Forum on Cross-Border Payments Data convenes for the first time
The FSB Forum on Cross-Border Payments Data convened for the first time on 20-21 May 2025 in Basel in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF).
Differences in laws, regulations, and practices between countries can create unnecessary frictions in cross-border payments, increasing costs and risks for businesses and individuals. Participants discussed experiences and initiatives from the public and private sector that are underway or could be undertaken to take forward the FSB recommendations to promote the harmonisation and consistent implementation of payments-related data requirements across jurisdictions.
The meeting brought together experts from the private and the public sector – including data privacy and protection authorities – to discuss how to address data-related frictions in cross-border payments. It was chaired by Gianmatteo Piazza from the Bank of Italy.
The Forum on Cross-Border Payments Data was established in March 2025 following the 2024 FSB's Recommendations for data frameworks related to cross-border payments. It forms part of the FSB's increasing emphasis on promoting implementation of its policy recommendations.
FSB announces establishment of the Forum on Cross-border Payments Data
The Financial Stability Board (FSB) announced the establishment of a Forum on Cross-Border Payments Data. This initiative is a key outcome from the FSB's Recommendations for data frameworks related to cross-border payments that were published in December 2024, and forms part of the FSB's increasing emphasis on promoting implementation of its policy recommendations.
Differences in laws, regulations, and practices between countries can create unnecessary frictions in cross-border payments, increasing costs and risks for businesses and individuals. By bringing together experts in payments, anti-money laundering and countering terrorist financing, sanctions, and data privacy and protection, the Forum will work to strengthen cooperation on data-related issues in cross-border payments, such as the way data is collected, stored and managed across borders.
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