Global Payments Need Updates And Cooperation, G-20 Told

Law360 (July 14, 2020, 9:14 PM EDT) -- International financial policy groups have provided the G-20 with a report detailing a variety of building blocks necessary to update cross-border payment infrastructure, with a focus on technology-driven changes and enhanced global cooperation.

The Financial Stability Board and the Bank for International Settlements said Monday that the Committee on Payments and Market Infrastructures had provided a Stage 2 report to the G-20, as the group of nations works to enhance cross-border payments. The report outlines areas the forum for governments and central bank governors should focus on, including harmonizing data protocols and addressing planned new payments infrastructures like Facebook-backed Libra and...

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