The Institute of International Finance (IIF) has submitted a comprehensive response to the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) consultation on enhancing cross-border payments. The response highlights multiple private-sector and public/private initiatives making significant improvements in payment systems, including ISO 20022 implementation in the non-card payments space, enhancements in and new forms of payments infrastructure, card scheme enhancements, and the emergence of non-bank payment service providers and innovative blockchain solutions such as stablecoins. While acknowledging this progress, the IIF identifies several ongoing challenges that need attention, particularly around duplicative AML/CFT compliance checks, exchange and capital controls, and data sharing restrictions. The submission emphasizes the importance of standardizing data frameworks, implementing pre-validation APIs, and clarifying the roles and responsibilities of payment service providers to better manage liability and achieve cheaper and more efficient cross-border payments globally while preserving safety and trust.