This is where the introduction of APIs and the greater harmonisation of data through the important move to ISO 20022 can really make a difference. These building blocks have the potential to improve compliance processes and address data handling issues within legacy technology platforms, and maximise the positive impact of the technical, operational and regulatory process changes advanced under the other focus areas. Focus Area E is different: it is more exploratory and long term in nature. It includes assessing the potential for innovative new propositions such as central bank issued digital currencies (CBDCs), privately issued stablecoins and areas that are even less developed such as multilateral payment platforms. These innovations are still in their infancy on a domestic, let alone global, level. But if in time they are introduced, it is really important to consider the possible cross-border benefits they could bring. Importantly, real progress can only be made in these building blocks if work on the earlier building blocks has delivered. Issues around operating hours, AML checks and messaging harmonisation to name but a few will be relevant for these more far reaching innovations. The Roadmap  A broad set of building blocks needs a broad set of players to deliver them. And that is why the Stage 3 roadmap is so important. The FSB, working with the CPMI and other relevant international organisations and standard-setting bodies, today published an ambitious but achievable roadmap to deliver these building blocks including initial actions and milestones 7.
Cross-border Payments – Innovating in a Changing World Speech given by Victoria Cleland, Executive Director, Banking, Payments and Innovation  Central Bank Payments Conference 13 October 2020  I would like to thank Michael Pywell, Michaela Costello, Laurie Roberts and Cameron Brooks for their assistance in preparing this speech. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  Introduction  I was delighted to be invited to speak at this event, during such an exciting time in central banking and the payments industry. I am sorry that we are unable to all meet face to face, not least as it was originally hoped for this conference to take place in Athens. I cannot offer you the Greek sunshine, but I would like to introduce some Greek philosophy to get us started. Plato taught us that ‘Necessity is the Mother of Invention’ - this year’s virtual conference is a great example of that. So thank you to Jean-Michel and the team for their flexibility and ingenuity in holding this conference during such challenging times. And necessity and invention are at the heart of payments too. Every one of us needs to make payments. While the medium of exchange might have undergone considerable invention and innovation since Plato’s day, the importance of being able to exchange money safely and efficiently has not.