Core Insights - Competing national priorities and differing regulatory frameworks are currently hindering real-time cross-border payments [1][2] Group 1: Regulatory Challenges - Real-time cross-border payments require regulatory certainty and infrastructure in both countries involved [2] - The Clearing House's pilot program for cross-border payments was paused in 2023 due to policy and regulatory challenges [4] - The lack of uniform rules and competing currency regulations across countries complicates the process of moving money internationally [6] Group 2: Technical and Market Readiness - The Clearing House conducted an experiment to connect the RTP network in the U.S. with a real-time payment network abroad but found the market unprepared [3][5] - Multiple organizations are involved in the cross-border payment process, adding to the complexity [5] - The use of stablecoins is discussed as a potential solution for simplifying cross-border payments, but inherent problems remain [7]