International payments are slow and expensive because no one is in charge

International payments are still slow, expensive, and hard to access, especially for individuals sending money home or making small purchases. This is because no single entity has the power to fix the underlying problems between different countries' financial systems.

For years, everyone assumed that private companies would eventually fix the problems with international payments. This paper says that won't happen. It means governments and central banks will have to work together to set common rules and standards, or the problem will not get solved.