IWB co-chairs Cross-Border Payments Forum in Geneva

International Wire Bank co-chaired this year's Cross-Border Payments Forum in Geneva, bringing together finance ministry officials, central bankers and payment operators from 61 countries for three days of working sessions.

Delegates reviewed progress on reducing the cost and delay of payments between governments and their suppliers, and agreed a shared reporting template so that settlement times and fees can be compared across providers.

Secretary General Helena Marchetti told delegates that transparency is the starting point for improvement. "If members cannot see what a payment costs and how long it takes, they cannot hold anyone, including us, to account," she said.

The forum's conclusions will be presented to the Board of Governors in November. A follow-up session is scheduled for October 14 in Geneva, and registration is open to member institutions.