Global financial transfers were more than $20tn in 2019 and are expected to hit $30tn by 2022, yet 60 percent of cross-border business-to-business payments require some kind of manual intervention, each taking at least 15 to 20 minutes; the G20 tasked the Basel-based Financial Stability Board to tackle the problem and they have since released two reports; the most recent of the two was authored by the Committee on Payments and Market Infrastructures or CPMI; the report lays out five key areas; joint public and private sector vision; better global co-ordination of regulation, supervision and oversight; improvements to existing payment systems, such as extending operating hours, expanding access and using liquidity more efficiently; ensure that different payment systems are able to talk to each other seamlessly; the report also talked about central bank digital currencies and stablecoins since there is a dire need for innovation. Financial Times
