Bank of Italy Financial Stability Board Workshop on the Interaction between data frameworks and cross border payments

As part of the Roadmap launched by G20 leaders to enhance cross-border payments to reduce costs and increase the speed, transparency and accessibility of cross-border payments, the Bank of Italy and the Financial Stability Board (FSB) are holding a workshop, open to the Authorities invited, on the interaction between cross-border payments and data frameworks (i.e. the laws, rules and regulatory requirements for collecting, storing and managing data relating to cross-border payments).

The objective is to assess how to mitigate any frictions deriving from data frameworks relevant to cross-border payments without compromising the frameworks' overarching objectives (e.g. data protection, AML/CFT).

In July 2024, the FSB published draft recommendations to promote alignment and interoperability across data frameworks relating to cross-border payments. This workshop will take stock of the feedback received on the draft recommendations and further discuss future work on data frameworks and the opportunities to cooperate with all stakeholders, including Data Protection Authorities (DPAs).

The keynote speaker at the workshop will be Martin Moloney, Deputy Secretary General of the Financial Stability Board.