Payments
BIS and BoE launch project to simplify FX transactions
Project Meridian FX seeks to link RTGS and DLT systems
Two in five RTGS systems experienced outage last year
Majority of central banks plan technology upgrade within a year
Around two-fifths of central banks planning instant payments
Central banks processed instant transactions with average value of over $124 billion in 2023
BIS to test automatic FX settlement in wholesale CBDC
Project will explore how interlinked payments systems can improve cross-border payments
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
Reserve Bank of India plans to take payments system to 20 countries
Peruvian central bank signs agreement to use India’s Unified Payment Interface
Majority of central banks increased payment system budget in 2023
Nearly half of central banks say resourcing is not sufficient
Average cost of running RTGS systems is $1.8 million
Annual costs slightly higher than last year’s benchmark
Oman central bank joins Afaq payments system
System is operated by company owned by Gulf region’s central banks
Most RTGS systems operate between seven and 12 hours daily
More than 40 institutions on average have direct access to infrastructure
Most central banks optimistic about tokenisation
Programmability, digital signatures and enhanced security are some purported benefits
Qatar to test large payments using CBDC
Central bank says it will test AI and distributed ledger technology
Slightly over half of payments teams outsource services to third parties
Contracting central banks provide information on attendant risks and precautionary measures
Payments staff strength averages close to 30 personnel
Employees in the Americas collect highest average annual salary
Fewer than half of central banks involved in pricing payments
But Asia-Pacific and African institutions are typically do engage in pricing
Cross-border payments key to boosting riel, Cambodian governor says
QR payments set to expand to India and Japan, as central bank aims for independent monetary policy
Over a third of central banks say retail payments are diversifying
Americas and Asia-Pacific tend to report diversification, as tech and regulation drives change
Over half of central banks have payments oversight powers
Networks and international remittance supervision only covered in a few jurisdictions
Retail CBDC complexity may discourage adoption, says research
Kansas City Fed author argues Caribbean CBDCs have struggled to add value
RBA report looks at cross-border payments
Multilateral platform would be more scalable than bilateral links, Australian central bank says
Day-to-day payments too reliant on big tech – BdF deputy
Digital euro will not create a European ‘Big Brother’, Denis Beau says