9
 2020 2021 2022 2023 2024 2025
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Start End
Focus area B: Coordinate regulatory, supervisory and oversight frameworks

BB4: Aligning regulatory, supervisory and oversight frameworks [FSB] Oct.20 Apr.23

FSB to coordinate with SSBs the identification of gaps or areas for further alignment (if any) across Oct.20 Oct.21
jurisdictions.
FSB/SSBs launch work on gaps, alignment. Oct.21 Mar.22

FSB/SSBs public report on addressing gaps/alignments. Mar.22 Mar.23

National authorities to provide report, for public consultation, on how to address gaps or areas for Mar.22 Sep.23
alignment (if any).
BB5: Applying AML/CFT rules consistently and comprehensively [FATF] Oct.20 Jun.22

FATF, BCBS proposals for harmonised rules. Oct.20 Oct.21

FATF Strategic Review of mutual evaluation programme. Oct.20 Oct.21

FATF guidance on supervisory cooperation. Oct.21 Jun.22

FATF, others, amend guidance to promote new technology for AML/CFT controls. Oct.21 Jun.22

BB6: Reviewing the interaction between data frameworks and cross-border payments [FSB] Oct.20 Dec.25

FSB, other SSBs stocktake on existing national and regional data frameworks. Oct.20 Dec.21

FSB recommendations to facilitate cross-border payments through improved cross-border flows of Dec.21 Dec.22
data and information sharing.
SSBs adapt their regulatory, supervisory and oversight standards or guidance. Dec.22 Dec.23

National authorities evaluate and report on changes to domestic framework. Dec.23 Dec.24

SSBs and national authorities monitor implementation. Jan.25 Dec.25

BB7: Promoting safe payment corridors [IMF-WB] Oct.20 Dec.22

IMF/WB/FATF/volunteering national authorities develop framework for corridor risk assessments. Oct.20 Jul.21

Volunteering national authorities publish results and guidance based on pilot assessments. Aug.21 Mar.22

National authorities decide on further action needed. Apr.22 Sep.22

IMF/WB/FATF publish a finalised framework. Dec.22 Dec.22

BB8: Fostering KYC and identity information sharing [FSB] Oct.20 Sep.24

SSBs issue standard for mutual recognition of IDs for KYC purposes. Oct.20 Jun.23

WB proposes solutions to address identified gaps in Digital ID solutions. Oct.20 Dec.22

Volunteering national authorities develop a shared or interoperable CDD infrastructure which could Oct.20 Dec.21
be explored for a pilot.
Volunteering national authorities establish, where appropriate, a shared or interoperable regional Dec.21 Jun.23
CDD infrastructure
FSB to coordinate the development of a framework for requirements that shared or interoperable Jun.23 Sep.23
CDD infrastructures should meet.
BCBS and national authorities encourage use of shared or interoperable CDD infrastructures. Sep.23 Sep.24
 2020 2021 2022 2023 2024 2025
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Start End
Focus area C: Existing payment infrastructures and arrangements

BB9: Facilitating increased adoption of PvP [CPMI] Dec.20 Dec.23

BCBS, CPMI Chairs: letter on PvP settlement. Authorities to Dec.20 Dec.20

encourage FX committees to support adoption.
CPMI takes stock of/analyses availability and use of PvP. Nov.20 May.21

CPMI develops proposals for increasing PvP adoption. Jun.21 Apr.22

CPMI consults on options for encouraging greater use of PvP, May 22 Nov.22
determines next steps.
Relevant bodies to work with CPMI to develop an implementation Dec.22 Dec.23
plan.
BB10: Improving (direct) access to payment systems [CPMI] Nov.20

CPMI assesses objectives, benefits and barriers. Nov.20 Apr.21

CPMI issues best practices for authorities and operators. Apr.21 Dec.21

National authorities and operators that consider expanding access Jan.22 Dec.22
self-assess, identify changes required and develop action plans.
Relevant bodies provide technical assistance. Jan.22

BB11: Exploring reciprocal liquidity arrangements (liquidity Nov.20

bridges) [CPMI]
CPMI to consult central banks on liquidity bridges. Nov.20 Nov.21

CPMI, with others, analyses benefits and risks, issues a framework on Jul.21 Jul.22
how to establish a liquidity bridge
Relevant bodies provide technical assistance. Aug.21

BB12: Extending and aligning operating hours [CPMI] Nov.20 Mar.23

CPMI takes stock and identifies gaps. Nov.20 Jan.21

CPMI sets out potential targets, identifies risks associated and issues Feb.21 Sep.21
potential mitigation measures.
CPMI develops guidance for each target. Oct.21 Mar.22

Central banks and operators wishing to align/extend operating hours Apr.22 Mar.23
consider targets and agree with system participants on the way
forward.
BB13: Pursuing interlinking of payment systems for cross-border Nov.20
payments [CPMI]
CPMI analyses existing/envisaged interlinking models. Nov.20 May.21

CPMI issues an interlinking framework. Jun.21 Jul.22

Relevant bodies provide technical assistance. Aug.22

 2020 2021 2022 2023 2024 2025

Start End Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Focus area D: Data and market practices

BB14: Adopting a harmonized ISO 20022 version for message Nov.20 Dec.22
formats (including rules for conversion/mapping) [CPMI]
BISIH in cooperation with relevant stakeholders to host a TechSprint Nov.20 Jun.21
on ISO20022 (and other formats) for cross-border payments. [Joint
effort with Action 1 of BB15]
CPMI assesses suitability of existing ISO formats for cross-border Dec.20 Jun.22
payment, and facilitates the development of market guidance on
specific use cases based on those formats.
CPMI members and national authorities publish plans for adopting a Jun.21 Jun.22
harmonised version of ISO20022.
CPMI, in cooperation with public/private sectors, develops an Jan.22 Dec.22
implementation guide on ISO 20022, including conversion/mapping.
BB15: Harmonising API protocols for data exchange [CPMI] Nov.20 Jun.23

BISIH, with relevant stakeholders to host a TechSprint on ISO20022 Nov.20 Jun.21

and APIs for data exchange to enhance cross-border payments. [Joint
effort with Action 1 of BB14]
CPMI, with relevant stakeholders, analyses existing messaging Nov.20 Oct.21
standards / protocols for information exchange.
CPMI, with relevant stakeholders and data authorities, identifies Nov.21 Jun.22
elements for an API protocol framework to ensure interoperability for
cross-border information exchange.
BISIH, with relevant stakeholders implements harmonised protocol Apr.22 Jun.23
based on the framework, shares experience. Pursue implementation
with volunteering operators.
BB16: Establishing unique identifiers with proxy registries [FSB] Oct.20 Oct.24

FSB explores scope for and obstacles to a global digital identifier (LEI Oct.20 Dec.21
or similar for legal entities, and a suitable form of identifier for
individuals).
FSB, with GLEIF, LEI ROC and national authorities, explores options Jun.21 Jun.22
to improve adoption of LEI.
FSB assesses existing proxy databases for personal identifiers, Dec.21 Oct.22
proposes standard design principles, and defines minimum
requirements.
National authorities explore adoption of a global digital unique identifier Dec.21 Oct.22
on national level, or the interlinking of existing identifiers
FSB to create appropriate governance for the unique identifier. Oct.22 Oct.23

UI-Governance body to register participants and start scheme. Oct.23 Oct.24

12
 2020 2021 2022 2023 2024 2025

Start End Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Focus area E: New payment infrastructures and arrangements

BB17: Considering the feasibility of new multilateral platforms Nov.20 Jun.22

and arrangements for cross-border payments [CPMI-BISIH]
CPMI, IMF, WB take stock of multilateral platforms for cross-border Nov.20 Jul.21
payments and analyse pros and cons, demand, design features, risks
and challenges to establishing such platforms
CPMI, with BIS, IMF and WB analyse the business case, requirements, Jul.21 Jun.22
potential features and feasibility of new multilateral platforms, and
conclude on potential benefits to cross-border payments. The study will
be informed by BISIH work on a “global stack” for a multilateral cross-
border payment platform and a proof-of-concept.
BB18: Fostering the soundness of global stablecoin Oct.20 Jul.23
arrangements [FSB-CPMI]
SSBs review and complete their revision of existing standards, Oct.20 Dec.21
principles or guidance in light of the FSB report on stablecoins.
National authorities establish or, as necessary, adjust for any existing Oct.20 Dec.21
GSCs and stablecoin arrangements that have the potential of
becoming a GSC, cooperation arrangements consistent with
international standards and principles, and the FSB Report.
National authorities establish or, as necessary, adjust their frameworks Oct.20 Jul.22
consistent with the FSB recommendations and international standards
and guidance.
FSB, with SSBs and other IOs, reviews the recommendations in the Jan.22 Jul.23
FSB report, identified any potential gaps, and update
recommendations if needed.
BB19: Factoring an international dimension into CBDC design Nov.20
[CPMI-BISIH]
CPMI with BISIH, IMF, WB takes stock of provisional domestic CBDC Nov.20 Jul.21
designs and central bank experimentation with multi-CBDC
arrangements.
IMF, in cooperation with other relevant stakeholders, analyses
international macro-financial implications of cross-border CBDC use.
CPMI with BISIH, IMF, WB identifies and analyses options for access Aug.21 Jul.22
to and interlinking of CBDCs that could improve cross-border
payments.
BISIH assesses practical and technological complexities of Jan.22 Dec.22
implementing multi-CBDC arrangement designs and interoperability
types; experiments with arrangements that enable access and
interlinking and facilitate efficient cross-currency CBDC payments.
BIS, with IMF and WB, organises a conference to share information
exchange/encourage collaboration on cross-border payments across
(planned) CBDC implementations.
IMF, WB, provide technical assistance to facilitate cross-border use of Jul.22
CBDC if requested.

13
 Annex 2: Full actions and milestones for each Building Block
The dates for each milestone in the following tables indicate the start date
and completion date for the steps described in the milestone. For all
actions in 2021: actions and dates are committed deliverables. The
content of actions and dates of milestones beyond end-2021 are
indicative.

Building Block 1 - Developing a common cross-border payments vision and

targets

Actions and milestones

Action 1
Developing consensus on targets among relevant cross-border payments stakeholders (public
and private sector)
Short-term task force to provide to the FSB October 2020 - May 2021
CPC the proposed specific quantitative targets
(including target dates) directly relating to the
challenges to be addressed (cost, speed,
transparency, access). The proposals will then be
published in May 2021 for a public consultation
period.
Action 2
Establishing accountability
The FSB to ask G20 Leaders to endorse the August 2021 - October 2021
targets.
Action 3
Data collection and analysis to monitor progress against the targets
The FSB CPC to report to the G20 and the public October 2021 - June 2022 and yearly
progress against key performance indicators (KPIs)
that will have been developed for the agreed
targets.
Building Block 2 - Implementing international guidance and principles

Actions and milestones

Action 1
Identifying areas where enhanced implementation monitoring of existing international
standards and guidance would encourage improved cross-border payments systems and
processes
FSB to coordinate among standard-setters a October 2020 – October 2021
stocktake of existing international standards and
guidance and principles that are relevant to cross-
border payments (jointly for BB2 and BB4), and
identify for BB2 potential areas (if any) for
enhancement of implementation monitoring.
Action 2
Conducting improved monitoring of implementation and follow-up of progress
FSB and relevant SSBs to agree on policy areas November 2021 – April 2022
(if any) that are relevant to cross-border payments
where implementation monitoring should be
enhanced and processes for doing so.
FSB to coordinate relevant SSBs in conducting April 2022 – November 2022
(either themselves or via some other body) initial
round of enhanced implementation monitoring in
the agreed areas and, from the results, establishing
priorities for improving implementation.
IMF and World Bank to identify priority cases for November 2022 – June 2023
technical assistance, based on the results of the
enhanced implementation monitoring.

15
Building Block 3 - Defining Common Features of Cross-Border Payment
Service Levels

Actions and milestones

Action 1
Identification of elements of (particular) relevance for cross-border payments in existing
multilateral service level agreements/schemes
CPMI (in consultation with public and private November 2020 – August 2021
sector stakeholders) to conduct an analysis of
existing multilateral service level
agreements/schemes, map out common elements
and identify segments of the cross-border
payments market where incorporating common
features would alleviate frictions and advance
targets set under Building Block 1.
Action 2
Publication of a framework to support cross-border payment service level
agreements/schemes self-assessments
CPMI (in consultation with public and private September 2021 – August 2022
sector stakeholders) to develop and publish a
self-assessment framework that can help cross-
border payment providers to identify and analyse
common elements in cross border payment
service level agreements/schemes they have in
place and/or plan to establish.
Action 3
Development of a template service level agreement covering the common elements identified
and promote its use
CPMI (in consultation with public and private August 2022 – March 2023
sector stakeholders) to develop a template for
service level agreements, stakeholders can use as
a starting point when establishing agreements.
This template will not suggest any concrete
service levels as such, but reflect how the
elements relevant for cross-border payments can
be reflected consistently.

16
Building Block 4 - Aligning regulatory, supervisory and oversight
frameworks for cross-border payments

Actions and milestones

Action 1
Identifying, in existing international standards and guidance for regulation, supervision and
oversight of cross-border payments systems and processes, gaps or areas for alignment
FSB to coordinate among standard-setters a October 2020 – October 2021
stocktake of existing international standards and
guidance and principles that are relevant to cross-
border payments (jointly for BB2 and BB4), and
identify for BB4 gaps or areas for further alignment
(if any) across jurisdictions or in policy areas or
types of institutions that standards or guidance
cover.
Action 2
Addressing gaps or areas for alignment in existing international regulatory, supervisory and
oversight standards and guidance for cross-border payments
If gaps or areas for alignment were identified in October 2021 – March 2022
Action 1, relevant SSB (in cases where this falls
within its mandate) or FSB (where gap or area for
alignment does not fall within a specific mandate)
to launch a workstream to consider how to address
the gap or area for alignment.
Relevant SSB or FSB to provide report, for public March 2022 – March 2023
consultation, on how to address gaps or areas for
alignment that were identified (outreach activities
could be conducted by the SSB or FSB to gather
feedback from specific regions).
Each relevant national authority to publicly March 2022 – September 2023
communicate how it plans to addressing gaps or
areas for alignment (if any) that were identified.

17
Building Block 5 - Applying AML/CFT rules consistently and comprehensively

Actions and milestones

Action 1
Further harmonisation of AML/CFT and KYC requirements among countries
FATF and BCBS to consider where further October 2020 – October 2021
harmonisation among jurisdictions could remove
barriers to cross-border payments, and develop
proposals for such further harmonised requirements
(without compromising AML/CFT safeguards)
Action 2
Review evaluation program for national customer due diligence (CDD) measures and supervision
FATF to conduct Strategic Review of FATF Mutual October 2020 – October 2021
Evaluation programme, which will provide an
updated basis for evaluations of national CDD
measures and supervision
Action 3
Enhanced cooperation in AML/CFT supervisory matters
FATF to publish Guidance on international October 2021 – June 2022
cooperation among AML/CFT supervisors
Action 4
Development and implementation of technologically innovative solutions for AML/CFT
FATF and other relevant bodies to consider October 2021 – June 2022
development of Guidance or changes in Standards
in order to remove obstacles and promote a more
standardised use of new technologies for applying
AML/CFT controls

18
Building Block 6 - Reviewing the interaction between data frameworks and
cross-border payments

Actions and milestones

Action 1
Analysis of constraints on cross-border data flows imposed by existing national/regional data
frameworks
FSB (in cooperation with CPMI and other SSBs, October 2020 – December 2021
domestic data protection bodies and other data
governance bodies) to conduct a stocktake of
existing national and regional data frameworks
relevant to the functioning, regulation and
supervision of cross-border payment
arrangements, and to identify issues relating to
cross-border use of those data by national
authorities and by the private sector.
Action 2
Adaptation of regulatory, supervisory and oversight frameworks to facilitate improved cross-
border data flows and information-sharing
FSB, in cooperation with the CPMI and other December 2021 – December 2022
SSBs, domestic data protection and other data
governance bodies, and after a public consultation
has taken place, to issue recommendations to
facilitate cross border payments through improved
cross-border data flows and information sharing.
SSBs to adapt their regulatory, supervisory and December 2022 – December 2023
oversight standards or guidance, as needed, in
line with the FSB recommendations
National authorities to evaluate what changes to December 2023 – December 2024
make to their frameworks consistent with the FSB
recommendations and international standards and
guidance, and report on any such changes.
Action 3
Adaptation of system/scheme rules and their technical implementation
SSBs and national authorities to monitor 2025
implementation by the market, including private
sector alignment with international and domestic
frameworks.

19
Building Block 7 - Promoting safe payment corridors

Actions and milestones

Action 1
Development of a framework for the corridor risk assessments
IMF, WB, FATF and volunteering national October 2020- July 2021
authorities to develop and publish a draft
framework for conducting corridor risk
assessment and identification of potential “low-
risk” corridors, in consultation with relevant
stakeholders. This would include a methodology,
data sources, information sharing infrastructure
and MoU elements and follow-up on the
Australia/South Pacific Islands corridor risk
assessment 3.

Action 2
Pilot voluntary safe corridor projects for lower risk corridors (by regulators and other relevant
authorities at both ends of affected corridors) and dissemination of the findings
Volunteer national authorities to conduct pilot August 2021- March 2022
corridor risk assessments and decide whether to
publish their results and the corresponding
guidance for the respective financial institutions
and authorities.
National authorities to assess the safe corridor April 2022 - September 2022
project’s impact in the pilot cases and determine
whether further action is appropriate.
If agreed, IMF/WB/FATF to publish a finalised December 2022
framework to support ongoing corridor risk
assessments, including possible FATF endorsement
or clarification of the FATF Standards.

3
The risk assessment is available at https://www.austrac.gov.au/business/how-comply-guidance-and-resources/guidance-
resources/remittance-corridors-australia-pacific-island-countries-money-laundering-and-terrorism-financing-risk-assessment-
2017

20
Building Block 8 - Fostering KYC and identity information sharing

Actions and milestones

Action 1
Fostering better alignment and cross-border recognition of identity requirements, customer
due diligence requirements and the digital identity assurance frameworks and technical
standards

SSBs to Issue 4 standards, guidance or otherwise take action to October 2020 - June 2023 but
foster greater alignment (technical, data governance and policy) for tbd -dependent on issuing of ID
authorities to mutually recognize, for KYC purposes, IDs issued by standards by ISO
the beneficiary’s country and the issuing bank’s country
Action 2
Improving the coverage, access, quality, and digital capabilities of the official ID databases for
individuals and legal entities
World Bank to conduct gap analysis and elaborate potential solutions October 2020 - December
to address the gaps identified (e.g. enrolment, interoperability, 2022
regulatory reforms, technology adoption, security and privacy,
technical aspects), in coordination with CPMI and based on FATF
Digital ID Guidance 5.

Action 3
Implementing shared or interoperable CDD infrastructure to allow financial institutions to
access digital identity databases to meet their CDD obligations in a cost-effective way,
domestically and on a cross-border basis.
Volunteering national authorities develop a shared or interoperable October 2020 - December
regional CDD framework (e.g. similar to the work underway in the 2021
South Pacific), which could be explored for a future pilot project for
various regions in the world.
Volunteering national authorities establish, where appropriate, a December 2021 – June 2023
shared or interoperable regional CDD infrastructure.
FSB to coordinate the development of a framework for functional, June 2023 - September 2023
legal and technical requirements 6 that shared or interoperable CDD
infrastructure should meet, considering cost efficiency aspects
including both individual and legal entities
BCBS and national supervisors and regulators encourage banks Tentatively September 2023 -
and other financial institutions to use the shared or interoperable CDD September 2024
infrastructure domestically and on a cross-border basis, where
appropriate. The encouragement could be for instance through
guidance and updated regulations, or other means

4
A forum among authorities, the financial sector and other digital ID stakeholders could help develop this work, building on the
standards on ID that ISO/IEC is developing. Such discussions could provide a basis for other SSBs to develop standards,
guidance or otherwise take action to foster greater alignment s to mutually recognize IDs. E-IDs could serve as an example.
5
FATF, Guidance on Digital ID, March 2020.
6
The technical requirements will also take into consideration APIs and interoperability aspects.

21
Building Block 9 - Facilitating increased adoption of PvP

Actions and milestones

Action 1
Encourage observance of existing international guidance on use of PVP and ways to identify,
measure, monitor, and control remaining FX settlement risk
BCBS and CPMI Chairs to issue joint letter December 2020 (joint letter); encouraging
encouraging the observance of the expectations adoption from December 2020 onwards.
agreed to in the 2013 BCBS Supervisory
Guidance on managing FX settlement risk. 7
Relevant authorities to continue guiding
supervised entities to observe expectations and to
encourage FX committees to support the Global
FX Code 8 principles.

Action 2
Stocktaking and analysis to develop options that could increase adoption of PvP
CPMI to take stock of existing and in-development November 2020 – May 2021
PvP arrangements designed to support FX
settlement. In addition, drivers for non-PvP
settlement should be analysed, leveraging existing
analytical work in this field. [The currently paused
joint CPMI-BCBS stocktake underway could be
taken as starting point. 9]

CPMI, to develop proposals for increased adoption June 2021 – April 2022
of PvP by encouraging (i) enhancements to existing
PvP arrangements and/or (ii) the design of new
public sector and/or private-sector solutions for PvP
arrangement that currently do not exist.
Action 3
Identification of the most feasible option(s) and development of an implementation plan
CPMI to conduct public consultation (domestically May 2022 – November2022
and/or internationally, as appropriate) on the most
feasible option(s) for encouraging greater use of
PvP and determine next steps for implementing
the BB, based on the results of the consultation.
Relevant bodies to work with CPMI to develop an December 2022 – December 2023
implementation plan

7
In particular, Guideline 2 on Principal Risk notes that “A bank should use FMIs that provide PvP settlement to eliminate principal
risk when settling FX transaction. Where PvP settlement is not practicable, a bank should properly identify, measure, control
and reduce the size and duration of its remaining principal risk.”
8
In particular, Principle 35 and Principle 50, which note that “Market Participants should take prudent measures to manage and
reduce their Settlement Risks, including prompt resolution measures to minimise disruption to trading activities” and “Market
Participants should measure and monitor their Settlement Risk and seek to mitigate that risk when possible”.
9
This effort is on pause due to the Covid-19 pandemic.

22
Building Block 10 - Improving (direct) access to payment systems by banks,
non-banks and payment infrastructures

Actions and milestones

Action 1
Assessment of direct access objectives, benefits and barriers to support national authorities
and operators in evaluating their own frameworks
CPMI, building on existing analysis, to assess November 2020 - April 2021
objectives, benefits and current barriers to
improve direct access to relevant payment
systems and central bank money for cross-border
payment providers.
Action 2
Development of best practices on (direct) access to payment systems for authorities and
operators
CPMI, based on the examples of broadened April 2021 - December 2021
access policies and the assessment in Action 1, to
develop and publish best practices for authorities
and payment system operators of jurisdictions
considering options to expand direct access
across all relevant types of payment systems and
payment providers.
Action 3
Self-assessment/evaluation of selected current frameworks against best practices
National authorities and payment system January 2022 - December 2022
operators that are considering expanding access
to undertake self-assessments/evaluation of the
respective domestic framework against the best
practices and Identifying any changes required to
expand access and development of action plans.
Preferably this will not only include G20 countries,
but a larger set of jurisdictions.
Action 4
Technical assistance for assessment to improve direct access and implementation of action
plans
Relevant bodies to provide technical assistance From January 2022 onwards
to authorities and payment system operators of
jurisdictions considering expanding access, by
supporting the evaluation of the respective
domestic framework against the best practice, and
the development and implementation of action
plans.

23
Building Block 11 - Exploring reciprocal liquidity arrangements across
central banks (liquidity bridges)

Actions and milestones

Action 1
Exploration, experimentation and piloting by pioneering central banks
CPMI to consult central banks that have November 2020 – November 2021
established, are willing to pilot or are in the
process of implementing reciprocal liquidity
arrangements on aspects such as (i) reciprocal
account opening; (ii) operational procedures to
enable robust accounting in real-time for creating
(and unwinding) liquidity and accepting (and
returning) collateral in foreign currency.
Action 2
Analysis of concrete practical experience to identify the benefits and risks of liquidity bridges
and development of a framework on how to establish them
CPMI together with relevant authorities, July 2021 – July 2022
central banks and SSBs to conduct an in-depth
analysis of existing/envisaged liquidity bridges and
the benefits and risks they can bring to cross-
border payments (drawing on examples from
Action 1) and publishing a framework and
procedures on how a liquidity bridge can be
established.
Action 3
Technical assistance for implementation of liquidity bridges
Relevant bodies to provide technical assistance From August 2021 onwards
to central banks considering establishing liquidity
bridges.

24
Building Block 12 - Extending and aligning operating hours of key payment
systems to allow overlapping

Actions and milestones

Action 1
Identification of payment systems relevant for (global) cross-border payments and stocktake
of their operating hours
CPMI to consolidate information on current November 2020 - Jan 2021
operating hours and planned expansion efforts in
order to identify potential remaining gaps in
overlap/alignment of operating hours across
jurisdictions and collect quantitative data to help
identify which payment systems and currency
corridors are most relevant.
Action 2
Setting out of potential future operating hour “end states” to support enhanced cross-border
payments, analysis of risks and policy considerations, and potential solutions to address them
CPMI to set out potential future “end-states” of key February 2021 - September 2021
payments systems operating hours and how these
could enhance cross-border payments and to
identify any risks including: operational, cyber and
fraud, credit and liquidity; and monetary policy
considerations, financial structure and financial
stability considerations, resolution policy
considerations for each “end state”. To identify
potential solutions to mitigate or address these key
risks or policy considerations via a publication.
Action 3
Development of technical and operational approaches on how to address key challenges
CPMI to develop technical and operational October 2021 – March 2022
approaches on entity-level and/or required
industry-wide rule changes to support the
respective end states for authorities and operators
aiming to extend/align operating hours.
Central banks and payment system operators April 2022 – March 2023
wishing to align/extend operating hours to work
with their direct participants and other domestic
stakeholders to consider each of the potential end
states, along with the associated challenges, risks,
and potential solutions that have been identified,
with the goal of seeking consensus on if and how
best to move forward.

25
Building Block 13 - Pursuing interlinking of payment systems for cross-
border payments

Actions and milestones

Action 1
Stocktake and analysis of existing and potential interlinking models and evaluation of the risks
and benefits of each model
CPMI to conduct an analysis of and survey among November 2020 - May 2021
selected central banks on existing/envisaged
interlinking models, as well as relevant
publications on interlinking models, including pros
and cons of the various models in relation to the
identified frictions.
Action 2
Development and publication of a framework for interlinking
CPMI to develop and publish a framework for June 2021 - July 2022
interlinking arrangements (both public owned and
private owned) for central banks and payment
system operators considering links to payment
systems abroad. The framework is likely to include
the desirable end state, design, operational, policy
and risk considerations.
Action 3
Establishment of links between payment systems based on the framework
Relevant bodies to provide technical assistance From August 2022 onwards
to authorities and payment system operators
considering establishing links to other jurisdictions
or adapting existing links based on the framework.

26
Building Block 14 - Adopting a Harmonized ISO 20022 version for message
formats (including rules for conversion/mapping)

Actions and milestones

Action 1
Tech sprint to identify new applications of ISO 20022 and APIs for data exchange to enhance
cross-border payments
BISIH in cooperation with relevant stakeholder to November 2020 – June 2021
host a tech sprint open to all developers and
engineers working in financial sector to find ways to
leverage ISO 20022 and APIs to enhance cross-
border payments (including compatibility with
formats other than ISO 20022). [Joint effort with
Action 1 of BB15]
Action 2
Develop standard global ISO formats for cross-border payments
CPMI to liaise with relevant stakeholders, including December 2020 –June 2022
the developers of the HVPS+ and CBPR+ ISO
formats, to: (i) assess the suitability of existing formats
for cross-border payments other than credit transfers
(taking into account the findings from the tech sprint)
and (ii) develop a common set of fields that would be
standard for cross border payments messages to
minimise variances across jurisdictions. These
common fields could be maintained in an online library
used to support the conversion and/or mapping of
domestic formats to international ones (see Action 4).
Action 3
Development of country-level plans for adoption of global ISO 20022 standard for cross border
payments
CPMI members, and national authorities of other June 2021 – June 2022
jurisdictions supporting the adoption of a
harmonised version of ISO 20022, to set out publicly
plans for adoption of a harmonised version of the
ISO20022 standard for cross-border payments.
Action 4
Development of an implementation guide and policy measures to ensure adoption.
CPMI (in cooperation with public and private sector January 2022 – December 2022
stakeholders) to develop an implementation guide for
stakeholders to facilitate technical implementation of
ISO 20022, including conversion/mapping, as the
standard for cross-border payments.

27
Building Block 15 - Harmonising API protocols for data exchange

Actions and milestones

Action 1
Tech sprint to identify new applications of ISO20022 and APIs for data exchange to enhance
cross-border payments
BISIH in cooperation with relevant stakeholders November 2020 – June 2021
to host a tech sprint open to all developers and
engineers working in financial sector to find ways to
leverage ISO 20022 and APIs to enhance cross-
border payments (including interoperability with
formats not based on ISO 20022). [Joint effort with
Action 1 of BB14]
Action 2
Stocktake and analysis of existing message standards and protocols for data exchange
supporting cross-border payments
CPMI in cooperation with relevant November 2020 – October 2021
stakeholders to conduct of in-depth analysis of
existing messaging standards / existing protocols
for information exchange in place for domestic and
cross border transactions, which will factor in
building block 14, as well as the current initiatives
on open banking and payment stacks.
Action 3
Call for proposals for a set of harmonised APIs/API standards using (existing) API protocols
for cross-border payments
CPMI in cooperation with relevant stakeholders November 2021 – June 2022
(including data authorities), to call developers and
engineers working in financial sector for proposals for
a set of API standards that will utilise one of more of
the (existing) protocols as appropriate to ensure
interoperability of cross-border information exchange.
Action 4
Proof-of-concept implementation of API standards
BISIH in cooperation with volunteering April 2022 – June 2023
operators to implement harmonised protocol
based on the framework and share their
experience of the proof-of-concept or pilot. After
assessing the effectiveness, possibly refine the
arrangement and pursue the implementation by
volunteering operators.

28
 Building Block 16 - Establishing unique identifiers with proxy registries

Actions and milestones

Action 1
Review the scope, technical and operational requirements of existing and proposed global
digital Identifiers for both legal entities and natural persons and analyse the need for a
decentralised proxy registry.
FSB, in consultation with CPMI, IMF, WB, GLEIF, ISO and other October 2020 - December
stakeholders, to explore the scope for, and obstacles to develop, a 2021
global digital Unique Identifier (UI) for cross-border payments, and
potentially other financial transactions, that takes into account
existing identifiers, including the LEI for legal entities and identifiers
for individuals The review would also :
• consider mechanisms to match UIs with payment information,
such as via a proxy registry 10,
• take into account the work of relevant standard setting bodies,
including the FATF, on technical, governance, or policy issues,
• and analyse how to map to existing identifiers.
Action 2
Determine the next steps to promote the use of a (global) digital UI framework and
decentralised proxy registry in jurisdictions
FSB in close coordination with GLEIF, the LEI ROC and national June 2021 - June 2022
authorities to explore the options to improve adoption of the LEI.
If there is consensus that a new identifier is necessary, FSB, in December 2021 - October
consultation with CPMI, IMF, WB, ISO and other stakeholders, to 2022
assess existing proxy databases for personal identifiers, propose
standard design principles for these databases, and define minimum
requirements for personal identifiers.
Action 3
If necessary: Implementation and progress monitoring.
If consensus is achieved on a possible new UI and new interoperable October 2022 - October 2023
proxy databases, FSB to create an appropriate governance for the
UI and for the interlinking of databases (based on the data sharing
principles developed in BB 8). However, the decision to implement it
should lie with the individual countries (that may have to adjust
regulation accordingly).
UI-Governance body that is established to begin registering of October 2023 - October 2024
participants. Start of the voluntary scheme.
National authorities to explore the processes involved in a possible December 2021 - October
adoption of a global digital unique identifier on a national level or the 2022
interlinking of existing identifiers.

10
A proxy registry is a database which matches an identifier and payment information to help route the payment correctly

29
Building Block 17 - Considering the feasibility of new multilateral platforms
and arrangements for cross-border payments

Actions and milestones

Action 1
Stocktake of existing and potential multilateral platforms and evaluation of the risks and benefits
CPMI, IMF and WB to conduct a comprehensive November 2020 – July 2021
stocktake of existing and potential regional and
global multilateral platforms, which can be private
or public-sector operated. The analysis will include
pros and cons, likely demand, design features,
risks and hurdles to establishing such platforms
Action 2
Cost/benefit and feasibility analysis of one or more new multilateral platforms
CPMI, along with BIS, IMF and WB to undertake July 2021 – June 2022
study including: (i) business case, (ii) platform
requirements, (iii) potential features, and (iv)
feasibility.
The study will be informed by BISIH work to start
in November 2020, in cooperation with relevant
stakeholders, to (i) develop a “global stack” 11
reference architecture leveraging existing digital
identity and fast payment implementations, API-
based data exchange, user-centric consent
mechanisms, efficient and mutually recognisable
compliance checks and (ii) demonstrate its value
proposition for various cross-border payment use
cases by developing a proof-of-concept.
The analysis will conclude on the merit of such
platforms in bringing meaningful improvements to
cross-border payments. (Any implementation
would be outside the scope of the roadmap.)

11
A modular approach, allowing for infrastructure components to be flexibly stacked upon each other to build a digital infrastructure
to which end users and service providers connect via APIs can foster interoperability

30
Building Block 18 - Fostering the soundness of global stablecoin
arrangements for cross-border payments

Actions and milestones

Action 1
Completion of international standard-setting work, by reviewing existing standards and
principles, and assessing the need for further guidance in accordance with the FSB
recommendations
SSBs (CPMI, FATF, IOSCO, BCBS), as needed, October 2020 – December 2021
to make any revisions to standards and principles
or provide further guidance supplementing
existing standards and principles in light of the
FSB Report and following their review of their
existing frameworks, including on cooperation,
coordination and information sharing amongst
authorities.
Action 2
Implementation of international standards in national jurisdictions, including effective
cooperation, coordination and information sharing arrangements to support the
comprehensive regulation, supervision and oversight of GSC arrangements across borders
and sectors, in accordance with the FSB Report
National authorities to consider establishing or, October 2020 – December 2021, and as needed
as necessary, adjusting, for any existing GSCs depending on the emergence of cross-border
and stablecoin arrangements that have the GSC arrangements
potential of becoming a GSC, cooperation
arrangements consistent with international
standards and principles, and the FSB Report.
National authorities to consider establishing or, October 2020 – July 2022, and as needed
as necessary, adjusting regulatory, supervisory depending on the emergence of cross-border
and oversight frameworks consistent with the FSB GSC arrangements
recommendations and international standards and
guidance.
Action 3
Review of the implementation and assess the need to refine or adapt international standards
FSB to review in consultation with other relevant January 2022 – July 2023
SSBs and IOs the recommendations in the FSB
Report and how any gaps identified could be
addressed by existing frameworks, and update
recommendations if needed.

31
Building Block 19 - Factoring an international dimension into CBDC design

Actions and milestones

Action 1
Stocktaking and analysis of different CBDC designs
CPMI in collaboration with BISIH, IMF and WB November 2020 - July 2021
to conduct a stock-take of provisional domestic
CBDC designs and central bank experimentation
and the extent they could be used for cross-border
payments.
IMF, in cooperation with other relevant
stakeholders, to analyse international macro-
financial implications of cross-border CBDC use.
Action 2
Development of options for access and/or interlinking
CPMI in collaboration with BISIH, IMF and WB August 2021 - July 2022
to identify and analyse options for access to and
interlinking of CBDCs that could improve cross-
border payments, covering different CBDC
designs, access and interlinkage options
(including interoperability with non-CBDC
payment arrangements). BB17, 18 and 19, given
that they will be addressing in part similar issues,
will share relevant analysis and emerging thinking.
Action 3
Design study and dissemination
BISIH to assess the practical and technological January 2022 – December 2022
complexities of implementing different multi-CBDC
arrangement designs and interoperability types;
conduct trials, experiments and prototyping of
arrangements that enable access and interlinking
and facilitate efficient cross-currency CBDC
payments.
BIS in collaboration with IMF and WB to
organise a conference to share information
exchange/encourage collaboration on cross-
border payments across (planned) CBDC
implementations.
IMF and WB to provide technical assistance on From July 2022 onwards.
how to facilitate cross border use of CBDC if
requested.

32