While the world may be getting smaller, the challenges of sending payments across national borders are not. Inconsistent handling of the various national faster payment services and requirements, both to prevent crime and to protect personal privacy, are among the factors making cross-border payments cumbersome and complex.
These are problems worth solving. Speaking at the South African Reserve Bank in February 2024, Federal Reserve governor Michelle Bowman
said, “Faster, cheaper, more transparent, and more inclusive cross-border payment services offer widespread benefits for citizens and economies around the world, with the potential to support economic growth, international trade, global development, and financial inclusion.”
In October, the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, released its 2024 progress report 
on meeting the G20’s worldwide goals for cross-border payments. Importantly, it includes data collected from various payment service providers (PSPs). The report encompasses three types of payments between payer and payee in different countries: (1) wholesale payments via large-value systems; (2) retail payments including business-to-business (B2B), consumer-to-business, and person-to-person (P2P); and (3) remittances from workers back to relatives in their home countries.