Cross-border payments face four challenges: high costs, low speed, limited access and insufficient transparency. This report sets out guidance on improving transparency in retail cross-border payments and remittances to support the implementation of the G20 Roadmap for Enhancing Cross-border Payments. The roadmap calls for all payment service providers to disclose at a minimum key information to payers and payees, including the total transaction cost (showing all relevant charges, including currency conversion charges), expected time of fund delivery, tracking of payment status and terms of service. The guidance also aims to support jurisdictions in the implementation of the G20/OECD High-Level Principles on Financial Consumer Protection, which specifically reference disclosure and transparency in cross-border payments.
