But despite this shift in focus, payments innovation is still fundamentally about how, when, and where an individual’s deposits can be held, transferred, and packaged with other information. And banks are still important players in making that happen. Even where this reality is obscured by several layers of technology, there is almost always a bank involved in consumer transactions.
This is to mitigate to some extent the so-called financial trilemma, through multilateral cooperation, and it requires a well-functioning institutional framework such as the IMF, multilateral development banks (MDBs), and the G20.9 The financial reforms that I have referred to earlier would not have been possible without confidence building among stakeholders through various international fora, including the G20, the Financial Stability Board (FSB), and the IIF.