FMI
Bank charges given support by Australian study
AUSTRALIA - A study by Macquarie University claims that banks are justified in charging high service fees.
OFT to become payments systems regulator
UK - Competition watchdog - UK treasury believes new powers will cut £1bn 'excess profits' made by banks.
Croatian payment settlement institute to be axed
CROATIA - The Croatian Payment Settlement Institute (ZAP) is to be abolished. Its functions will be divided between the central bank and commercial banks.
Credit card growth blamed for spiralling debt
AUSTRALIA - The proliferation of credit cards has contributed to the bad management of personal debt, according to NRMA Building Society research.
EU want equality of charges for payments
ARTICLE - EC news release, 25 July, Commission proposes principle of equality of charges for domestic payments and cross-border payments in euros.
Eurostat launches online economic database
UK - The European Union's statistical office Eurostat has launched a "Euro-indicators" subscription database aimed at economists and other professionals, some of whom complain that detailed data are hard to obtain.
Bank of Uganda introduces new cheques
UGANDA - Bank of Uganda (BOU) has announced the introduction of new cheques in a bid to standardise and improve the cheque operation system.
Indian committee suggests overseas clearing agent
INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.
Bangladesh central bank launches website
BANGLADESH - Bangladesh Bank, the country's central bank, on 11 July opened its website to allow access to economic information and financial data.
Indonesia c-bank implements new settlement system
INDONESIA - Bank Indonesia (BI), the Indonesian central bank, has implemented the Real-Time Gross Settlement (RTGS) system in Bandung. RTGS facilitates high-speed, high-value transactions. BI will also use RTGS to monitor the liquidity of banks and as an…
Federal Reserve Bank of New York Research
RESEARCH - Kevin J. Stiroh at the Federal Reserve Bank of New York has published an article titled Investing in Information Technology: Productivity Payoffs for U.S. Industries. The article is published in Current Issues in Economics and Finance, June…
China to unify mark on banking cards
CHINA - China's central bank issued a circular Monday demanding that all commercial banks adopt a unified "Yinlian" mark on their banking cards for the purpose of settling in the local currency, Renminbi.
Polish Computerland To Provide Software to Bank
POLAND - Polish computer systems integrator Computerland will provide its software systems to the domestic central bank (Narodowy Bank Polski - NBP).
Euro € - Reynders wants euro boost at cash machine
BELGIUM - Didier Reynders, the Belgian finance minister, on 28 June proposed making euro notes available to consumers on a limited basis prior to next year's January changeover, to help reduce the risk of queues and delays forecast by retail groups.
Third edition of the ECB's "blue book"
EUROPE - The European Central Bank (ECB) is today releasing to the public a report entitled "Payment and securities settlement systems in the European Union", also known as the "Blue Book".
Mobile phone plan may hasten cashless society
EUROPE - The FT in London reports on 28 June that three major mobile phone manufacturers are negotiating with leading banks so that mobile phones can be made to act as a type of creidt card.
Bank of Canada outsources 500 jobs
CANADA - The Bank of Canada said on 27 June it has hired Electronic Data Systems Corp. to help run a program that sells Canada Savings Bonds and other types of debt to the public, cutting the central bank's payroll by a third.
Computer law to fight bank fraud
US - The House Financial Services Committee approved legislation on 27 June that encourages regulators to link computer systems to help crack down on financial fraud.
Euro € - Warning on readiness for euro
USA - Oracle, the world's second largest software company, has warned that companies could hit an "information technology bottleneck" in the run-up to the introduction of euro notes and coins on 1 January.
Hacker fears prompt security check for Bacs
UK - The bank system that runs direct debits and electronic payments, Bacs, is reviewing its security amid calls for tighter protection against hackers.
Bank Indonesia Real Time Gross Settlement BI-RTGS
ARTICLE - Bank Indonesia began operating a Real Time Gross Settlement system in Bandung area on 5 June. With this system, inter-bank payments are settled in real time where the participant bank's accounts can be debited/credited several times per day.
Pricing of interbank payment services
RESEARCH - John A Weinberg, Vice President and Economist at the Federal Reserve Bank of Richmond has written a discussion paper titled 'The Pricing of Interbank Payment Services in a Changing Competitive Environment'. The paper was completed while he was…
Bank of England revamps its web site
UK - The Bank of England has transformed its online presence with a complete makeover to its external website and details on the Centre for Central Banking Studies handbooks.
Parliament worries over euro note chaos
Fears are growing that the introduction of euro notes and coins on 1 January 2001 will create logistical nightmares for eurozone authorities.