Payments
Fed proposals for updated payments system meets with mixed response
Some industry practitioners tell Fed it should move faster on payments reform, though others argue if it isn't broken, don't fix it
Dutch paper finds Germans ‘substantially more cash oriented’ than other nationalities
Researchers consider why cash is still ‘heavily used’ for low-value payments in Europe; attributes German consumers' continued use of cash to ‘precautionary’ reasons
Payments and clearing technology provider of the year: VocaLink
VocaLink has excelled by building the infrastructure for a new accounts switching service in the UK and exporting its pioneering Faster Payments platform overseas
Major international banks join UK's high-value payment system
BNY Mellon, ING Bank, Northern Trust, BNP Paribas and Société Générale have until now participated in Chaps indirectly, in an arrangement criticised by the Bank of England
Two-thirds of US non-cash payments by card, but cheques persist
Payments by credit and debit cards grew nearly 8% annually between 2009 and 2012, according to new Fed data; 122.8 billion non-cash payments made in 2012, worth $79 trillion
ECB launches online competition to familiarise citizens with new €10 banknote
Players have to uncover four security features and also guess the number of euro banknotes in circulation in the euro area on December 31, 2013; new note unveiled on January 13
HKMA launches ‘hassle-free’ electronics payments platform
Hong Kong Monetary Authority says the platform will enable the general public to receive, manage and schedule electronic payments in three different currencies through one portal
Pakistan deputy wants new data protection laws for payments
Ashraf Mahmood Wathra welcomes the ‘innovative banking practices’ driving financial inclusion but says data protection must keep pace
Philippine governor touts country's microfinance expansion
Amando Tetangco outlines ways in which the central bank has facilitated developments; says recent catastrophe underscores the need for 'microinsurance'
Design of Norwegian banknotes charts new waters
Norges Bank reveals upcoming banknote series will share a maritime theme, reflecting the country's 83,000km coastline; notes will not feature human portraiture
Israeli annual report for bank customers could be first step to reduce transparency 'knowledge gap'
Bank of Israel supervisor pushes for banks to provide customers with tailored yearly reports; UK consultancy says future lies in 'single online portal' for all financial products
ECB launches public consultation on mobile payments security recommendations
The governing council of the ECB asks market participants to comment on draft recommendations intended to make mobile payments more secure; interested parties have until January 31 to weigh in
Norges Bank deputy discusses institutional underpinnings of central bank activities
Jan Qvigstad highlights the importance of institutions in facilitating payments in an era when money lacks intrinsic value; chides Argentinian government for meddling with statistics
Taiwan upgrading payments tech in RMB push
A deputy governor at the Taiwanese central bank reveals plans to expand the country’s new foreign currency clearing system to create technological backbone for offshore renminbi market
Bank of England waging payment system war on three fronts
Chief cashier Chris Salmon says the central bank must contend with issues relating to cyber security, user access and new regulation within the UK payments infrastructure
Swiss researchers sceptical about advanced settlement algorithms
SNB working paper says overhauling the algorithms used in the Swiss Interbank Clearing system would produce an ‘economically irrelevant’ reduction in settlement delay and ‘low’ cost savings
Cœuré concerned over 'big bang’ payments migration
ECB says many member states are planning to migrate to the Single Euro Payments Area in the last quarter of the year; Benoît Cœuré points to operational risks of leaving it to the last minute
RBA proposes Australian Payments Council to strengthen industry coordination
Reserve Bank of Australia and industry body Australian Payments Clearing Association launch consultation on establishment of new payments council
ECB’s Cœuré laments slow payments progress
Benoît Cœuré says closer integration of payment systems in Europe would bring major benefits, but is being held back by limited efforts at standardisation; urges banks to innovate more
UK’s Chaps continues growth despite losses to Faster Payments
High-value payments system handled an increasing value of transactions in 2012 despite widespread migration to Faster Payments, according to first ever Chaps report
RBI launches ‘advanced’ new RTGS system
New platform expected to ‘significantly’ boost efficiency, and thought to be first ISO 20022-compliant RTGS system; Rajan says it keeps central bank a step ahead of financial markets
Malaysian deputy says ATM network can drive e-banking adoption
Muhammad bin Ibrahim urges banks to go to greater pains to educate their customers in the benefits of e-banking; says ATMs are important means of making electronic transactions
BIS praises ‘complex’ payments reform in Macedonia
New payment system implemented near the turn of the century created a more efficient and sophisticated industry; potential EU membership driving additional reforms
New $100 bill the ‘most sophisticated piece of currency' to date, says Fisher
Most counterfeited US bill is embellished with new security features to 'deter bad guys' and protect consumers and businesses from losses