While many of these initiatives are driven by the public sector, their benefits will only materialise if the private sector use them. And it is important that the private sector can shape them. The new Industry Taskforce on Payment System Interoperability and Extension, chaired by Ulrich Bindseil from the ECB, will provide a valuable forum to discuss and shape implementation and market practices. Page 6  Cross-border data exchange and message standards Message standards are crucial to the continued evolution of payment services. Currently, the data-carrying capacity in payments messages can be limited by the network technology developed in the last century. When developing the message formats a generation ago, each local infrastructure focussed on delivering the best solution for their own market. Over time, the type and structure of information transmitted has diverged, both between jurisdictions and across infrastructures. And the amount of data has not increased to meet the demands of this data-hungry world. Adopting ISO20022 worldwide will be a gamechanger. It is a common, global, non-proprietary standard. And if widely adopted it can enable payments to include a much richer set of information (for example the purpose of the payment, tax information, and an address of the house being bought). That can improve efficiency: by helping process more payments without the need for manual intervention and harmonising data transmitted through international payment systems and ultimately avoid unnecessary delays and costs in the cross-border payment journey. ISO20022 can also support regulatory compliance and enhance financial crime and fraud detection.

Page 1  Global action to enhance cross-border payments − speech by Victoria Cleland Given at Global Payments Summit in Cape Town  Page 2  Published on 29 June 2023  Enhancing cross border payments to make them cheaper, faster, more transparent and easier to access would make an enormous difference to people and economies worldwide. Victoria Cleland sets out some recent achievements on this journey, including changes to the UK's RTGS service, and highlights future priorities. Success relies on cooperation and action from the public and the private sector. Speech It is a pleasure to be speaking here in Cape Town to open the Global Payments Summit: an event that brings together representatives from over 30 countries across five continents. What better audience to address about enhancing cross-border payments: a global challenge that requires global solutions. The more countries that participate, the greater the difference we can make. Almost three years ago to the day, the Committee for Payments and Market Infrastructures (CPMI) published the 19 building blocks[1] to enhance cross-border payments. The building blocks were the foundation for a clear action plan endorsed by the G20 – the Roadmap[2]. This set out a vision and steps to achieve it, bringing together central banks, public authorities, standard-setting bodies and the private sector around the world. And to provide measurable focus, the G20 endorsed clear and ambitious targets for 2027[3] to unite everyone around the same vision: to make cross-border payments faster, cheaper, more transparent, and more accessible.