I think this problem is inherent in any network that doesn’t operate as a kind of proprietary unit in the way that, for example, a credit card network does (competing of course with other networks). BIS central bankers’ speeches  1  For the payments system as a whole, then, this points to the need for coordination mechanisms.
The purpose was to reduce incentives for conflict of interest which would compromise professional judgement. The early attempts in modern times to build binding standards date back to the early 1930s in the run up to the period when the Securities and Exchange Commission (SEC) was established in the US in 1934.