Improving access to payment systems for cross-border payments: best practices for self-assessments

This report – issued as part of the G20 cross-border payments programme – introduces a framework of best practices to self-assess the access arrangements of key payment systems, especially real time gross settlement (RTGS) systems.  

Access to key payment systems is a foundational element in the safe and efficient provision of cross-border payment services. 

Expanding access to key payment systems can provide a number of benefits for cross-border payments. It can level the playing field and foster greater competition and innovation, resulting in more choices and better pricing for end users. Direct participation by banks and non-banks can reduce the number of intermediaries and lower prefunding costs assumed by those market participants without access to the payment system.

Participation in RTGS systems – typically owned and operated by central banks – is critical for payment service providers to settle obligations among them in central bank money. However, only a minority of RTGS systems currently provide access to three important types of cross-border payment provider: non-bank payment service providers, foreign banks and financial market infrastructures. Thus, there is scope for many jurisdictions to consider improving access to RTGS systems and other key payment systems that settle in central bank money. 

The self-assessment framework is a tool intended to help authorities and payment system operators evaluate the benefits, risks, and barriers of expanding direct access to key payment systems. When undertaken, the self-assessment should include input from relevant authorities and stakeholders.

Under the next step set out in the G20 Roadmap, jurisdictions and payment system operators that are considering expanding access would undertake self-assessments of their respective access policies using this framework.