Global financial authorities are set to miss a 2027 target set by the G20 group of nations to make international cross-border payments faster, cheaper and more transparent, the G20’s Financial Stability Board said on Thursday.

Goals set in 2021 included cutting the global average cost of a retail payment to no more than 1% and for 75% of wholesale and retail payments to be credited within an hour of being made.

While most of the initial “Roadmap” work has now been completed, an FSB progress report published ahead of G20 meetings later this month said it had not yet translated into tangible improvements for end-users at the global level.

“It’s becoming clear that the (G20) targets are not going to be hit by 2027,” FSB Deputy Secretary General Martin Moloney told Reuters, saying the huge

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