Resolving longstanding frictions and challenges in cross-border payments has been a major objective of the Committee on Payments and Market Infrastructures (CPMI). According to CPMI, the international standard setter which promotes the safety and efficiency of payment, clearing, settlement and related arrangements, “Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion.”