FSB outlines framework for monitoring progress toward the G20 cross-border payments targets
The framework includes key performance indicators (KPIs) defined across the 11 targets for the three market segments – wholesale, retail, and remittances. These estimates of progress toward meeting the targets will help to maintain momentum toward, and accountability for, achieving the targets.
The framework is designed to be consistent with the principles articulated in the FSB’s report on Targets for addressing the four challenges of cross-border payments. The framework takes a light approach by leveraging existing data collection and channels where possible; defines KPIs and data sources that rely on aggregated data and thereby monitor system-wide rather than individual firms’ improvements; and uses data sources that aim to be sufficiently representative of the different contexts of end-users in their respective market segments.
In developing the framework, the FSB has adopted adjustments to the definitions of the wholesale and retail market segments. These adjustments enable a clearer separation of the differing use cases and end-user experiences and better align the definitions with those most typically used by the payments industry and end-users.
The cross-border payments ecosystem is complex and multi-layered and therefore has fragmented and heterogeneous potential data sources. The FSB continues to evaluate the remaining gaps in data or metrics and will ensure that any new data collection methods that may be required will continue to be focused, appropriately limited in size and scope, and consistent with the principles in the Targets Report.
While this framework will support the monitoring of progress going forward, baseline estimates of the KPIs are not yet available for inclusion in this report. The FSB is continuing to engage with potential data providers and the necessary processes for developing baseline estimates of the KPIs will take several more months.
Consistent with the targets, the KPIs are defined at the global level. However, more granular breakdowns of the global KPIs will be published whenever possible to promote a fuller understanding of where progress is being made and where challenges remain.
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