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 score for direct access of non-bank payment service providers (NBPSPs) to payment systems in 2025.p.10
• US consumers are projected to lose an estimated $19 billion in 2025 due to obscured foreign exchange markups, 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.p.11
• The United Kingdom upgraded two grades to 5/5 for price transparency following FCA guidance issued in May 2025 requiring FX markups to be explained during the payment journey.p.11
• The United States was downgraded from 4/5 to 3/5 on price transparency after the Consumer Financial Protection Bureau (CFPB) rescinded its circular on deceptive marketing practices in May 2025.p.11
• Research indicates that 57% of consumer bodies cite a lack of transparency in fees and charges as a significant factor behind consumer distrust in digital finance.p.9
• The G20 represents over two-thirds of the world's population and 85% of global GDP.p.9

Key insights

1. The G20 Roadmap for Enhancing Cross-Border Payments spans 19 building blocks across five priority focus areas aimed at reducing costs and increasing transaction speeds.p.3
2. Eight G20 jurisdictions—Brazil, China, Indonesia, Mexico, Republic of Korea, Türkiye, the United Kingdom, and the European Union—have achieved a 5/5 score for direct NBPSP access.p.10
3. The European Union upgraded its direct access score to 5/5 following amendments to its Settlement Finality Directive.p.10
4. The United States maintains a 2/5 direct access score because Federal Reserve Reserve Bank Master Accounts remain restricted to depository institutions.p.14
5. In May 2025, the CFPB rescinded its guidance warning against deceptive marketing practices in remittance pricing, leading to a US downgrade on price transparency.p.16
6. The Reserve Bank of India issued a notification requiring an invoice breakdown of exchange rates and markups, improving India's transparency score from 1/5 to 3/5.p.11
7. Japan improved its price transparency score to 3/5 after the Financial Services Agency clarified that cross-border payments fall under the Principles for Customer-Oriented Business Conduct.p.11
8. Data collected in May 2025 showed that Bank of America had an exchange rate markup of 2.69% over the mid-market rate.p.16