G20 Report 2025: Scorecard Report on Direct Access and Price Transparency (Wise)

Summary

• Eight G20 members achieved the maximum score of 5/5 for direct access for non-bank payment service providers in 2025.p.10
• As of August 2025, 18 out of 27 EU Member States transposed the Settlement Finality Directive amendments into national law.p.15
• US consumers are projected to lose $19 billion in hidden FX markups in 2025, which could rise to $46 billion by 2027.p.11
• Australian consumers are projected to lose nearly $4 billion in hidden cross-border payment fees in 2025 following a score downgrade to 1/5.p.11
• Research indicates that 57% of consumer bodies cite a lack of fee transparency as a primary reason for distrust in digital finance.p.9
• Foreign exchange rate markups among French retail banks reached 1.05% at BNP Paribas, 1.40% at Société Générale, and 1.18% at Crédit Mutuel.p.18

Key insights

1. The G20 Roadmap for Enhancing Cross-Border Payments encompasses 5 priority focus areas divided into 19 building blocks.p.3
2. Eurosystem delays in adopting TARGET Guidelines have kept eurozone members France, Germany, and Italy at a 4/5* rating for direct access despite national SFD transposition.p.10
3. SIA xpate became the first non-bank payment service provider to directly join Latvijas Banka's Electronic Clearing System in April 2025.p.14
4. The United States was downgraded to a 3/5 price transparency rating after the CFPB rescinded its guidance against deceptive hidden FX padding in May 2025.p.11
5. India raised its price transparency score from 1/5 to 3/5 following Reserve Bank of India guidance requiring itemised breakdown of FX markups on invoices.p.11
6. The G20 member economies account for more than two-thirds of the world's population and 85% of global GDP.p.9
7. Mystery shopping research evaluated international money transfers converted to $1,000 USD across 4 major banks and 2 non-bank payment service providers per market.p.6