G20 Roadmap for Enhancing Cross Border Payments One year on: Scorecard report on direct access and price transparency (Wise)

Summary

• A total of 8 G20 members achieved the highest rating of 5/5 for direct access to payment systems for non-bank payment service providers (NBPSPs) in 2025.p.10
• The European Union upgraded its direct access score from 4/5 in 2024 to 5/5 in 2025 following amendments to the Settlement Finality Directive (SFD).p.10
• US consumers are projected to lose $19 billion in obscured FX markups in 2025, with potential losses rising to $46 billion by 2027.p.11
• Australian consumers are projected to lose nearly $4 billion in hidden cross-border payment fees in 2025 after Australia was downgraded to a 1/5 rating.p.11

Key insights

1. SIA xpate became the first NBPSP to directly access a central bank payment system under the amended SFD when it joined Latvijas Banka's Electronic Clearing System in April 2025.p.14
2. The Eurosystem delayed adopting the TARGET Guidelines, preventing eurozone central banks in France, Germany, and Italy from granting direct system access to NBPSPs.p.10
3. The United States dropped from a 4/5 to a 3/5 price transparency score after the Consumer Financial Protection Bureau rescinded guidance warning against deceptive fee marketing in May 2025.p.11
4. India improved its price transparency score from 1/5 to 3/5 following Reserve Bank of India rules mandating transparent invoice breakdowns of exchange rates and markups.p.11
5. Research by Consumers International shows that 57% of consumer bodies identify a lack of fee transparency as a major driver of consumer distrust in digital finance.p.9