In this conversation, Xavier Lavayssière, a traditional finance expert, and Clément Berthou, a payments specialist, tackle the life cycle of transactions and the complexities involved in payment systems. They explore trust issues between banks and the impact of liquidity on banking stability, referencing the Silicon Valley Bank collapse. The duo breaks down the role of SWIFT in global finance, its geopolitical implications, and the evolution of CBDCs, highlighting the need for cooperation in modern financial infrastructures.