G20 nations commit to promote faster, transparent, inclusive cross-border payments

New Delhi: The G20 nations on Saturday resolved to promote faster, cheaper, more transparent and inclusive cross-border payments as envisaged in the G20 Roadmap for Enhancing Cross-border Payments.

The New Delhi Leaders' Declaration, adopted by the G20 leaders, also appreciated the successful conclusion of the G20 TechSprint 2023, a joint initiative with the BIS Innovation Hub, which will promote innovative solutions aimed at improving cross-border payments.

"We reaffirm our commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments to achieve global targets for faster, cheaper, more transparent and inclusive cross-border payments by 2027 and welcome the initiatives undertaken by SSBs and international organisations in this direction," it said. The leaders also welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system.

"We welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue," the declaration by leaders of the top economies said. The declaration also talks about the leaders' support to enhance global efforts to seize, confiscate and return criminal proceeds to victims and states, in line with international obligations and domestic legal frameworks, including through support to the Financial Action Task Force (FATF) and operationalisation of the GlobE Network.