Forum tackles friction in cross-border payments data
Earlier this month the Financial Stability Board (FSB) brought together an eclectic mix of policy wonks, privacy pros, and payment systems experts in Basel for its Forum on Cross-Border Payments Data.
Hosted in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF), the forum aims to crack the code on one of global finance’s sticky problems: cross-border data inconsistency.
When countries speak different regulatory dialects, data doesn’t flow smoothly. That makes cross-border payments slower, costlier, and riskier. The forum tackled this head-on, diving into efforts already underway – and outlining new ones – to harmonise and align payment-related data requirements across jurisdictions. Think fewer regulatory potholes and more interoperability on the international payments highway.
Launched in March this year following FSB’s 2024 recommendations on cross-border data frameworks, the forum is now central to the Board’s push for turning policy into action. Led by Gianmatteo Piazza of the Bank of Italy, it’s a sign that the FSB is turning up the volume on implementation.
Streamlined, interoperable data flows are essential for effective digital reporting – and vice versa. Standardised digital reporting across borders helps ensure that data can be interpreted and compared consistently, no matter the jurisdiction.
Learn more about the initiative here.
