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 highest 5/5 direct access rating for non-bank payment service providers in 2025.p.10
• The European Union was the only jurisdiction upgraded in direct access in 2025, moving from 4/5 to 5/5 following amendments to the Settlement Finality Directive.p.10
• The United Kingdom upgraded its price transparency score from 3/5 to 5/5, becoming the only G20 market to achieve the maximum score.p.11
• United States consumers are projected to lose $19 billion in obscured FX markups in 2025, rising potentially to $46 billion by 2027.p.11
• Australian consumers are projected to lose nearly $4 billion in hidden fees in 2025 following a score downgrade from 2/5 to 1/5.p.11

Key insights

1. Former FSB Chair Klaas Knot acknowledged that the G20 is currently not on track to achieve the 2027 Roadmap targets.p.2
2. Consumers International research shows that 57% of consumer bodies cite a lack of fee transparency as a major factor behind consumer distrust in digital finance.p.9
3. Japan is expected to integrate its first non-bank payment service provider into the Zengin payment system in November 2025.p.10
4. The United States was downgraded from 4/5 to 3/5 in price transparency after the CFPB rescinded a guidance circular warning against deceptive marketing practices in May 2025.p.11
5. India improved its price transparency score from 1/5 to 3/5 following a Reserve Bank of India notification requiring itemised fee breakdowns on invoices.p.11
6. The South African Reserve Bank acquired a controlling stake in BankservAfrica in 2025, giving it full control of the PayShap instant payment system.p.15