IMF and World Bank Approach to Cross-Border Payments Technical Assistance
Electronic Access:
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Summary:
The G20 had made enhancing cross-border payments a priority. Faster, cheaper, more transparent and more inclusive cross-border payment services have the potential to be transformative for citizens and economies across the world. The Roadmap for Enhancing Cross-Border Payments, launched in 2020, is the first attempt by the international community to address the challenges faced by cross-border payments in a holistic way. A key foundational element in the Roadmap was the publication by the FSB of 11 quantitative targets to define the Roadmap’s aims and create accountability. Technical Assistance (TA) plays a critical role in helping achieve the Roadmap targets. TA relates closely to, and builds on, the IMF’s and World Bank’s respective missions. This paper outlines a multi-year strategy to provide TA in order to meet the cross-border payments targets. The paper (1) details the important role TA plays in achieving the Roadmap targets; (2) summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments; and (3) explains the IMF’s and World Bank’s approaches to cross-border payments TA. The IMF and World Bank commit to collaborating, coordinating, and complementing each other on cross-border payments TA wherever possible and appropriate at country/project level.
Series:
Policy Paper No. 2023/062
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Balance of payments Central Bank digital currencies Crime Financial markets Monetary policy Payment systems Political economy Remittances Technology
Frequency:
occasional
English
Publication Date:
December 22, 2023
ISBN/ISSN:
9798400264412/2663-3493
Stock No:
PPEA2023062
Format:
Paper
Pages:
45
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