And alongside the Roadmap actions per se, there have been tangible changes that are already paying dividends. Nearly three quarters of payment system operators surveyed by CPMI have either implemented or have concrete plans to implement the latest financial message standard (ISO 20022) by 2025. [5] The Bank of England joined that club last week by moving CHAPS, our high value payment system, to ISO20022. Several jurisdictions have extended the operating hours of their high-value payment systems to near 24/7, including countries as far apart as India, Mexico, Switzerland and indeed South Africa. Over the last two years, several countries have expanded access to their payment systems to new types of financial institution: including Japan, Switzerland and Singapore. Others, such as United States, have developed new guidelines for more transparent and risk-based assessment of account requests. And recent figures[6] show that two-thirds of cross-border transactions that take place via the Swift network reach end beneficiaries within one hour. The private sector is also investing in better infrastructure: almost $ was invested in paytech start-ups last year. [7] Recent survey suggested that 94% of financial institutions are planning to invest in their payment technology in the next 3 years. [8] Africa has a place among the leaders in payments innovation, from new mobile payment technologies with M-Pesa to CBDC with eNaira in Nigeria. The Pan African Payment and Settlement System (PAPSS), launched last year, is expanding rapidly: it has nine central banks and 41 commercial banks live on the system.

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.