FSB survey on its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments

The FSB is conducting this survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments, where the FSB agreed to conduct a stocktake of existing national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements, and to identify issues relating to cross-border use of those data by national authorities and by the private sector. 

The FSB wishes to gather stakeholders’ feedback in order to better understand how requirements applicable to data – e.g., where and what data must be stored/retained, where it may be transferred, the rules governing the security or access to data, could affect (either enabling or impeding) cross-border payments, by potentially affecting cost, speed, access, security of cross-border payments, or interoperability of cross-border payment networks. Stakeholder views are also requested on what any potential frictions are, as well as which policies are most effective.

Many of the frictions contributing to these challenges arise from their cross-jurisdictional nature. One of the key topics to consider is how existing national and regional data frameworks interact with and affect the functioning, regulation and supervision of cross-border payment arrangements.

Data Frameworks within scope include:

• Domestic data frameworks, including rules, regulations, guidelines and supervisory guidance, that affect the provision of - or access to - cross-border payment services in one or more jurisdictions, or the manner in which those services utilize cross-border payments data in one or more jurisdictions, such as:
  • Frameworks regulating access to data, such as open banking frameworks
  • Frameworks regulating data privacy, security or storage, such as data location requirements, electronic communications, data sharing with use of third-party providers
  • Requirements for data retention, e.g., required data items for regulatory compliance
  • Multilateral, bilateral trade agreements covering use and sharing of data across borders
• Implementation of international standards from the FSB and other standard-setting bodies, including BCBS, CPMI, FATF, IAIS, IOSCO, if not included as part of formal domestic data frameworks.
• Other international efforts, arrangements, or agreements that jurisdictions may implement in their domestic data frameworks or that may affect cross-border data flows.

Responses to the survey will support FSB member authorities in the analysis of the constraints on cross-border data flows imposed by existing national and regional data frameworks. Individual responses will be shared with members of the FSB’s Cross-border Payment Data and Identifiers Group (CPDI), which is conducting the stocktake, but will not be published. An anonymised summary of the responses may be included in published material concerning the stocktake.

The survey closes on Friday 14 January 2022 at 08:59 AM CET.

For questions please contact the FSB.