In terms of transparency, we want people making cross-border payments to have access to a minimum list of information about their payment – such as on charges and the ability to track the status of their payment.
And if a large number of banks simultaneously respond in this way, ﬁnancing terms would deteriorate further and the economic downturn would be exacerbated. So, we are dealing here with cyclical risks that are closely intertwined and could serve to reinforce each other.