Payments
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
Average RTGS system processes millions of payments yearly
Benchmarking data shows wide range of transaction volumes
Virtual asset service provider sues Fed
Crypto firm wants “master account” but critics warn of regulatory problems
Most central banks have oversight of non-bank payments systems
Less than half have oversight of non-bank fintech service providers
Some central banks directly regulate RTGS prices
Direct intervention in pricing of other payments means is less common, benchmark respondents say
Round-the-clock RTGS operation still uncommon
Most central banks keep core settlement system running for 7–12 hours each day
Norges Bank flags rising cyber threats
Study finds payment system is efficient and offers lower costs than neighbouring countries
Mitigating regulatory risks of mobile payments
Third-party payment providers need to give up data to supervisors to prevent fraud
Asean pushing for greater retail payments connectivity
Finance ministers and governors discuss QR codes and instant cross-border payments
Every CBDC decision is a tradeoff, says Bank of Canada’s Shah
Privacy, security, and offline access present difficult problems
Bank of Thailand and finance ministry delay PayPal suspension
PayPal Thailand must comply with KYC regulations by end of year, central bank says
Botswana cancels cheques
Banks will cease processing cheques from 2024
Accenture to lead creation of UAE instant payments platform
Firm says consortium will create cloud-based system to enable 24/7 payments and transfers
ECB criticises Polish law on cash use
Frank Elderson says law “may not be in public interest” and says government failed to consult ECB
Brazil’s largest state considers suspending Pix payments
São Paulo legislature examining payments system shutdown as an anti-crime measure
Eurosystem approves new payments oversight framework
‘Pisa’ principles will cover stablecoins, e-wallets and other payments arrangements, ECB says
Brazil’s Pix system used by 62% of population – central bank
Real-time retail payments platform was most-used means of payments in October – BCB
Global CBDC network could save multinationals nearly $100bn
Payments system could eliminate delays and need for multiple correspondent banks
UAE partly decriminalises passing bad cheques
New law meant to encourage recovery, justice and more modern forms of payment
US regulators call for new stablecoin regulations
Working group wants issuers to be insured and regulated like banks
PBoC steps up efforts to safeguard cash use
Chinese central bank fines railway $78,000 over refusal to accept cash in ticket office