G20 Payment Targets Set Deadlines but Do Not Name XRP or Stellar

The Group of 20’s cross-border payment targets set deadlines for speed and cost through 2027, but do not designate XRP or Stellar Lumens (XLM) as systems to meet them. G20 leaders endorsed 11 targets in 2021 covering wholesale payments, retail payments and remittances.

The speed benchmarks are due by the end of 2027 and use different measures by payment type. At least 75% of wholesale payments are meant to be credited within an hour; for retail payments, funds must be available to recipients within that period. The same one-hour availability target applies to 75% of remittances in every corridor. The remaining payments in each category generally should be credited or available within one business day.

Costs have separate measures. By the end of 2027, retail cross-border payments should average 1% or less globally, with no corridor above 3%. Remittance costs have a later deadline: sending $200 should cost an average of 3% or less by 2030, with no corridor above 5%.

In a 2025 measure, 35.4% of sampled payment services reported being able to credit recipients within an hour, up 1.9 percentage points from 2024. The measure excluded person-to-business payments and used data through March 2025. Changes in the sample drove most of the increase, so the figure measures services rather than the share of individual payments delivered within an hour.

The Financial Stability Board (FSB) began an implementation phase in March 2026, asking members to develop jurisdictional and regional action plans and calling for closer public-private work.

South African Reserve Bank Gov. Lesetja Kganyago, co-chair of the FSB Cross-border Payments Coordination Group, said, “The first and last mile of a cross-border payment depend on domestic payment rails.” Faster network settlement or lower transaction fees alone do not show how quickly recipients can access funds across a payment corridor.

The speed and retail cost targets are due by the end of 2027. The separate remittance cost target follows in 2030.