G20: Opened consultation on FSB Recommendations to Promote Alignment and Interoperability Across Data Frameworks Related to Cross-border Payments

On 16 July 2024, the Financial Stability Board opened a public consultation on its Recommendations to Promote Alignment and Interoperability Across Data Frameworks Related to Cross-border Payments, until 9 September 2024. The Recommendations are relevant to financial institutions, payment service providers, and third parties involved in cross-border payments, collectively referred to as cross-border payments market participants, who must adhere to various data frameworks governing the collection, storage, and management of data. The consultation introduces four recommendations aimed to improve the interaction between data frameworks, including promoting alignment and interoperability, mitigating restrictions on cross-border data flow, addressing uncertainties in regulatory obligations, and reducing barriers to innovation.