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

Summary

• A total of 8 G20 members achieved the maximum 5/5 direct access rating for non-bank payment service providers in 2025.p.10
• United States 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 fees in 2025 due to a lack of mandatory FX markup disclosure.p.11
• The United Kingdom upgraded its price transparency ranking by two grades to 5/5 following new FCA guidance published in May 2025.p.11
• In July 2017, the Bank of England extended Real-Time Gross Settlement accounts to NBPSPs to foster competition and payment innovation.p.15
• Wise became the first NBPSP to achieve direct access as a direct settling participant in the UK Faster Payments System in April 2018.p.15

Key insights

1. Former FSB Chair Klaas Knot noted that the G20 is not currently on track to achieve its 2027 targets for enhancing cross-border payments.p.2
2. The G20 Roadmap for Enhancing Cross-Border Payments spans 5 main priority focus areas divided into 19 building blocks.p.3
3. Consumers International research indicates that 57% of consumer bodies identify a lack of fee transparency as a key reason for distrust in digital finance.p.9
4. The European Union achieved a 5/5 direct access score following amendments to its Settlement Finality Directive.p.10
5. The United States was downgraded from 4/5 to 3/5 in price transparency after the CFPB rescinded a circular regarding deceptive marketing practices in May 2025.p.11
6. In April 2025, the Bank of England published a response confirming that work is underway to explore granting NBPSPs settlement accounts with safeguarding facilities.p.15
7. The UK FCA Consumer Duty came into force in July 2023, setting explicit pillars for price and value as well as consumer understanding.p.16