Countdown to 2027: Contributing to lasting progress against the G20 goals

Back in 2020, the G20 set targets to improve cross-border payments across five key areas: speed, cost, transparency, choice and access. It tasked the Financial Stability Board with coordinating the roadmap, driving delivery and tracking progress. While the initial milestones were set for the end of 2027, the FSB has since acknowledged that meeting every target in full by that date is challenging. Despite this, there’s ongoing commitment from policymakers and industry bodies to continue to progress and achieve these outcomes.

While policymakers are addressing domestic friction that affects cross-border flows, there’s a great deal that can be done by the industry to optimise use of existing fiat rails without reinventing the wheel.

New currencies, technologies and infrastructures will certainly play a role in the future of cross-border payments. But by optimising existing rails, the industry can quickly deliver a compelling client experience in traditional fiat currencies, re-use existing investments, and maintain robust compliance and AML practices—meeting G20 outcomes responsibly at scale.

So what can financial institutions practically do to make the greatest possible impact before the end of next year?

Speed: faster payments at global scale

When it comes to speed, data shows that 75% of payments travelling over the Swift network reach beneficiary financial institutions within 10 minutes – many in just seconds. At a global level, momentum is building, with 80% of markets reporting faster payment speeds than just two years ago.  

The G20’s target takes expectations further: 75% of transactions should be credited to the beneficiary account within an hour. The industry must go beyond the cross-border leg – where the goal is already met – and tackle delays that concentrate in the final domestic stage of a payment’s journey.

On average, this ‘last mile’ accounts for around 80% of a payment’s total journey time. The constraint is rarely the rails themselves, but what happens around them. To meet this target, the industry must address regulatory checks, risk controls, manual processes, and the lack of real‑time, 24/7 infrastructure.

Doing so will require greater data standardisation, increased automation, and improved interoperability between systems. These are challenges that existing and new rails alike must overcome—and once they do, speed will become not only a network capability, but a truly global outcome.

Cost and transparency: Making payments predictable

Most payments travelling over Swift arrive at the end account with no deductions. But when deductions do occur – whether from FX spreads or intermediary charges – it has a real impact on end customers.  

Research by Swift shows that this lack of transparency can damage a client’s experience and influence their choice of payment provider. For consumers and SMEs alike, hidden fees were cited as the number one reason for never using a payment provider again – because unexpected deductions erode confidence and trust.

The impact of this is tangible, particularly in the retail and SME space. International students may find themselves unable to enrol after tuition payments arrive short of the amount owed, while businesses can see relationships with suppliers strained when invoice payments do not cover the full requested sum. The result is frustration and the need for additional transfers to make up the shortfall.

And transparency isn’t only related to cost. Customers also want to be able to track their payment at any stage in its journey, so they can understand when it is likely to arrive in the final account and where delays might be occurring. Today, 74% of transactions that pass over the Swift network are tracked end to end, with the receiving institution marking them as complete on the tracker. What matters now is consistency: driving progress so that every payment is traceable.

Following the announcement of Swift’s payments scheme – a rules-based framework that will bring greater certainty on speed, price and delivery for international payments – more than 50 banks have come together to raise the standard of payments travelling over today’s payment rails.

A key pillar of the scheme is greater transparency – both in relation to fees and deductions, as well as end-to-end payment tracking. The alignment of these institutions shows growing market recognition that transparency – not just speed or price – is critical to a good cross-border payment experience.

Choice and access: Expanding reach without increasing complexity

Choice is about ensuring that faster, more transparent cross‑border payments are available to everyone – not just in major corridors or advanced markets. By setting clear expectations on upfront pricing, FX transparency, and payment tracking, end users can compare options more easily and choose services that suits their needs.  

On access, the Swift scheme can help extend the reach of cross-border payments by improving the reliability and predictability of the last mile. By aligning participants around timely crediting, confirmation of receipt, and the use of domestic instant payment systems where available, more end users – including customers in harder-to-serve corridors – can access faster and more dependable services whether they rely on a traditional bank account or a non-traditional endpoint, such as a digital wallet.

The scheme provides a practical pathway to improving choice and access through industry coordination rather than disruption.

A push towards the 2027 deadline

As the G20 goals enter this new phase, the emphasis is shifting from deadlines to delivery. The priority now is ensuring that progress made today results in faster, more transparent and more predictable cross‑border payments at scale.

That means building on what works, accelerating adoption where possible, and investing in new areas such as blockchain and tokenisation—so momentum continues beyond 2027.