Goal<\/p>\n
2023<\/p>\n
2024<\/p>\n
Percentage point\u00a0 change<\/p>\n
Additional note<\/p>\n
Cost:\u00a0Global average percentage cost of business-to-business payment (B2B) to be no more than 1%<\/p>\n
1.5<\/p>\n
1.6<\/p>\n
Up 0.1<\/p>\n
B2B costs are actually the closest to the target; both business-to-person and person-to-business payments are at 2.0%<\/p>\n
Speed:\u00a0Percentage of cross-border payments credit recipients within one hour of initiation to >75%<\/p>\n
34.2<\/p>\n
33.5<\/p>\n
Down 0.7<\/p>\n
69% of cross-border payments were credited to recipients within one day of initiation, down from 74% the previous year<\/p>\n
Access:\u00a0Percentage of users that have an account at a regulated FI<\/p>\n
90<\/p>\n
90.5<\/p>\n
Up 0.5<\/p>\n
In 2023, 76% of adults worldwide had a transaction account at a regulated FI; data were not provided for following years<\/p>\n
Transparency:\u00a0Percentage of payment services that provide cost and speed information >90%<\/p>\n
54.5<\/p>\n
55.6<\/p>\n
Up 1.1 \u00a0<\/p>\n
More than 66% of peer-to-peer payments provide cost and speed information, up considerably from 64.1% the year prior<\/p>\n
J.P.\u00a0Morgan is working to help achieve the G20 targets and is also supporting other FIs in reaching these goals.<\/p>\n
In alignment with the G20\u00a0and the FSB, J.P.\u00a0Morgan is actively engaged in reshaping cross-border payments. Through our products and services, as well as our work in markets all over the world, we are not only adapting to the changing needs\u2014we are helping lead others. By prioritizing trust and reliability in every solution, we aim to set the standard for secure and dependable cross-border transactions.<\/p>\n
That is why we apply highly adaptable levels of service to build lasting partnerships at scale. Working with MAS, ECB and BIS Innovation Hub on joint initiatives and ongoing leadership roles in industry bodies including SWIFT and FSB taskforces, showcase our attempt to be a part of the larger solution.,,,,<\/p>\n
That said, as a global leader in financial services, we understand the importance of walking-the-walk as well as talking-the-talk. J.P.\u00a0Morgan is focused on supporting the G20\u00a0objectives through innovative solutions and strategic partnerships:<\/p>\n
Cost: Strategic investments in low-value clearing and the remittance space has led to more affordable and accessible remittance services, benefiting both service providers and consumers while driving efficiency and reducing costs. At the forefront of this initiative are intuitive and efficient solutions that optimize and adapt to the evolving needs of our clients. Speed:\u00a0Working closely with correspondent and beneficiary banks to improve the final leg of settlement, our priority is to move money to its intended destination as fast as possible. Access:\u00a0With more than 4,000\u00a0corresponding banking partners, we enable clients to navigate any market in the world with confidence. Working across 160\u00a0countries and territories in 120\u00a0global currencies, we process more than $10\u00a0trillion on an average day. Strategic partnerships with regional banks and mobile money operators in Africa, Latin America and Southeast Asia help expand access and accelerate growth in emerging markets and our Transparency: Our firm\u2019s $18\u00a0billion annual investment in technology supports strategic enhancements in transparency and regulatory compliance. This helps clients worldwide gain visibility into real-time intraday activity and projected balances, thereby enhancing risk management.<\/p>\n The vision of efficient, inclusive and interoperable cross-border payments is within reach\u2014and the potential payoff is significant. As we follow the G20\u00a0roadmap to achieve the goals outlined, there are already benefits being seen, with costs dropping and transaction speeds rising. From our investments in blockchain-native infrastructure and our work with global regulators, to our efforts on transparency and speed, J.P.\u00a0Morgan aspires to enable the next generation of global payments\u2014aligned with the G20\u00a0and FSB\u2019s vision. While we are proud of the strides we are making, we recognize that achieving meaningful progress requires a collective commitment from the entire industry, as well as those in the public sector. We can help other FIs as we work to reach these goals, and together we can drive the changes needed to create a more sustainable and equitable future for all.<\/p>\n","protected":false},"excerpt":{"rendered":"Goal 2023 2024 Percentage point\u00a0 change Additional note Cost:\u00a0Global average percentage cost of business-to-business payment (B2B) to be…\n","protected":false},"author":2,"featured_media":140358,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,86857,85,3750,46,2687],"class_list":["post-140357","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-fx-cross-border-payments","tag-il","tag-insight","tag-israel","tag-payments"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/140357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=140357"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/140357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/140358"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=140357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=140357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=140357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}