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

Summary

• Eight G20 members achieved the full 5/5 direct access rating for non-bank payment service providers (NBPSPs) in 2025.p.10
• The United Kingdom was the only market to achieve a 5/5 rating in price transparency following new FCA guidance published in May 2025.p.11
• US consumers are projected to lose an estimated $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 fees in 2025 due to a lack of mandatory price disclosure rules.p.11
• Brazil's Pix instant payment system accommodates 684 institutions as indirect participants and 251 institutions with direct access.p.14
• Brazilian consumers and SMEs are expected to lose over $3 billion in hidden cross-border payment fees in 2025.p.16

Key insights

1. The G20 is currently not on track to achieve the majority of its cross-border payment targets by the 2027 deadline.p.2
2. Research indicates that 57% of consumer bodies cite a lack of fee transparency as a key driver of distrust in digital financial services.p.9
3. The European Union upgraded its direct access rating to 5/5 following amendments to its Settlement Finality Directive, though implementation delays maintain France, Germany, and Italy at 4/5.p.10
4. Japan is expected to integrate its first non-bank payment service provider into the Zengin payment system in November 2025.p.10
5. The United States regressed from 4/5 to 3/5 in price transparency after the CFPB rescinded guidance that cautioned against hidden FX fee markups.p.11
6. India raised its price transparency score from 1/5 to 3/5 following a Reserve Bank of India notification mandating itemized exchange rate markups on invoices.p.11
7. Brazil's Total Effective Value (VET) regulation lacks a mandatory benchmark exchange rate, allowing service providers to conceal fees inside inflated exchange rates.p.15