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This white paper, published by the World Economic Forum, discusses the challenges of cross-border payments and the need for regulatory interoperability to overcome them. The paper identifies key regulatory frictions in cross-border payments and factors driving these frictions, and proposes four ways to unlock regulatory interoperability: making it a key policy objective, strengthening regulatory cooperation, modernizing regulatory frameworks, and encouraging public-private partnerships. The paper concludes that improving cross-border payment interoperability is crucial for international trade and that both the public and private sectors must work together to achieve this goal.