Payments
UAE and China to enhance cross-border payments
Emirati central bank signs MoU with Cips to streamline bilateral financial transactions
Kenya to extend RTGS system’s daily operating hours
Central bank says Kepps system will move from seven hours a day to 12 from July 1
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
Connectivity makes payments faster and cheaper – panel
Officials at Summer Meetings discuss need to facilitate cross-border payment systems
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Central banks favour instant payments over CBDCs
Interoperability of systems and financial inclusion drive decisions among survey respondents
Capping interchange fees would benefit cash and card users – Fed study
Authors say limit on payment card charges would be advantageous for both customers and merchants
Half of central banks have yet to adopt ISO 20022 in RTGS systems
Adoption rate increased sharply in 2025 with more planning to upgrade soon
Instant payment system adoption grows 16.5% year on year
Most central banks either have a system or plan to launch one
Near-24/7 RTGS systems more susceptible to outages
Central banks with longest uptime also report highest number of contingency sites
Brazil to enable recurring payment feature for Pix
BCB’s payment system will launch new function on June 16 after delay
Most RTGS systems projected for upgrade within a year
Two in three RTGSs operating 13–16 hours daily to be upgraded within a year
Central banks value tokenisation for efficiency and security
Respondents see less value in crypto or stablecoin payments
Budget and RTGS operating expenses rise year on year
Share of central banks charging both fixed and varied fees for RTGS access grows
Most central banks operate RTGS seven to 12 hours daily
Respondents processed over $6 trillion via system in 2024
Number of non-banks with RTGS access rises year on year
Middle income central banks account for largest number of connections
Iran and Oman to establish ‘joint bank’
Central bank says new institution will help with financial settlement
Half of retail payment sectors saw diversification last year
Changes include regulations, technology and rate of participation
Two-fifths of central banks leave payment fees unregulated
Middle income institutions more likely to regulate prices than other respondents
Larger teams more likely to oversee payments networks
Most central banks have general mandate to safeguard all payment systems
Quarter of payments departments report resourcing issues
Average number of FTE employees increases year on year to 40
Russia’s neighbours work to enable digital offline payments
Central banks in Nordic and Baltic countries prepare back-up plans in event of major internet outages
Korean officials argue for stablecoin authorisation body
Central bankers warn of currency substitution and monetary policy risks
Iran launches second phase of payments link with Russia
Iranian stores to accept Russian bank cards via mobile app