Payments 20 issues call for changed payment rules


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • Payments 20, which represents the payments sector and contains a number of major payments organisations in the field, has released a new report calling for improved efficiency and accessibility in cross-border payments.
  • The report, called ‘Toward Borderless Payments’, has been released with Mastercard and NatWest.
  • “Harmonising cross-border rules and regulations on interoperability, efficiency and cost, while ensuring that there is a continuing decrease in fraud and money laundering, would be transformational for the payments industry and global economy,” said a senior figure at Payments 20.

Payments 20, a collection of leading organisations in the international money transfer sector, has announced calls for improvements to the rules around global payments.

The firm represents the international payments sector and comprises a number of major organisations in the field. It has now released a report in which it asks for joint action to be taken on efficiency and accessibility.

The report has been released alongside a variety of other major names in the field, including banks such as NatWest and card providers such as Mastercard.

Given the name ‘Toward Borderless Payments’, the report wants to secure new best practices in the sphere. These include bringing together the cross-border payments rules that currently exist from country to country so that they are more aligned with each other.

Speed is also on the agenda for improvement, with the report’s authors arguing that the pace of payments should be improved. There is also a call for firms to do more to prevent financial crime.

In a statement, the CEO of Payments 20, Duncan Sandys, argued that improvements on an international scale were not as good as domestic ones.

“The inefficiency of cross-border payments is well known and lags behind the improvements seen in domestic payments,” he argued. “This stifles global trade and particularly hurts SMEs who are the engine room of economic growth."

He also said that bringing together the rules would work for many groups.

“Harmonising cross-border rules and regulations on interoperability, efficiency and cost, while ensuring that there is a continuing decrease in fraud and money laundering, would be transformational for the payments industry and global economy.”

In further remarks, he pointed out that working together was necessary.

“However, this can only be achieved through collaboration between governments, regulators and industry. This report is designed to add to conversations already taking place among these organisations and help fuel the drive towards borderless payments.”

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