Earlier this month the Financial Stability Board (FSB) brought together an eclectic mix of policy wonks, privacy pros, and payment systems experts in Basel for its Forum on Cross-Border Payments Data.

Hosted in collaboration with the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF), the forum aims to crack the code on one of global finance’s sticky problems: cross-border data inconsistency.

When countries speak different regulatory dialects, data doesn’t flow smoothly. That makes cross-border payments slower, costlier, and riskier. The forum tackled this head-on, diving into efforts already underway – and outlining new ones – to harmonise and align payment-related data requirements across jurisdictions. Think fewer regulatory potholes and more interoperability on the international payments highway.

Launched in March this year following FSB’s 2024 recommendations on cross-border data frameworks, the forum is now central to the Board’s push for turning policy into action. Led by Gianmatteo Piazza of the Bank of Italy, it’s a sign that the FSB is turning up the volume on implementation.

Streamlined, interoperable data flows are essential for effective digital reporting – and vice versa. Standardised digital reporting across borders helps ensure that data can be interpreted and compared consistently, no matter the jurisdiction.