G20 Roadmap for Enhancing Cross Border Payments: Scorecard Report on Direct Access and Price Transparency (Wise)

Summary

• A total of eight G20 members achieved the highest 5/5 score for direct access of non-bank payment service providers (NBPSPs) in 2025.p.10
• The United Kingdom is the only G20 jurisdiction to achieve the top 5/5 rating for price transparency in cross-border payments.p.11
• Australia saw its price transparency rating downgraded from 2/5 to 1/5 due to a lack of compulsory requirements on FX markup disclosures.p.14
• Consumers in the United States are projected to lose an estimated $19 billion to obscured FX markups in 2025.p.11
• Research by Consumers International shows that 57% of consumer bodies cite fee opacity as a major driver of distrust in digital finance.p.9
• Australia maintained a 4/5 score for direct access, as participation in the New Payments Platform still requires a banking licence.p.14

Key insights

1. The G20 Roadmap for Enhancing Cross-Border Payments established a framework through 2027 to lower transfer costs and increase payment speeds globally.p.3
2. The European Union achieved a 5/5 direct access score following amendments to its Settlement Finality Directive.p.10
3. The United States was downgraded to a 3/5 rating on price transparency after the CFPB rescinded guidance against deceptive marketing practices.p.11
4. Australian consumers are projected to lose nearly $4 billion in hidden cross-border payment fees in 2025.p.11
5. The UK FCA upgraded its market rating to 5/5 by requiring foreign exchange markups to be clearly explained as a cost during the payment journey.p.11
6. Australia's New Payments Platform limits full direct access by maintaining a requirement to hold a full banking licence.p.15