Payments
Iran and Russia to link banking systems to bypass sanctions
Move follows Iran’s signing of free trade “memorandum” with Russia-led EAEU
Brazil’s central bank reassures public that Pix is free
Online rumours claimed payments system would start charging consumers and firms
There’s work to be done on RTGS contingencies
Central bankers from Canada, Thailand, Singapore and Brazil discuss RTGS backup planning
Kentucky restaurant sues Fed
Restaurant latest plaintiff to argue that debit interchange fees are illegally high
Eurozone citizens still use cash in majority of transactions
Cash use declines since 2019, but still makes up almost 60% of transactions
Italy to allow larger cash payments despite central bank objections
Official warns move could encourage illicit activity
Kenya central bank restores mobile money transfer fees
Move will reverse anti-Covid measure, but cut fees from 2020 rates
Fijian central bank upgrades RTGS
New system will handle $81.6 billion of transactions annually, Reserve Bank of Fiji says
New York Fed advances two digital asset exchange projects
Regional Fed to test cross-border payments with MAS and explore “regulated liability network”
The long road to 24-hour RTGSs
Extended hours would help international payments but some central banks challenge the business case
Brazilian central bank will make Pix open source
Communications protocols will be open to all “for free”
Project shows blockchain making FX trades faster and safer – NY Fed
Tests by NY Fed and BIS settles FX spot trades in less than 15 seconds
‘Any use case’ helped Pix succeed, Brazilian official says
Focus on user experience, low fees and firms’ support brought success, head of Pix team says
BIS and central banks say multi-CBDC platform trial was a success
Central banks of China, Hong Kong, Thailand and UAE took part in US$22 million cross-border trial
FATF puts Myanmar on money-laundering blacklist
Move may increase economic pressure on military junta as currency crisis grows
ECB delays launch of new RTGS system and T2 consolidation
Launch had been scheduled for November but is now expected in March 2023
Banks in Kyrgyzstan suspend Mir
Operations limited in Kazakhstan, Uzbekistan, Turkey and Vietnam on threat of US sanctions
RBA payments systems suffer outage
Problem took too long to resolve, and platform is too fragile, payments executive claims
Payments Benchmarks 2022 – presentation
Payments specialist Riley Steward speaks about CBDCs, payments oversight, staffing and more
The race to adopt ISO 20022 payments messaging
Some do not plan to adopt the protocol, while others are preparing for a disjointed implementation
Russia’s Mir forced into retreat
Banks and payment systems across Asia banish Russian cards after US warnings
US CBDC research ‘could take years’, says Treasury
Report weighs design choices that could underpin digital dollar
Fiji will eliminate cheques from 2024
Governor says improved RTGS will replace paper payments
Campos Neto predicts end of credit cards
Brazil governor says Pix will be model for region’s payment systems