Yet, in recent years, international payments have become increasingly important for the world economy, reflecting the expansion of international trade, and especially e-commerce, of international tourism and business travel, of migration and remittances. Progress in cross-border payments is thus more necessary than ever. The improvement of cross-border payments has been at the top of the international agenda for many years.
Consider, for example, the action plan launched by the Financial Stability Board (FSB) in 2015 to assess and address the decline in correspondent banking, the 2015 Targets on remittances set by the United Nations as part of the Sustainable Development Goals, and the work carried out by the BIS Committee on Payments and Market Infrastructures (CPMI) on Correspondent banking and Cross-border retail payments.