[blueblisters]

I think the problem with forcing financial companies to develop interoperable systems is that the rules governing the standards are often set by the regulator who really don't have any skin in the game.

If you take UPI, for instance, it's a fairly robust standard that has been developed by a non-governmental body that has been ruined by the regulator insisting that banks charge 0 transaction fees even for individuals that do a large number of transactions. This is because the regulator believes even a small fee will hamper adoption. This results in a relatively high failure rate because banks refuse to invest in servers and technologies that can handle the huge volume of transactions.

I am happy that technological standards are largely untouched by the government.

[wmf]

Most of the time government standards are based on "advice" from industry so it ends up as regulatory capture. A case of forcing fees to zero sounds less bad than usual.