Payments
More than 80% of central banks are investigating CBDC
Central banks feel negatively about retail digital currencies in their payment systems
South African central bank prepares for total power failure
Sarb working on resilience plans but warns only “some transactions” may continue
Most central banks regulate or operate instant payment systems
Bank accounts, phone numbers and QR codes are most common access tools for instant payments
Third-party risks are a first priority for central banks
Cyber and concentration risks crystallise co-operation between critical infrastructure providers
Most RTGS systems are more than three years old
Nearly 60% of central banks plan to upgrade their RTGS payment system in the next year
Most central banks use third-party payment providers
Montran, Swift, and CMA Small Systems come up repeatedly as third parties
Payment security must improve, Norges Bank warns
Norwegian central bank says it will decide on design of new settlement system by 2025
Canadian RTGS system improves payments efficiency, paper says
Researchers examined transition from a hybrid high-value payment system to RTGS
Venezuela may join Russian card network
Mir system suffered major setbacks last year after US warning
Central bankers cast doubt on utility of CBDC
“Element of Fomo” drives projects on even when purpose is unclear and resources lacking
Papua New Guinea phasing out cheques
Central bank will stop processing cheques from larger businesses from end-2023
São Tomé gets loan for RTGS upgrade
Island country lacks automated system
Singapore and Malaysia set up cross-border payments link
Travellers can use QR codes to pay for transactions in foreign stores
Fed details Custodia rejection decision
Decision says Wyoming firm has deficient management and risky business model
BIS to trial Asian instant payments link
Project Nexus aims to create standardised cross-border link for different countries’ systems
FedNow set to launch in July
Onboarding to instant payment system begins in April, followed by production validation
Russian payment system to start operation in Cuba soon
Ambassador says Mir will help Cuba counter effects of embargo
India and Singapore link fast payments systems
Connection designed to help diaspora make cheaper and faster transfers
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral 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, including how redundancy, cost and complexity prevent central banks from operating more contingency sites
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