BoE speaks on reforming cross-border payments

Andrew Bailey – BoE Governor – has delivered a speech on progress on the G20 Cross-border Payments Roadmap at the FSB Payments Summit.

The speech noted that cross-border payments remain slow, expensive and opaque, especially in comparison to increasingly efficient domestic systems. Bailey framed payments reform as a core priority, and acknowledged genuine progress under the G20 Roadmap, but highlighted that implementation has been inconsistent across jurisdictions, with this fragmentation in turn creating new inefficiencies.

Bailey concluded by pressing industry participants to adopt sustained international cooperation to encourage delivery.