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The cross-border payments ecosystem is in the midst of a major transformation. Legacy standards, infrastructure and operating models are being challenged as client’s expectations rise and vastly improved technologies undermine the status quo. At a global industry level, the Financial Stability Board (FSB) is working with a broad range of ecosystem players to fulfil its vision of faster, cheaper, more transparent and inclusive payments through the Enhancing Cross-Border Payments Roadmap FSB Roadmap Playbook. Many of the key friction points identified as part of this work relate to inconsistent standards, structural limitations and fragmentation of the current data model for crossborder payments.
