Recently, the FSB released its final recommendations aimed at improving data flows and the regulation and supervision of cross-border payments. These recommendations aim to facilitate greater efficiency of cross-border payments and address differences in existing legal frameworks governing the sharing, collection and storage of data. The FSB’s proposals are part of a broader effort under the G20 cross-border payments roadmap to enhance cost, speed, transparency and accessibility in these transactions. To facilitate the implementation of these recommendations, the FSB is establishing a new forum on cross-border payments data, which will include both public and private sector stakeholders. Additionally, the FSB aims to ensure consistency in the regulation and supervision of banks and non-banks providing cross-border payment services. These efforts align with the G20’s priority to make cross-border payments faster, cheaper, transparent and inclusive while maintaining security.
