FMI
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
Swift to roll out cyber security programme
CEO announces five-part initiative, with improved information sharing a key element; full details to follow this week
Annual Target2 volumes fall, ECB announces
Transactions on the eurozone’s real-time gross settlement system fell to their lowest-ever level in 2015; ECB concerned this could threaten cost recovery
RBA's Edey signals end to lengthy card review process
Assistant governor lays out issues review will address when it is published next week, following two-year process
BoJ keeping options open on new technologies
Deputy governor Hiroshi Nakaso says the Bank of Japan is not planning to issue a digital currency any time soon, but is exploring the possibilities created by technological innovations
BoE paper: CCP legal framework may need work
Process of handling default is legally robust in many cases, but has room for improvement in others, authors say
Research considers use of blockchain in securities settlement
Paper published by SWIFT Institute says full application of technology could lead to, and would require, change in existing business processes in the industry
Liikanen anticipates more changes to come from digitisation
Many new actors in the payments system in recent years have still made use of existing instruments, Bank of Finland governor says – although this could change in the future
New York Fed official stresses third site capacity for FMIs
Richard Dzina argues systemic FMIs should consider maintaining technologically diverse third site solutions to successfully deal with present cyber challenges
Bank of Canada identifies first ‘prominent' payment system
The Automated Clearing Settlement System is considered "central" to Canadian payments and must now meet risk management standards based on global PFMI
Fijian annual report shows ‘huge decline’ in mobile money active agents
Reserve Bank of Fiji documents 84% decrease in registered active agents, while number of people registered for mobile money increased
Brazil and Paraguay near local currency payment system
Cross-border system could account for 5% of all trade between the countries; importers and exporters can use own currencies
Swiss RTGS update goes live
SNB hails successful launch of completely overhauled real-time gross settlement system; design has been made more flexible, incorporating ISO 20022 messaging standard
RBNZ signs up SIA to deliver RTGS replacement
Its subsidiary, Perago, will deliver payments infrastructure for New Zealand via “off-the-shelf” system used by Riksbank and Norges Bank
Malaysian deputy tells companies to provide ‘more than just a payment solution’
Muhammad bin Ibrahim stresses importance of financial institutions providing “value-added services” to their customers if they are to remain competitive
Fibre optics raise concentration of forex trading - paper
Barry Eichengreen and co-authors find technological gains from submarine fibre optic cables helped increase the concentration of foreign exchange trading
FSB intrigued by potential uses of distributed ledgers
Mark Carney says FSB members see ‘exciting opportunities’ in financial technology, including the potential for distributed ledgers to bring security and efficiency
Fed picks McKinsey to scrutinise faster payment proposals
Consultancy firm will assess options for a real-time system across the US, as task force members are invited to submit proposals
RBNZ proposes new powers over FMIs in times of crisis
Final crisis management plan proposal details two-tiered framework for FMIs; RBNZ and FMA would act if contingency plans not up to scratch
ECB’s Mersch provides update on infrastructure work
Yves Mersch says business requirements being gathered from market participants ahead of instant payments; highlights plans for review of harmonisation of collateralisation procedures
BoJ establishes working groups to consider how to make best use of BOJ-NET
Working group to look at ways to make effective use of settlement system; BOJ-NET to process more transactions across time zones
Bank of Japan ramps up efforts to prepare infrastructure for disaster
Central bank calls for examinations of business continuity plans, learning from the 2011 earthquake, in rare report on payments landscape; BOJ-NET extends operating time
RBNZ keeps settlement system due to lack of suitable bids
The Reserve Bank of New Zealand will retain its securities settlement system and depository, despite hoping to find it a new owner; also investing in separate platforms for NZClear and Esas
Sama completes payments infrastructure upgrade
Infrastructure overhaul allows faster card payments and higher volumes, supporting the expansion of electronic payments in Saudi Arabia