The Financial Stability Board (FSB) convened the first meeting of its Forum on Cross-Border Payments Data in Basel on 20-21 May 2025, in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF). The discussion centred on addressing data-related frictions in cross-border payments by taking forward the FSB’s recommendations to promote harmonisation and consistent implementation of payments-related data requirements across jurisdictions. The forum brought together public- and private-sector experts, including data privacy and protection authorities, to compare how differences in laws, regulations and practices can increase costs and risks for businesses and individuals. Participants reviewed experiences and initiatives that are underway, and options for further action, with the inaugural meeting chaired by Gianmatteo Piazza of the Bank of Italy; the forum was established in March 2025 following the 2024 FSB recommendations on data frameworks for cross-border payments.
Financial Stability Board 2025-05-20
Financial Stability Board convenes inaugural Forum on Cross-Border Payments Data to advance harmonised payments data requirements
The Financial Stability Board (FSB) held its first Forum on Cross-Border Payments Data in Basel, focusing on reducing data-related frictions. Collaborating with the OECD and FATF, the forum aimed to harmonize payments-related data requirements. Participants, including data privacy authorities, discussed initiatives and actions to address legal and regulatory differences that increase costs and risks.