On October 17th, the IIF, in partnership with Visa, convened leaders from banks, payments networks, and technology firms to discuss issues in cross-border payments with global standard setters and central bankers. Two main themes were set for the dialogue, “Ecosystem Developments and Risk” and “Investing in Security and Innovation”. The agenda was designed to share perspectives on pathways to advance customer-focused outcomes in a rapidly shifting external environment characterized by rising cases of AI-linked fraud and improvements in speed challenged by reporting requirements.

The dialogue reflected key points in global efforts to improve payments including the impact of data frameworks, the current drivers of cost to the end user and the impact of these variables on ISO 20022 and harmonization efforts, the importance of a return on investment for continued innovation and security, the role of emerging technologies on fraud prevention, and the need for fresh thinking on the road to developing standards for more secure, transparent, faster, and cheaper payments.