Cross-border payments are lagging other financial services, and startups face major hurdles in developing more accessible payments networks, deputy Bank of England governor Sir Jon Cunliffe said.

“When we tackle [payment] frictions, we don't just have to tackle the constraints that our infrastructure and regulation create for incumbents who provide cross-border payment systems and services,” he told the Bank for International Settlements’ Innovation Summit. “We also have to tackle the barriers to entry that new players face.”