FMI
Payments evolution will result in bank business model changes
Mid-sized banks will have to transform business models in order to remain relevant, says Swift, as fintech and globalisation threaten traditional practices
MAS working to keep crypto-currencies and ICOs under control
Authority is mulling how to respond to the growth of crypto-currencies and initial coin offerings
Race against time for fiat currencies – Lagarde
IMF managing director envisages digital currencies taking over in countries with “unstable currencies”, but infrastructure has to be improved first
CPMI plans response to growth of wholesale payments fraud
Preliminary report outlines proposals designed to tackle security vulnerabilities in endpoints, as fraud becomes “increasingly sophisticated”
Monetary Authority of Singapore courts Asia bond issuers
MAS aims to strengthen Singapore’s position as Asia’s fixed-income hub for bond issuers
Central banks will be using blockchain by 2019 – research
Study examines pros and cons of central banks adopting blockchain and considers use cases
Uruguay’s digital currency pilot ‘close to launch’, says governor
Central bank’s initiative will allow the public to access digital currency via mobile wallets; Ecuador’s prototype proves a flop
DLT not ready for retail payments – Bundesbank
German central bank says retail payment systems are already sufficient to support fast transfers; DLT could be used to streamline global payment processes
BoE economist discusses danger of ‘virtual’ bank run
Faster payments and rise of smartphone technology have made it possible for consumers to drain commercial banks without having to leave their homes, official says
Namibia weighs in on DLT debate
Central bank deems unregulated virtual currencies “unsafe” but sees merit in underlying technology
Swift helps US real-time payments movement gain traction
The Clearing House will use Swift’s messaging software as “gateway” to new system, set to go live in 2018 after pilot phase
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
Digital currencies could transform the role of central banks – Chilean governor
Marcel is wary of developments with CBDCs, but believes they are still a long way off; he urges central banks to keep pace with fintech innovation
IMF explores ways to increase profitability of Italy’s banking sector
Italian banks have operated in a low-growth environment since early 1990s; eurozone interest rates at record lows since global financial crisis
Belize launches next phase of payment overhaul
Cheque payments which would have taken up to a week will be processed within 24 hours under new system, with further plans to revamp the securities market infrastructure in the pipeline
Task force calls on Fed to upgrade settlement system
Faster payments task force urges Fed to expand settlement service to all hours and open it to new participants; Fed may need to play an “operational role”
Belarus turns to blockchain for information sharing
Central bank uses technology for new information sharing network with plans to deploy the tech to other areas, including securities market
Tensions rise as EU payments deadline nears
Europe’s revised payment services directive is meant to boost innovation, competition and security, but many are concerned it has serious flaws
BoE opens RTGS to non-bank payment service providers
Non-banks gain direct access to settlement accounts at the Bank of England for the first time, though they will not be able to participate in monetary operations
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
CCP network study uncovers highly concentrated core of firms
First data-collection exercise of its kind reveals a concentrated core and more dispersed periphery, with the possibility of shocks spreading outward
Macedonia’s Kadievska: DLT could ‘completely replace’ some intermediaries
Maja Kadievska analyses the pros and cons of distributed ledger technology, noting it could have the power to cause disruption to existing financial market infrastructure
Fixing the ‘perverse incentives’ in the SLR
Richard Heckinger warns the US’s supplementary leverage ratio in its current form discourages banks from using central counterparties