About the Cross Border Payments Consultation

As part of the EPA's work within Project International Trade -supported by benefactor GPS- we're offering EPA members the opportunity to take part in a consultation discussion with the Bank of England to review their targets and plans as part of a consultation and paper they are producing on Cross Border Payments.

The Bank of England has exclusively asked for the EPA's support in hosting an interactive workshop to explore how to address identified challenges in cross-border payments and the frictions that contribute to them.

PLACES ARE STRICTLY LIMITED

 

* EPA members Only * Director or C-level * 1 representative per company *

Enhancements to cross-border payments cannot be fully realised without the public and private sectors working together, sharing insights, expertise, and experience to support the practical implementation of the actions set out in the roadmap. The EPA has been actively engaging with the Bank of England on this ambitious work initiative and we would encourage your input and support.


Your company must be active in the Cross Border Payments space and be able to provide feedback -within the consultation- in relation to one of these areas within wholesale, retail and remittance cross border payments:

  • Speed
  • Cost
  • Transparency
  • Access

We cannot guarantee involvement, and will select the most appropriate members based upon the completed applications.

Agenda

10 AM - 10:05 AM
Log-in
10:05 AM - 10:10 AM
Introduction and opening remarks
10:10 AM - 10:30 AM
Bank of England Presentation
10:30 AM - 11:30 AM
Interactive discussion and Q&A on proposed Targets for Addressing the Four Challenges of Cross-Border Payments

Speakers

  • John Jackson (Policy and Product Lead, RTGS Renewal at Bank of England)

    John Jackson

    Policy and Product Lead, RTGS Renewal at Bank of England

    https://www.linkedin.com/in/john-jackson-174b0195/

    John Jackson is the Policy and Product Lead for the Real-Time Gross Settlement (RTGS) Renewal programme, working in the Bank of England’s Banking, Payments and Innovation Directorate.

    He first joined the Bank as an intern in the summer of 1998 while studying for an MSci in Physics at Durham University. He then joined the Bank on the graduate scheme in September 2000. He has an MSc in Economics from Warwick University.

    During his time at the Bank John has worked in the Markets, Financial Stability and Prudential Policy areas. He has also spent a year on secondment at the New York Fed, working in their Financial Institutions Supervision Group.

    John joined the RTGS Renewal programme in December 2015 as the Business Lead. He played a key role in developing the Blueprint for renewing the UK’s RTGS service and is responsible for Policy and Product development on the future shape of RTGS. In 2020 John represented the Bank on the CPMI Cross-Border Payments Task Force.

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  • Michaela Costello (Manager, Cross-Border Payments team, Banking, Payments and Innovation directorate of Bank of England)

    Michaela Costello

    Manager, Cross-Border Payments team, Banking, Payments and Innovation directorate of Bank of England

    https://www.linkedin.com/in/michaela-costello-84584a9b/

    Michaela is currently a manager on the Cross-Border payments team in the Banking, Payments and Innovation directorate at the Bank of England. In this role, she supported Victoria Cleland as Chair of the Cross-Border Payments Taskforce in 2020 and now coordinates the Bank’s input to the international workstreams implementing the FSB cross-border payments roadmap. She has previously worked in a number of roles across policy, regulation and supervision for payment systems and FMIs in different areas of the Bank. This includes developing the Financial Policy Committee’s (FPC) expectations for the regulatory treatment of stablecoins, designing a new activity-based regulatory framework for payments in the UK, and ensuring Brexit preparedness for UK FMIs. Prior to these roles at the Bank of England, Michaela worked for the Payment Systems Regulator on the Payments Strategy Forum to design the New Payments Architecture, and at the European Parliament on the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) negotiations.

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  • Tony Craddock (Director General of Emerging Payments Association - EPA)

    Tony Craddock

    Director General of Emerging Payments Association - EPA

    Tony launched the Emerging Payments Association (EPA) in 2012. The EPA promotes the UK as global hub for payments innovation and the interests of the EPA’s 150+ members, which include banks, card schemes, PSPs, issuers, processors and acquirers who all collaborate to drive change.

    Tony also leads the communities of EPA Asia and EPA EU. In 2019 he set up The Inclusion Foundation, a Not-for-Profit Community Interest Company promoting products that help address financial exclusion. He also co-authored The PAYTECH Book, published in 2020.

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About the consultation

The G20 have made enhancing cross-border payments a priority and tasked the Financial Stability Board (FSB) together with the Committee on Payments and Market Infrastructures (CPMI) and other international bodies with developing and implementing a roadmap to improve cross-border payments. In October 2020, the G20 endorsed a roadmap to enhance cross-border payments. The roadmap built on an FSB reportwhich set out the challenges in cross-border payments and the frictions that contribute to them, and a CPMI report,which outlined out 19 building blocks to address the frictions identified in the FSB report.

 

The G20 endorsed the Roadmap for Enhancing Cross-border Payments in October 2020, and work has now begun at the international level to implement the ambitious work programme set out in it. A foundational step in the roadmap is the setting quantitative targets at the global level for addressing the challenges of cost, speed, transparency and access faced by cross-border payments (building block 1). These targets will play an important role in defining the ambition of the work, creating accountability. Measuring progress over time in meeting her targets will help to indicate whether the existing roadmap actions are sufficient or additional actions may be needed.

To this end, the FSB have now published the consultative document "Targets for Addressing the Four Challenges of Cross-Border Payments". This consultation document (i) describes the principles, and key design features underpinning, the targets and target metrics; (ii) proposes three market segments for which targets be set across the four challenges; (iii) considers factors in setting the targets; and (iv) proposes a set of targets that are high-level, simple, small in number and focused on end-users. The targets set out are intended to provide a common vision for the improvements that are being sought through the collaborative work of the private and public sectors. The FSB wish to set these targets in an inclusive manner, which closes on Friday 16 July, and are seeking views from across the industry.

These targets will be presented for endorsement to the G20 in October 2021. By the time of the October final report on the targets, the FSB will also develop an implementation approach for monitoring the targets that will set out (i) how targets will be measured and data sources and data gaps to be filled, (ii) how progress toward meeting the targets will be monitored and (iii) the frequency of data collection and publication.