The Bank for International Settlements (BIS) has urged major economies to support a plan that will reduce the cost of cross-border payments.
According to a Reuters report, BIS, an institution owned by central banks, has sought G20 support for the plan.
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The plan, being developed by regulators and central banks, will identify a roadmap to improve a payments system.
It aims to streamline remittances that usually involve complicated processes, delays and high costs.
Particularly, the roadmap will assess current costs, risks and interruptions in payments.
The international financial institution also opined that as technological changes transformed the payments sector, central banks must step up efforts to ensure new services run smoothly.
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By GlobalDataBIS general manager Agustín Carstens was quoted by the news agency as saying: “Central banks have a core role in payment systems.
“The changes under way require them to step up and play a more significant part in improving the safety and efficiency of these systems.”
The move comes when Facebook’s plans to expand to retail payments have raised regulatory concerns.
Last year, the social media giant announced its cryptocurrency Libra. Libra is aimed to enable users to make financial transactions across the globe.
However, since the announcement, several payment majors including PayPal, Visa and MasterCard disassociated themselves from the Libra project.
