Financial Stability

Fed plans to change its check operations

The Federal Reserve System moved Thursday to streamline its behind-the-scenes check-processing operations, citing Americans' increasing use of debit cards and other electronic payment options to pay bills. The move is likely to lead to several hundred…

Maharishi Yogi's cash legal, says Dutch bank

The Dutch central bank said on Tuesday that an organisation founded by Beatles guru Maharishi Mahesh Yogi had not violated the law by issuing and using its own currency in the Netherlands.

RBI installs cutting-edge currency machines

The Reserve Bank of India (RBI) governor Bimal Jalan on Wednesday inaugurated the currency verification and processing system (CVPS) in RBI's Mumbai office. The system is part of the central bank's drive to weed out currency notes and replace them with…

Nyberg on the Swedish card payment market

SPEECH - In the speech 'The Swedish Card Payment Market - Current Challenges and Future Developments' Lars Nyberg of the Sveriges Riksbank said Swede's are great lovers of cash and prefer to use debit rather than credit cards. Nyberg says that as far as…

Clearing risks

ARTICLE - Following the publication of the G30 report last week this article describes the report as both wise and practical and it will serve as a road map that the many actors from the private and public sectors can use to reach the common destination…

G30 proposes payment system security revolution

The Group of Thirty have announced proposals for far-reaching reform of the global securities markets. The highly influential group, made up of prestigious members of the central and private banking community, has drawn up a detailed and comprehensive…

Bergo on Norwegian payment system efficiency

SPEECH - In the speech 'Efficiency in the Norwegian payment system' Jarle Bergo of Norges Bank said Norway has received praise for the efficiency of its payment system. However, Norway has decided to modernise the current settlement system because the…

Indian bank unveils first mobile ATM

ICICI Bank has taken technology one step further with the launch of its first mobile automated teller machine (ATM). The bank has got the Reserve Bank of India (RBI) approval for the mobile ATM in Punjab. "We have also applied for mobile branch licences…

ECB may issue €1 note to help curb price rises

The European Central Bank is to discuss the idea of introducing one euro banknotes as a possible way to curb inflation. However, the high velocity of circulation of low value notes coupled with higher production costs would make this an expensive option.

Australian credit-card case clears first hurdle

The potential complexity of Visa and MasterCard's landmark legal action against the Reserve Bank of Australia over credit-card reforms was underscored on Wednesday when the parties spent the day resolving how confidential information from 50 third…

Sri Lanka finalising scripless settlement system

The Central Bank of Sri Lanka is in the process of finalising the details of a scripless securities settlement system to be implemented next September, a central bank official said Tuesday.

New e-cash system in France

Regulators following the development of e-commerce will be interested to learn that the revolutionary electronic cash system for small transactions that has been tried out in several French provinces since 1999 went live in Paris in November.

MasterCard takes a swipe at RBA

The long running dispute between the credit card companies and Australia's reserve bank continued this week as legal action got under way. The action concerns alleged misconceptions by the Reserve Bank of its obligations under the Payments Systems …

Greens win reprieve on Irish notes landfill site

The problem of what to do with the old legacy currencies replaced by the euro reared its head in Ireland as the central bank bowed to pressure and agreed to look again at what it was doing with the old Irish punts and not just dump them in landfill sites.

Serb payment reform to prompt new bank mergers

Yugoslavia will shift responsibility for payment systems in January 2003 to commercial banks and away from the state controlled central bank. The move towards a more competitive payment systems market is likely to prove a testing time for Serbia and…

RBZ launches new payment system

ZIMBABWE - Starting on November 18, the Reserve Bank of Zimbabwe (RBZ) will introduce an electronic transfer and settlement system (ZETSS) that will link Zimbabwe's commercial banks in the movement of funds among participating banks using settlement…

Yugoslav bank chief rejects Montenegro's proposals

YUGOSLAVIA - Yugoslav National Bank Governor Mladjan Dinkic said Friday that in defining a payment operations' system with Serbia, Montenegro is insisting on solutions that are without parallel anywhere in the world, adding that Serbia will not accept…

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