The FSB has launched a consultation on its recommendations regarding increased alignment in data flows and greater consistency in the regulation and supervision of bank and non-bank payment service providers (PSPs) with regards to cross-border payments.The FSB aims to remove the friction in regulatory requirements for collecting, storing and managing data that create barriers to the speed and accessibility of cross-border payments. Identified barriers include:
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data sharing restrictions which prevent safe processing of cross-border payments;
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increased costs from storage and handling; and
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misalignment of data that prevents smooth cross-borer payment processing.
The recommendations to address these focus on the following:
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mitigating uncertainty concerned with balancing regulatory and supervisory obligations;
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improving interoperability of data and regulatory requirements;
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addressing data flow restrictions; and
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reducing barriers to innovation.
The FSB’s measures to impro
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