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ICBA issued comments to the Financial Stability Board in response to its Recommendations for Regulating and Supervising Bank and Non-bank Payment Service Providers Offering Cross-border Payment Services: Consultation Report. This effort marks the latest step in the FSB’s work to fulfill the G20 directive to improve cross-border payments speed, efficiency, transparency, and costs by 2027.
ICBA said it agrees with the basic premise surveyed throughout the report that nonbank payment service providers involved in cross-border payments are not subject to the same level of regulation, supervision, and oversight as banks. It also agrees that the current level of regulation, supervision, and oversight has not kept pace with either their growth within the marketplace or the rapid pace of technological development.
Therefore, ICBA said it respects the five guiding principles established within the FSB’s document as a reasonable foundation for domestic and international policymakers to continue their work to close the gap between banks and nonbank entities.