G20 Roadmap for Enhancing Cross Border Payments: Scorecard Report on Direct Access and Price Transparency (Wise)
Summary
- Canadian consumers are projected to lose $1.2 billion (C$1.7 billion) in 2025 due to hidden foreign exchange markups.p.16
- Eight G20 members achieved a full 5/5 score for direct access in 2025, including Brazil, China, and the United Kingdom.p.10
- US consumers are projected to lose $19 billion in obscured FX markups in 2025 after the US price transparency rating fell to 3/5.p.11
- Canada's Real-Time Rail (RTR) payment scheme is expected to launch in 2026 following system completion in late 2025.p.15
Key insights
- Amendments to the Canadian Payments Act via Bill C-59 provided legal authority to expand Payments Canada membership to non-bank payment service providers.p.15
- In September 2025, the Bank of Canada began publishing rolling lists of non-bank payment service provider applications seeking direct connection to Canadian payment systems.p.15
- Federally regulated Canadian banks operate under the Bank Act 1991 under general consumer protection rules enforced by the Financial Consumer Agency of Canada.p.16
- The United Kingdom was the only G20 market to achieve a 5/5 price transparency rating in 2025 following updated FCA guidance on foreign exchange markups.p.11
- The United States regressed from a 4/5 to a 3/5 rating in price transparency after the CFPB rescinded its circular on deceptive marketing practices in May 2025.p.11
- The European Union upgraded its direct access score to 5/5 in 2025 following amendments to its Settlement Finality Directive.p.10
- Australian consumers are projected to lose nearly $4 billion in hidden fees in 2025 after Australia was downgraded to a 1/5 rating in price transparency.p.11
Topics and entities
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