G20 sets 2027 deadline for 75% of cross-border payments to settle within one hour

The G20, representing the world’s 20 largest economies, has imposed a deadline requiring banks to dramatically improve the speed and cost efficiency of cross-border payments. By 2027, the group aims for 75% of international transactions to be completed in under one hour, with associated fees capped at 1% or less of the total payment volume. Most banks currently rely on legacy technology that processes cross-border transfers in several days, not hours. The presence of intermediary institutions, currency exchanges, and weekend processing restrictions further contribute to delays and increased costs.