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
ECB welcomes Swedish draft law to order banks to supply cash
Proposed law follows Riksbank’s warnings on risks of Sweden’s rapid move away from cash
Kansas Fed paper looks at weak US fraud controls
US has much higher ‘in-person fraud’ rates than three other developed economies, researcher says
Greek cash limits should be scrapped, ECB argues
ECB says some caps are illegal and calls on competent authorities to decide on cash payment rules
Mobile payments accelerate decline in Swedish cash use
Cash accounted for just 6% of payments in 2018, and its value in circulation is barely 1% of GDP
New Zealanders increasingly abandoning cash – RBNZ survey
RBNZ warns about the effects a cashless society may have on those already excluded from digital innovations
Libra unlikely to play a major role in Sweden – Riksbank research
Existing payment systems are highly integrated into companies’ cash systems, and Libra would add exchange rate risks
Somali governor says mobile money platforms play key role
Kristalina Georgieva says IMF offers “full support” to Somalia’s efforts to secure debt relief
Argentina and Paraguay approve cross-border payments
All members of Mercosur trading bloc now have bilateral cross-border payments accords
Swedish state needs to face dangers of falling cash use, Riksbank says
Marginal role for the state in payments could weaken competition and trust, central bank argues
Bank of Mexico launches mobile payments platform
CoDi offers instant payments between individuals and companies, and aims to promote competition and financial inclusion
Kansas Fed’s George defends proposed instant payments system
Former FDIC head Bair warns current payment systems could fail “catastrophically”
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, the central bank says
Overseeing China’s payments revolution
PBoC has tried to strike balance between bigtech innovation and reining in risks
Venezuela uses Bank of Spain to carry out international transfers
Maduro regime faces sanctions to prevent it accessing US financial system
Fed aims for 24/7 instant payment system in US
FedNow Service should be available in 2023 or 2024, and Fed promises upgrade to existing systems
Costa Rican banks to adopt IBAN by October
Adopting international standard will modernise payments system, central bank says