Payments
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
CBDCs could hugely improve cross-border payments – ECB’s Bindseil
“Holy grail” of secure, instant universal payments could be a reality in next 10 years, authors say
Chileans’ use of electronic payments is on the rise
Central bank report finds rapid increases in card and online payments.
Cash remains most common means of payment in Germany
But share of cash payments dropped from 74% in 2017 to 58% in 2021, Bundesbank finds
Iran imposes restrictions on payments
Authorities cite risk of cyber attacks, but economy has also faced capital flight
Payments Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the emergence of a novel digital payments landscape
US senator attacks regional Fed over fintech firm’s payments access
Kansas City Fed president Esther George refuses to release correspondence about terminating account
Payments Benchmarks 2022 report – on the shores of a digital future
Benchmarking data offer insights on mandates, staffing structure, oversight of payment services, RTGS design and management, and CBDC development
Payments oversight more difficult in poorer nations
Lower income central banks more likely to feel they need more resources