Payments Group Questions Cross-Border Targets
A Payments Association report argues global averages obscure where cross-border payments remain costly and slow, and urges broader measurement.
Updated on Nov. 10, 2026 in Financial Services
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The Payments Association (UK & EU) published a report, developed with payments infrastructure provider Payall, questioning whether the Financial Stability Board's cross-border payment targets measure what businesses need. The share of monitored corridors with average retail costs above the FSB's 3 percent threshold fell to 18.3 percent in 2025 from 24.1 percent in 2024.
Why it matters
Global averages cannot adequately show where payments remain expensive or slow, which the report argues limits the usefulness of the targets for businesses and consumers. Faster payments can also leave less time to identify and stop fraud, a risk the current framework does not measure as a standalone target.
Corridors with average retail payment costs above the FSB's 3 percent threshold fell to 18.3 percent in 2025 from 24.1 percent in 2024. Most FSB cross-border payment targets are due to be met by the end of 2027, leaving the remaining gap unresolved.
The players
The Payments Association
A UK and EU payments industry body that published the report questioning the measurement framework for cross-border payments.
Financial Stability Board
An international body that coordinates financial regulation and set the cross-border payment targets in 2021 under a G20-backed initiative.
Payall
A cross-border payments infrastructure provider that co-developed the Rethinking Cross-border Payments Targets report with The Payments Association.
The details
The report, Rethinking Cross-border Payments Targets, proposes measures covering payment fraud and misdirection, fund recovery, financial crime controls, and operational and cyber resilience. It recommends placing greater emphasis on the complete payment journey, including whether funds reach recipients at the expected time and cost.
Timeline
2021: The Financial Stability Board established the cross-border payment targets as part of a G20-backed effort.
2024: 24.1 percent of monitored corridors had average retail costs above the 3 percent threshold.
2025: 18.3 percent of monitored corridors exceeded the threshold.
End of 2027: Most FSB cross-border payment targets are due to be met.
Market Landscape
The FSB's 2021 G20-backed cross-border payment targets, which most measures are due to meet by the end of 2027, set the benchmark against which this report evaluates progress. The report argues that adding safety and security as an explicit target would give the framework a fuller picture of payment performance.
Businesses and consumers sending money across borders may still face high costs and slow transfers in some corridors even as global averages improve. The report suggests tracking the full payment journey, including fraud risk, would better reflect what senders and recipients actually experience.
The takeaway
Global averages can hide expensive corridors, so reviewing a specific route's cost, speed, and fraud protections gives a clearer picture than headline targets alone.
What happens next
Most FSB cross-border payment targets are due to be met by the end of 2027.
Further reading
Explore more on Financial Services to see how cross-border payment frameworks are shaping the sector.
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