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Closing remarks - Financial Stability Board cross-border payments summit

· Fabio Panetta, Governor of the Banca d'Italia (Italy)

Summary written by Dark Majestic in its own words · topics: financial stability, payments, digital money and crypto-assets, development and emerging economies, technology, ai and cyber risk

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· Fabio Panetta Wiki · Banca d'Italia WikiClosing remarks - Financial Stability Board cross-border payments summit

ContextClosing remarks by Fabio Panetta, Governor of the Bank of Italy, at the Financial Stability Board (FSB) Payments Summit, hosted by the Bank of England, London, 12 March 2026.

Why it mattersPoints to high currency conversion fees and weak competition as the main obstacles to cheaper cross-border payments.

Problems raised
  1. Currency conversion fees stay high.
  2. A few players dominate conversion services.
  3. Low transparency weakens competition.
Solutions proposed
  1. Upgrade wholesale payment infrastructures.
  2. Use technology and AI for interoperability and compliance.
  3. Build open, interoperable systems that serve people.
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