Global financial authority and standards-setting body The Financial Stability Board (FSB) has called for nominations for members of a newly established legal, regulatory, and supervisory (LRS) taskforce set with the aim of streamlining and enhancing cross-border payments.
The new LRS taskforce would serve, ultimately, to progress the G20 Roadmap for Enhancing Cross-border Payments, created and overseen by the FSB, delivering on the Roadmap’s key priorities by increasing engagement with the private sector.
The taskforce, made up of a mix of members from both the private and public sectors, will look to identify as well as provide feedback on and solutions to frictions in LRS frameworks that impact cross-border payments and data-related frameworks.
For instance, the group may look to identify and find solutions to asymmetries in cross-border payments standards worldwide, or how a lack of harmonisation between data frameworks may impact cross-border payments.
The FSB, currently seeking members specifically from the private sector to join the taskforce, has called for “senior managers with significant experience and direct responsibilities related to cross-border payments in the areas of compliance, legal, cross-border operations or risk management” to apply.
The approximately 30-member taskforce will be made up of around 20 individuals from the private sector alongside 10 from the government sphere (from within the regulation or supervision space), with the taskforce chair to be drawn from the public sector.
The FSB said it will look to fill the LRS taskforce ranks with individuals from “a wide variety of jurisdictions, regions, private-sector institutional types and business models, public-sector authorities and international organisations”.
The group will meet virtually and on a quarterly basis, with an initial term serving until the end of 2024.
The FSB’s fellow global financial services standards setter, the Bank for International Settlements (BIS), is also concurrently calling for nominations for members of a second taskforce on Cross-border Payments Interoperability and Extension.
Nominations for the FSB’s LRS taskforce and the BIS Cross-border Payments taskforce both close on 10 March 2023.