the aim of this is to shorten transaction chains and reduce related frictions. the cpmi leads the work in this area. and we just heard about the work underway on interlinking fast payment systems, including technological innovations in this area. i just want to underscore the value of this work. 1 / 3 bis - central bankers'speeches the second theme is to promote consistency in legal, regulatory and supervisory frameworks for cross - border payments. because the opposite can be a significant source of frictions in cross - border payments. and unnecessarily increase the complexity and, consequently, the cost of cross - border payments. this is not to suggest that laws, regulations or supervisory practices should necessarily be relaxed or constrained. they serve important public - policy goals. however, where unnecessary frictions are created, we should seek to reduce or alleviate them. for our part in the fsb, next week, we will publish a report for public consultation on this topic. it consists of recommendations to strengthen consistency of the application of regulation and supervision to banks and non - banks providing cross - border payment services. we want to promote common minimum standards on a basis of " same activity, same risk, same regulation ". in doing so, we aim to create an environment of trust for consumers, banking intermediaries and infrastructure providers, including fast payment systems. actions under the roadmap also include work by the financial action task force, or fatf, to strengthen their guidance on anti - money laundering and combatting the financing of terrorism : aml / cft. in february, fatf completed its guidance on beneficial ownership. currently, it is assessing the responses to its public consultation on updating its rules on wire transfers. this way, it will take account of recent and upcoming developments in the architecture of payments systems. later this year, the fsb expects to announce that yet another international organisation will be joining the roadmap ambition. the third theme focuses on facilitating cross - border data exchange and increasing the use of standardised messaging formats for cross - border payments. the global transition to the iso 20022 standard is underway. however, inconsistent use of the standard could limit its benefits in enhancing straight - through processing and the interlinking of payment systems. data lies at the heart of payments. but data standards, frameworks and formats vary significantly across jurisdictions, infrastructures and message networks. the efficient transfer of data supports cheaper, faster, and more transparent payments. and

attention to those regions and market segments that find themselves furthest from the targets. this is the case, because we may need a more in - depth understanding of the market practices and a dedicated action plan for those regions in order to see substantial progress at a global level. indeed, rome wasn't built in a day. nor did the splendour of florence arise overnight. they required time and dedication. conferences like this create the necessary time – to reflect, make connections, and share insights. and above all, they provide the inspiration to stay dedicated to our ambitions – and make our goals a reality. so let me wish you all good discussions and a lot of food for thought to inspire action once you go back home. thank you. 3 / 3 bis - central bankers'speeches