Expert Group on Cross-Border Payments (EGXP)

Task of the EGXP and scope of activities

The EGXP evaluates the practical impact of selected topics on cross-border payments and develops recommendations for a suitable approach towards enhancing cross-border payments fostering harmonisation and/or avoiding market fragmentation.

As a first step, the EGXP will focus on the following two deliverables:

  • a stocktaking exercise of relevant cross-border initiatives covering success factors for meeting the G20 requirements as well as highlighting other strengths and weaknesses with regard to building reach and avoiding fragmentation, in particular;
  • an inventory of key hurdles to enhanced cross-border payments leveraging this stocktaking work, which may serve as a basis for a dialogue with the Committee on Payments and Market Infrastructures (CPMI) on hurdles and potential remedies.

With this objective in mind, the Euro Banking Association (EBA) ran an online survey among its member banks between 30 April and 7 June 2024. The survey was developed by the EGXP.

Improving cross-border payments: EBA survey helps PSPs determine next steps

Aim and scope

The goal of the survey was to assess to what extent relevant industry initiatives could improve cross-border payments in line with the targets and objectives identified in the G20 Roadmap regarding cost, speed, access and transparency for the aspirational deadline at the end of 2027. The survey also sought to evaluate how relevant these objectives are to different customer groups – according to AS-PSPs – and to identify which prerequisites are most important for the market adoption of the initiatives that are being proposed to enhance cross-border payments. A total of 44 institutions from 15 countries completed the survey.

The scope of the survey was limited to cross-border solutions and contributors that i) are relevant for PSPs operating in Europe, ii) could (help) meet the timelines of the G20 Roadmap and iii) depend on a network adoption effect and cooperation/coordination effort to create reach. 

Key findings

The results of the survey show that these initiatives have potential value in their own right and could support the European payments industry moving towards the G20 targets. At the same time, the results highlight that reach is key for any of these initiatives to deliver on their potential.

With the aggregated feedback from the survey, the survey participants and other parties are better positioned to take stock of the considerable number of new or emerging cross-border initiatives in Europe. The wider industry can benefit from the collective picture the survey provides on the difference these initiatives can make, the potential value this can bring to their customers and the hurdles that still need to be overcome.

To learn more, download the complete findings of the survey. An executive summary is also available.

Sneak preview on key survey results (EBAday 2024)

Next steps

In support of its works, the EGXP may enter into a dialogue or seek information exchange with relevant market regulators.

The Expert Group will seek to avoid overlap with:

  • any aspects that are covered by the remit of other industry bodies or institutions, such as Swift, the Payments Market Practice Group (PMPG) or the European Payments Council (EPC);
  • activities of standardisation bodies;
  • aspects in relation to the G20 Roadmap that are considered to be sufficiently covered or that are not within the remit of an association of payment practitioners.

To learn more about the EGXP, please refer to the group’s Terms of Reference available for download below.

Terms of Reference of the Expert Group on Cross-Border Payments