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Wholesale cross-border payments still create headache for regulators, former BOE official says

By Sofia Gerace ( May 15, 2024, 16:15 GMT | Insight) -- Regulatory friction in wholesale cross-border payments is likely to increase as payment systems become systemic and differences across jurisdictions aren't being addressed, former Bank of England official Jon Cunliffe said today. Wholesale cross-border payments still have significant underlying costs, as payment service providers are required to comply with funding obligations, work across incompatible technologies, and navigate fragmented standards.Regulatory friction in wholesale cross-border payments is likely to increase as payment systems become systemic and differences across jurisdictions aren't being addressed, a former Bank of England official said today. ...

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