Bailey Makes New FSB Bid to Kickstart Cross-Border Payments Work

Bank of England Governor Andrew Bailey launched a fresh bid to smooth the flow of traditional money across national borders after officials acknowledged it’s “unlikely” countries will meet goals set for 2027.

Bailey, in his role as chair of the Financial Stability Board, has convened a summit of top central banks and private-sector players for March 12 in London to discuss ways to reinvigorate the work, people familiar with the event said. The event is likely to be a mixture of private and public discussion.