News/Payments
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
Swift announces major changes to system
Cloud-based platform will allow end-to-end transactions visibility and innovation by firms, Swift says
Fed reveals instant payment plans
FedNow will feature interoperability on ISO 20022 message standard and new liquidity tool
FedNow: the road to non-bank access to US instant payments
Debate over granting non-banks access to Fed systems reveals possible flaws in US regulation
Bank of Jamaica launches fintech sandbox
Central bank hopes to “reduce the time, and potentially the costs” of fintech market entrance
RBNZ launches new settlement platform
Platform includes interbank settlement system and central securities depository
Brazil to launch instant payments platform
System is set to become operational in November 2020 and will allow tax payments
Bank of Ghana payments overhaul to focus on fintech
Central bank will ensure regulation is fintech-friendly, while promoting adoption through new licensing regime
Nigerian central bank tightens payments system supervision
Payments firms must set up boards to create proper risk management systems, central bank says
Tensions emerge in Fed’s push for instant payments
The US Faster Payments Council is in a better position than the Fed to tackle key issues, some say. Others welcome the Fed’s muscle in promoting competition
ECB welcomes Swedish draft law to order banks to supply cash
Proposed law follows Riksbank’s warnings on risks of Sweden’s rapid move away from cash
Greek cash limits should be scrapped, ECB argues
ECB says some caps are illegal and calls on competent authorities to decide on cash payment rules
Mobile payments accelerate decline in Swedish cash use
Cash accounted for just 6% of payments in 2018, and its value in circulation is barely 1% of GDP
Somali governor says mobile money platforms play key role
Kristalina Georgieva says IMF offers “full support” to Somalia’s efforts to secure debt relief
Swedish state needs to face dangers of falling cash use, Riksbank says
Marginal role for the state in payments could weaken competition and trust, central bank argues
Bank of Mexico launches mobile payments platform
CoDi offers instant payments between individuals and companies, and aims to promote competition and financial inclusion
Kansas Fed’s George defends proposed instant payments system
Former FDIC head Bair warns current payment systems could fail “catastrophically”
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, the central bank says
Venezuela uses Bank of Spain to carry out international transfers
Maduro regime faces sanctions to prevent it accessing US financial system
Fed aims for 24/7 instant payment system in US
FedNow Service should be available in 2023 or 2024, and Fed promises upgrade to existing systems
Costa Rican banks to adopt IBAN by October
Adopting international standard will modernise payments system, central bank says
Belize starts charging banks for payment processing
Central bank had previously shouldered the cost of the payment system
RBNZ highlights cash advantages as usage declines
New Zealand central bank aims to protect sectors of society more reliant on cash
Denmark’s RTGS proves resilient to liquidity stress test
Kronos responds to IT failure, lack of access to money markets and reduced intraday credit