With the United States having assumed the G20 Presidency role, it has been presented with an opportunity to secure its competitive advantage in the global financial system.

To seize it, the U.S. must deliver on the G20 commitment to modernize cross-border payments by fostering price transparency and expanding direct access to U.S. payment systems. Achieving the goals of speed, cost-reduction, transparency and access is now an economic necessity for Americans.

The U.S. financial system is dynamic and holds a key global role, giving it the responsibility to lead payments modernization. However, the U.S. stands apart from other G20 economies — including the U.K., Singapore, Brazil, and Canada — by failing to extend direct access to its national payment rails beyond depository banks.

The Federal Reserve’s current, conservative interpretation of the Federal Reserve Act restricts access to its payment rails. This outdated framework forces innovative non-bank payment companies to rely on the slow and costly correspondent banking system, increasing friction for consumers and leaving the U.S. as the only G7 economy not advancing direct access for non-bank payment firms.

This status quo results in Americans paying more for a lesser payments experience. It stalls innovation and hinders financial inclusion, denying low-income and unbanked populations access to faster, more affordable digital services. 

Encouragingly, Federal Reserve Board Governor Christopher Waller recently proposed a new “skinny master account” to expand payment system access for eligible financial institutions. This could bring the U.S. closer to the G20’s goals, unlocking greater competition, speeding up payments, and lowering costs for millions of Americans.

The G20 framework also emphasizes transparency in cross-border transfers so consumers know the true cost of every payment. When financial institutions obscure fees, they deceive customers, undermine trust, and stifle genuine competition, making it impossible for consumers to compare services accurately.

The U.S. has previously shown global leadership in transparency by introducing the Remittance Rule, implemented by the Consumer Financial Protection Bureau. This rule requires providers to disclose the exchange rate and fees before a transaction is completed.

Now is the time to apply a spirit of "radical transparency" to all cross-border payments. Mandating clear disclosure of the total cost must be foundational for 21st-century digital transactions.

Enhancing price transparency will yield billions of dollars in savings for Americans. One estimate suggests eliminating hidden exchange rate markups could have saved U.S. consumers and small businesses approximately $19 billion in 2025 alone, with potential savings reaching $46 billion by 2027, according to Wise research. 

The moment has arrived for the U.S. to meet the G20 targets and pursue the rewards of a faster, cheaper, and more competitive financial ecosystem. This means expanding direct access to Federal Reserve payment systems to non-bank payments companies, and increasing price transparency in cross-border payments. These actions would send a clear signal that America intends to lead, not follow, in the next generation of global payments.

The U.S. must leverage the G20 Presidency to prove that its global financial leadership is built upon a modern, competitive financial system at home.