The implications of different business mixes, strategies and investment cycles can easily derail cooperation, not to mention the constraints of committee-based decision-making. These are classic coordination issues, where some external impetus may be required to initiate change.
Even if coordination problems could be overcome for an innovation that is in the public interest, institutions collectively might find it difficult to make a business case to invest. Once again, this largely seems to be a quirk of the payments industry. Payment systems are “two-sided markets”.