This is a problem that we still face today, but on a significantly larger scale, because digitalisation, automation and globalisation have made trade faster, more complex, and more global. Despite recent geopolitical tensions, global trade and migration are still on the rise. I hope that these trends will not reverse, since fragmentation means a loss of wealth.
However, globalisation has put the spotlight on some of the inefficiencies that still affect cross-border payments. Compared to domestic payments, cross-border payments remain slower, more opaque, and comparatively expensive. Improving cross-border payments on a global scale may seem like an unsurmountable challenge right now, but, to quote the great Nelson Mandela: "It always seems impossible until it's done."