Achieving this would be a big challenge, because the good old routes, which we all are used to, will have to be abandoned. Also, trust in each other’s national currency in addition to trust in the efficiency of national payment systems across regions is another challenge.
However, these challenges can be overcome over a period of time, maybe depositing of the settlement amount with the counterpart payment system provider in the recipient country would create the required trust. To build trust in national payment systems, it will also be necessary for the national regulatory authority to take a leadership role.