The Financial Stability Board (FSB) today announced the establishment of a Forum on Cross-Border Payments Data.
This initiative is a key outcome from the FSB’s Recommendations for data frameworks related to cross-border payments that were published in December 2024, and forms part of the FSB’s increasing emphasis on promoting implementation of its policy recommendations.
Differences in laws, regulations, and practices between countries can create unnecessary frictions in cross-border payments, increasing costs and risks for businesses and individuals. By bringing together experts in payments, anti-money laundering and countering terrorist financing, sanctions, and data privacy and protection, the Forum will work to strengthen cooperation on data-related issues in cross-border payments, such as the way data is collected, stored and managed across borders.
Working with competent international organisations, including with the Financial Action Task Force (FATF) and the Organisation for Economic Development (OECD), the forum will serve as a platform for dialogue, information exchange, and research, helping to identify and address inconsistencies in global data frameworks. An advisory body comprised of private sector representatives will also be created to provide industry perspectives and expertise to the Forum.
Its first meeting will be held in May and will be chaired by Gianmatteo Piazza of the Bank of Italy.