The cost of cross-border payments is not in line with G20 targets
News, Staff memo The G20 has set a target that cross-border payments should cost a maximum of 1 per cent and 3 per cent depending on the type of payment made. The cross-border payments currently offered by the major Swedish banks cost considerably more than this and thus do not meet the targets. Increased competition and transparency between banks and companies offering these types of services could reduce costs, writes Reimo Juks at the Riksbank's Payments Department in an analysis.
Staff memo
A staff memo provides members of the Riksbank's staff with the opportunity to publish advanced analyses of relevant issues. It is a publication for civil servants that is free of policy conclusions and individual standpoints on current policy issues. Publication is approved by the appropriate Head of Department. The opinions expressed in staff memos are those of the authors and are not to be seen as the Riksbank's standpoint.