Differences in laws, regulations, and practices between countries can create unnecessary frictions in cross-border payments, increasing costs and risks for businesses and individuals. Participants discussed experiences and initiatives from the public and private sector that are underway or could be undertaken to take forward the FSB recommendations to promote the harmonization and consistent implementation of payments-related data requirements across jurisdictions.
The meeting brought together experts from the private and public sectors – including data privacy and protection authorities – to discuss how to address data-related frictions in cross-border payments. It was chaired by Gianmatteo Piazza from the Bank of Italy.
The Forum on Cross-Border Payments Data was established in March 2025 following the 2024 FSB’s Recommendations for data frameworks related to cross-border payments. It forms part of the FSB’s increasing emphasis on promoting implementation of its policy recommendations.