##f will consider these issues as part of its planned review of recommendation 16 on wire transfers, to improve consistency and usability of message data, and enable more effective aml / cft checks. it will also continue efforts to promote consistent implementation of the travel rule for virtual assets. the new fsb industry taskforce on legal, regulatory, and supervisory matters, chaired by carolyn rogers from bank of canada, will help move the conversation forward in these areas. we hope to harness expert input from industry and provide guidance, working with national authorities and the international standard - setting bodies. continued collaboration improving the payments infrastructure will only be possible through successful collaboration. as policymakers and operators, we can improve the policies and core infrastructure to provide solid foundations for private innovation. the private sector needs to build on this to help deliver cheaper, faster, more transparent, and more accessible services to their customers. the new industry taskforces will play an important role. but this needs to be complemented by strong dialogue and actions in individual jurisdictions : exploring improvements to the domestic payment infrastructure, using the globally agreed frameworks. firms will likely need to continue to invest in their payments technology to be ready for upgrades to payment systems : such as the move to iso 20022. the industry taskforce on payment system interoperability and extension are developing a handy checklist to support firms on this journey. and importantly, firms should consider how to make the most of these changes. iso 20022 will make a big difference to cross - border payments : but it also offers a wealth of other opportunities, which the individual firms can benefit from. while the roadmap is a g20 - led initiative, the targets are international, and our goal is to improve payments across all countries and payment corridors. making progress therefore depends on sharing best practice widely and achieving change worldwide. to that end, the world bank and imf, along with the g20 central banks, are developing a technical assistance programme available to countries wishing to enhance their national payments infrastructure or policies. we have achieved a lot already but there is still more to do, and much more to gain. we have built the foundations and a framework to support a holistic set of changes. now we need to act and there is a role for everyone. i look forward to helping to smooth the path ahead in my role as a policymaker and a payment system operator. i hope that many of you will join and play your part in this exciting and transformational journey towards the

global action to enhance cross - border payments − speech by victoria cleland given at global payments summit in cape town 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. these enhancements could reduce barriers to trade : cutting transaction costs on international trade just by one percentage point would save firms $ 13bn in africa alone. and with a focus on remittances as well as wholesale and retail payments, ultimately improve financial inclusion and help to alleviate poverty. that is what i call a worthwhile vision! enhancing cross - border payments has been an objective for many decades. what is different now is that we have a clear vision, targets and a holistic approach on how to address the disparate set of underlying frictions. and the work is taking place at a time of rapid innovation in the payments industry and national payment systems, creating an opportunity to build on existing change programmes. cross - border payments are high on the agenda for public policymakers and financial institutions. a lot has been achieved recently through the collaborative effort of authorities worldwide, including of many of you here today. we have developed frameworks on operating hours and access policies to support public authorities to