Differences in laws, regulations, and practices between countries can create unnecessary frictions in cross-border payments, increasing costs and risks for businesses and individuals. To address these issues, the Financial Stability Board (FSB) has announced the establishment of the Forum on Cross-border Payments Data. The Forum aims to strengthen cooperation on data-related issues in cross-border payments, including how data is collected, stored, and managed across borders.
The Forum will collaborate with competent international organizations, such as the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD), to serve as a platform for dialogue, information exchange, and research. The goal is to identify and address inconsistencies in global data frameworks. An advisory body comprising private sector representatives will also be formed to provide industry perspectives and expertise to the Forum.
Its first meeting is scheduled for May and will be chaired by Gianmatteo Piazza of the Bank of Italy.