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Published date: 16 July 2024

FSB consults on data flows and regulation in cross-border payments

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:

  • data sharing restrictions which prevent safe processing of cross-border payments;

  • increased costs from storage and handling; and

  • misalignment of data that prevents smooth cross-borer payment processing.

The recommendations to address these focus on the following:

  • mitigating uncertainty concerned with balancing regulatory and supervisory obligations;

  • improving interoperability of data and regulatory requirements;

  • addressing data flow restrictions; and

  • reducing barriers to innovation.

The FSB’s measures to impro