This consultation report sets out proposed policy recommendations to strengthen consistency in the regulation and supervision of banks and non-banks in their provision of cross-border payment services in a way that is proportionate to the risks associated with such activities. Greater consistency in the treatment of payment services across payments service providers (PSPs) supports an environment that facilitates reduced costs, increases delivery speed and improves financial access and transparency by establishing a level playing field, to the extent possible given differences in business models and risk profiles, for both banks and non-bank PSPs. This approach reduces the prospect of regulatory arbitrage. This work forms part of the Financial Stability Board's (FSB) work programme for enhancing cross-border payments.
Advances in technology have shaped and will continue to reshape the cross-border payments landscape, increasing the number and variety of PSPs and services they offer. In
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