In June 2024, the International Monetary Fund (IMF) released the Cross-Border Payment Integration in Latin America and the Caribbean (hereinafter referred to as "the Report"). The inefficiency of cross-border payments remains a significant barrier to trade both within Latin America and the Caribbean (hereinafter referred to as "LAC") and between LAC and other regions. The Report reviews the measures taken by LAC countries in recent years to address these challenges and explores the potential of financial innovations, such as digital currencies and blockchain technology, in enhancing cross-border payments. The adoption of these technologies can help LAC countries reduce transaction costs, improve economic efficiency, and ultimately promote both regional and global trade development.