, sharing insights and feeding into consultations and dialogue. to meet the fsb targets there is also a practical role for the industry to respond to the building block actions and reports, with some requiring direct action. this might include : ( i ) investing in new technologies, ( ii ) preparing for changing operational procedures and ( iii ) adapting business models. the role of public authorities and there is a crucial role for the wider public authorities. central banks changing systems and policies and industry investing in changing operational procedures are just two pieces of the puzzle. there are also important regulatory, legislative and other barriers that overcome on a national and international level. for example, finance ministries will need to prepare legislative change to deliver the benefits of the roadmap ( e. g. on aml / cft standards, data frameworks and settlement finality protections ). and international standard setting bodies will need to ensure that these standards are aligned on a global level. the financial system is global, with many of the most important issues requiring the involvement of international public authorities. the fsb, cpmi, the bis innovation hubs, and a range of other standard setting bodies will have a continued important role to play to reach the quantitative targets for cost, speed, access and transparency of cross - border payments. they will need to enable best practice sharing between different jurisdictions, monitor the progress achieved on the roadmap and set out clearly what industry needs to do, and to explore what structures could achieve real change. the imf and world bank could also help by encouraging involvement and collaboration of non - cpmi countries and offering technical assistance. conclusion i want to leave you with three key messages today : enhancing cross - border payments is crucial to the global economy ; tangible progress is already being made ; and to really change the dial we need work collaboratively. and “ we ” means the three groups of stakeholders - central banks, industry and public authorities – working towards a common vision. the one difference to the trireme is that there may be different starting points reflecting the nature of individual jurisdictions. i look forward to continuing to work with you all on this important mission to enhance cross - border payments : collaboration will be the key to our success. i would like to thank paul bedford, michaela costello, sophie dalzell, john jackson, anna koch and karin oldham for their help in preparing these remarks. 1. cross - border payments outlook 2022 : trends, challenges, and opportunities 2. trading economics : remit

rowing in unison to enhance cross - border payments − speech by victoria cleland given at the central bank payments conference 2022 published on 29 june 2022 victoria cleland talks about the progress of a plan to make cross - border payments cheaper, faster and more transparent. this plan is set out in a roadmap created by the g20 group of countries. victoria says for this work to succeed, central banks, industry and public authorities around the world must work together. speech the importance of cross - border payments i am delighted to be speaking once again at the central bank payments conference. i have previously highlighted the establishment of the roadmap and targets to enhance cross - border payments. today, i want to update you on some of the tangible progress already made in this area. and to stress the important role that you can play in working collaboratively across the public and private sectors to deliver real improvements to the cost, speed, transparency and accessibility of cross - border payments. cross - border payments are essential to the global economy. it is estimated that this year the global cross - border payment market will settle $ 156 trillion. [ 1 ] and it is not just the wholesale markets that are impacted : cross - border payments are crucial to businesses, consumers and remittances. in greece alone remittances reached an all - time high of 338 eur million in january 2022. and the importance of cross - border payments is due to grow further. business - to - business crossborder payments grew over 25 % over the past two years and reached $ 34 trillion in 2021. [ 3 ] a recent study suggested that 87 % of global merchant executives see cross - border sales as their biggest growth potential. [ 4 ] but despite their importance, many cross - border payments are still slow, expensive and difficult to track. while some wholesale payments are very effective, there are too many cases, for remittance payments in particular, where payments can take up to 10 days and cost more than 10 % of the value of the underlying transfer. and this has a very real impact on businesses and individuals. this underlines why enhancing cross - border payments is so critical and why the g20 made it a priority in 2020. to recap briefly, the first step was a financial stability board ( fsb ), report assessing the frictions and challenges. [ 5 ] the committee on payments and market infrastructures ( cpmi ) then set out the building blocks that would be instrumental in addressing