Received this new paper from the SWIFT Research Institute today.  I really like this aspect of SWIFT, and Innotribe.  However, I must say that this paper left me wanting more.  I loved the comparison of various regional systems and how well they handled various objectives of payments integration - but I don't think the researchers looked in enough depth about how well the systems cater to the small value customer...no attention was given to innovators like Klickex that are trying new technologies that reduce friction points and can equalize costs by pooling smaller transactions, and enabling lower costs to be offered the smaller customers (like SMEs).  great focus on the extent to which integration is achieved, but not enough data on costs for the cross border transactions, and to what extent SMEs and other small users are unduly penalized. matt