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On 12 March 2026, the Financial Stability Board (FSB) held the FSB Cross-border Payments Summit in London to advance efforts to make cross-border payments cheaper, faster, more transparent and more accessible. Hosted by the Bank of England, the summit brought together senior policymakers and industry leaders to initiate a new implementation phase of work towards the G20 Roadmap for Enhancing Cross-border Payments goals. FSB Chair Andrew Bailey emphasised the universal importance of cross-border payments and the necessity of strong commitment and collective action from both public and private sectors. The next phase of work will focus on two key aspects: encouraging the development of jurisdictional and regional action plans by public authorities to drive domestic and regional implementation, and promoting private-sector action and closer public-private collaboration. The FSB will request its members to develop action plans identifying practical steps and priorities for enhancing payment systems within their jurisdictions and at broader regional levels. The Institute of International Finance (IIF) committed to assessing how the external environment has changed since the Roadmap was first published in 2020 and how it may need to evolve. The IIF will produce a report later in 2026 with findings and industry recommendations, to be presented at the upcoming International Monetary Fund and World Bank Spring Meetings. Swift announced that 75 percent of payments currently reach beneficiary banks in just 10 minutes, with many arriving in seconds. Swift will introduce a new retail payments framework by June 2026, ensuring consumer payments benefit from fastest speeds, cost certainty and end-to-end transparency. Swift is also integrating a shared, blockchain-based ledger targeting 24/7 real-time cross-border payments. The FSB aims to achieve significant improvements by the end of 2027. REFERENCES: Financial Stability Board. (2026). FSB kicks off new implementation phase to enhance cross-border payments through public-private partnership. Available at: https://www.fsb.org/