The IIF has submitted comments in response to the Financial Stability Board’s (FSB’s) consultation on “Recommendations to Promote Alignment and Interoperability Across Data Frameworks Related to Cross-border Payments,” published on July 16, 2024. These comments draw upon discussions with our Cross-border Payments Task Group (XPTG) as well as frequent bilateral contacts with our members.

The IIF expresses strong overall support for the FSB’s proposed recommendations to address the important issues raised by the impact of data frameworks, including data localization rules and other data barriers, on cross-border payments. We particularly welcome the proposed new multi-stakeholder forum, the focus on addressing data localization, and the proposal for standardized pathways for data sharing. The IIF and its members stand ready to engage in additional discussions and consultations on these topics, and we look forward to the final recommendations by end-2024.