What if the finest minds in fintech produced a comprehensive standard to harmonise all communication between institutions worldwide – and nobody used it? ISO 20022, the open global standard for financial information, comes close. According to Deutsche Bank, three of four banks aren’t on board yet – despite the standard having been released 10 years ago.

But SWIFT, the US Federal Reserve, and the European Central Bank and Clearing House Payments Co are all pushing for their transaction partners to get with the programme.