Assessing Data Sharing Risk in Cross-Border Payment: Insights from Institutional Experts

The development of Cross-Border Payments (CBP) offers efficiency while increasing the complexity of risks, particularly those related to data-sharing and data sovereignty in Indonesia. Although previous studies have addressed CBP systems from the perspectives of efficiency, interoperability, and regulation, there is limited research that systematically identifies risks associated with data sharing across jurisdictions. This study identifies and prioritizes key CBP risk factors that directly affect the security of cross-border data sharing and data control. The Fuzzy Delphi Method (FDM) was used to reach expert consensus on the risk factors identified through a systematic literature review. The results indicate that the most critical data-sharing risks in CBP are in the technological and cybersecurity domains, particularly weak data encryption and information transmission problems. The findings confirm that weaknesses in data encryption and transmission security are the primary sources of risk in cross-border data sharing, and have direct implications for data sovereignty. Several factors did not reach the consensus criteria and were not included as key risks in CBP transactions. The main contribution of this study is a consensus-based risk mapping that specifically focuses on the dimensions of data sharing and data sovereignty, along with proposed mitigation strategies grounded in prior research, as recommendations for strengthening the CBP's security architecture and data sovereignty.