Payments
Swedish deputy governor praises eurosystem’s instant payments project
Government involvement necessary for safe real-time payments, Jochnick says
Australian payments upgrade eases emergency payments – RBA deputy governor
New payments platform speeds payments between government agencies, Boulton says
Denmark completes RTGS renewal
New functionality will allow Danish banks access to Europe’s Target2-Securities in late 2018
A real-time payments revolution in Asia
Asian central banks have encouraged the development of instant payment systems to defend monetary policy transmission and counter cryptocurrency usage
PBoC warns businesses not to reject cash
Businesses are being given one month to rectify their practices
Businesses less willing to accept cash payments – Atlanta Fed
Increasing number of businesses are becoming reluctant to accept low-value cash payments
Cash usage unlikely to disappear – Atlanta Fed
Universal access, in-person shopping and preference among low-income groups support cash
Riksbank considers joining eurozone’s real-time payments network
Stefan Ingves says central bank may have to investigate issuing a digital currency
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
Lack of demand reducing cash use in Sweden – analysts
Riksbank paper says technological change is rapidly changing payment patterns in the country
Danish central bank recommends security upgrade for payment systems
New cyber security measures, risk management rules and stress tests should be implemented
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
CPMI flags up need for better cross-border payment options
Current infrastructure offers slow and costly transactions that are hard to track, says Committee on Payments and Market Infrastructures
BCEAO denounces ‘fraudulent’ messages on social media
The Central Bank of West African States denies the existence of false serial numbers on banknotes
PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased, as PBoC seeks to crack down on payment risks
Singapore broadens push into e-payments
Singapore expands payments regulation frameworks and launches a common QR code for e-payments
TCH launches real-time payment platform in US
Firm launches US’s first real-time payment system, cutting transaction times from days to seconds
Hong Kong seeks mobile wallet capabilities in China
Authorities in drive to ensure Hong Kong mobile phone e-payments work in China; faster payments roll-out due next year but no urgent rush to go cashless, says HKMA official
Kenya’s digital transformation
The use of innovative digital financial services has transformed financial inclusion in Kenya, writes the chairman of the Central Bank of Kenya
Riksbank simulates a payments crisis scenario
Central bank deems offline payments and withdrawals a suitable alternative to credit cards
Payments evolution will result in bank business model changes
Mid-sized banks will have to transform business models in order to remain relevant, says Swift, as fintech and globalisation threaten traditional practices
Latvian central bank unveils instant payments system
System is the first to be compatible with the Single Euro Payments Area project, says the bank
Fed issues guidelines for joint accounts with private banks
Initiative aims to create more efficient US payments system