On 12 December 2024, the Financial Stability Board (FSB) published:

• Final Report – Recommendations to Promote Alignment and Interoperability Across Data Frameworks Related to Cross-border Payments. The Final Report sets out policy recommendations for promoting alignment and interoperability across data frameworks (i.e. the laws, rules, and regulatory requirements for collecting, storing and managing data) applicable to cross-border payments.

• Final Report – Recommendations for Regulating and Supervising Bank and Non-bank Payment Service Providers Offering Cross-border Payment Services. The Final Report contains six policy recommendations directed at competent authorities. Recommendations 1 to 3 detail steps that should be taken to identify, understand, and assess risks across the payment service provider (PSP) sector; to evaluate the effectiveness of existing laws, regulations, and supervisory frameworks in addressing these risks to identify needed adjustments; and to ensure the protection of consumers who use cross-border payment services. Recommendation 4 addresses the need for clear guidance on supervisory expectations across the sector to promote the safe and efficient provision of cross-border payment services. Recommendation 5 covers the role of licensing or registration requirements in ensuring a risk-proportionate level playing field from the time a PSP enters the sector. Recommendation 6 emphasises the need to foster expanded information and data sharing both within and across jurisdictions, which is critical to conducting comprehensive risk assessments and as needed, taking regulatory or supervisory actions.