Around two-fifths of central banks planning instant payments
Central banks processed instant transactions with average value of over $124 billion in 2023
Most central banks have instant payment systems, but most institutions without the service say they are planning to launch one, the Payments Benchmarks 2024 find.
Instant payments are already functional in 23 (59%) of 39 jurisdictions. Fifteen (38.5%) respondents without the scheme, however, say they have the plan on their agenda. Only one central bank from an upper-middle income jurisdiction in the Americas says it has no plans for a payment scheme.
On average, the 21 respondents that supplied
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
Payments Benchmarks 2024 – model banks analysis
Breakdowns of key data from the payments benchmark shed light on how the function is governed
Payments Benchmarks 2024 report – towards tokenisation
Benchmarks highlight optimism on tokenisation, hostility to crypto and efforts to upgrade RTGS
Non-banks in RTGSs: greater efficiency or more risk?
Policy-makers and practitioners from central banks in Brazil, Hungary, Israel, Romania, Rwanda and the US share their perspectives
Remittance fees unregulated in most jurisdictions despite high costs
But central banks identify opportunities in cross border payments integration
Banks are main instant payments participants
Email address is central banks’ least-used payment channel
Two in five RTGS systems experienced outage last year
Majority of central banks plan technology upgrade within a year
Most central banks resistant to crypto in retail payments
Just six central banks are open to retail payments being facilitated by digital assets like bitcoin
Majority of central banks increased payment system budget in 2023
Nearly half of central banks say resourcing is not sufficient