Extensive engagement with the private sector has been integral to achieving the goals of the G20 Roadmap for faster, cheaper, more transparent and accessible cross-border payments. In early 2023, the FSB established the LRS Taskforce to serve as a mechanism for regular engagement between the public and private sectors. The LRS Taskforce is chaired by Carolyn Rogers, Senior Deputy Governor of the Bank of Canada.
The LRS Taskforce has provided input and feedback on a number of key policy issues for cross-border payments, including issues arising from data frameworks and bank and non-bank supervision in cross-border payments. In addition, the LRS Taskforce has contributed to the identification of areas of particular relevance for the FSB’s work programme in 2025.
Now that much of the policy development is completed, focus will turn to implementation of the policy recommendations as well as to addressing any other legal, regulatory and supervisory frictions that have been identified as significant impediments to achieving the goals of the G20 Roadmap. The FSB is renewing the LRS Taskforce membership to support this work.
The renewed taskforce is expected to have 30-40 members (approximately two-thirds private sector and one-third public sector). The FSB is seeking to ensure wide representation in terms of jurisdictions, regions, private-sector institutional types and business models, public-sector authorities and international organisations. The taskforce will meet approximately four times a year; the timing of the meetings will be driven by the FSB’s cross-border payments work plan. Most meetings will be virtual but at least one meeting will be held in person each year.
Private-sector nominees should be senior managers with significant experience and direct responsibilities related to cross-border payments in the areas of compliance, legal, cross-border operations or risk management. Nominees should be able to commit sufficient time and organise resources from within their organisation to support the work of the LRS Taskforce until at least the end of 2026.
The Taskforce on Cross-border Payments Interoperability and Extension (PIE Taskforce) of the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) is complementary to the LRS Taskforce. Institutions on the PIE taskforce may be considered also for LRS membership.
Nominations of individuals to join the LRS taskforce should be emailed to [email protected] with “LRS taskforce” in the subject line by Friday 31 January 2025.
Nominations should include the nominee’s name and brief CV and a short description of the firm or organisation. The renewed membership will come into effect in March 2025.