Cross-border payments suffer from a lack of speed and transparency and limited access, resulting in higher overall … costs than domestic payments. This paper analyses how the best execution principle developed in the context of securities … and derivatives could be applied to cross-border payments. Under that principle, financial institutions are legally …

distinguishes two aspects of the problem. The first one considers the implications of changes in payments for the roles of central … payments, information policy in the area of payments, promotion of standardization and interoperability of systems, effective … oversight and operational activities of central banks. The changing payments landscape also requires consideration of long …