But there is plenty of room to improve crossborder payments without using these novel methods of payment, which would not by themselves fix the problems with cross-border payments. As part of an initiative endorsed by the G20 and coordinated by the Financial Stability Board, the Bank of Canada and other central banks and regulators have developed a roadmap to solve some of these problems.
Our main goal is to support faster and cheaper cross-border payments that are more accessible and transparent. As I mentioned at the beginning of my speech today, we have identified numerous pain points in cross-border payments. Technological shortcomings certainly pose problems with different messaging standards in different countries.