Payments
South Africa to stop cheque payments by 2021
Since August 2019, cheque usage has declined 59%
Brazil launches instant payments platform Pix
Central bank governor says new system aims to foster competition and integration
Covid-19 accelerates cash decline in Sweden
Riksbank report shows payments through Swish have already overtaken cash
ECB says Target2 outage was caused by third-party network device
“Root cause” was software defect in third-party network device in eurosystem’s network – ECB
Eurozone’s RTGS system suffers major outage
ECB says Target2 system’s production site had to shift to alternative region – rules out cyber incident
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
Swedish governor calls for laws to protect cash use
Ingves says Sweden must upgrade payments systems and move ahead with e-krona
ECB and Riksbank study cross-currency instant payments
Currently Tips only allows transactions between accounts in the same currency
Swift announces major changes to system
Cloud-based platform will allow end-to-end transactions visibility and innovation by firms, Swift says
Fed reveals instant payment plans
FedNow will feature interoperability on ISO 20022 message standard and new liquidity tool
Dutch cash payments fall sharply, DNB says
Cash payments were 30% of transactions in early 2020 but fell to 13% in April, study finds
The evolving role of central bank money in payments
The multiple-issuer/one-currency paradigm is set to remain in a CBDC world
Brazil suspends WhatsApp payments
Facebook’s app had launched digital payments in Brazil on June 15
Libra’s Disparte on big tech’s move into digital currency
Facebook-backed consortium still has more than 3 billion customers in its sights
FedNow: the road to non-bank access to US instant payments
Debate over granting non-banks access to Fed systems reveals possible flaws in US regulation
Cash usage falls further in Netherlands
Study shows contactless payments are the main driver away from cash payments
Bank of Jamaica launches fintech sandbox
Central bank hopes to “reduce the time, and potentially the costs” of fintech market entrance
Cash usage falling rapidly in Denmark
Share of the population not carrying cash doubled from 2017 to 2019
RBNZ launches new settlement platform
Platform includes interbank settlement system and central securities depository
Brazil to launch instant payments platform
System is set to become operational in November 2020 and will allow tax payments
Book notes: The power of money, by Robert Pringle
Economists would benefit from reading this “remarkable” book about money’s historical and social roles
Bank of Ghana payments overhaul to focus on fintech
Central bank will ensure regulation is fintech-friendly
Nigerian central bank tightens payments system supervision
Payments firms must set up boards to create proper risk management systems, central bank says
Tensions emerge in Fed’s push for instant payments
The US Faster Payments Council is in a better position than the Fed to tackle key issues, some say. Others welcome the Fed’s muscle in promoting competition