This means that some US$45 billion per year fall into the hands of intermediaries and do not reach the final beneficiaries, which include millions of low-income households.

But there is an even greater challenge: the international payments system also faces a growing risk of fragmentation.

Some are structural risks for the IMF headline, they are: private digital money providers that promise cheap cross-border payments, but often within their closed network of users. And there are also geopolitical risks: some countries may consider creating parallel and disjointed systems to mitigate the risk of economic sanctions.

All these "payment blocs" would do is worsen the effects of broader "economic blocs" by creating inefficiencies and imposing new costs. This would deepen the productivity and living standards of all countries.

Therefore, Georgieva's main message is that countries should work together to build new roads, railroads, bridges and tunnels, using digital public platforms to connect payment systems.

This would make international payments more efficient, safer and more inclusive. And crucially, the risk of fragmentation would be reduced.

A central component of the pilot programs is public infrastructure. This involves digital platforms that facilitate communication, regulatory compliance, competition among payment providers and, ultimately, the settlement of transactions between countries.