FMI
ECB’s Cœuré highlights US and Europe payments division
Executive board member Benoît Cœuré says credit cards play a larger role in the US payments industry; identifies benefits of expanding European debit card usage
Emirates central bank to introduce direct debit system
Central Bank of UAE to bring in direct debit system to allow payment in instalments without the need for post-dated cheques
Payment pricing preventing electronic migration in Ireland
Article in central bank’s quarterly bulletin finds Ireland could save €1 billion by switching from cheques to a more efficient payment instrument
Bank of Lithuania chief urges banks to consider fee cuts as non-cash payments rise
Report shows sharp increase in volume of non-cash payments in Lithuania; governor Vitas Vasiliauskas says this gives banks room to consider cutting fees
Fiji's new $5 note is island nation's polymer pioneer
New FJ$5 note will be Fiji's first polymer banknote, and will supplant the defunct FJ$2 note as the country's smallest
Norwegian paper finds implicit intra-day interest rate in UK money market
Research says that – in the absence of contractually binding repayment time – there is an implicit cost of delaying payments in the UK’s overnight money market
Canadian deputy encourages use of derivatives central counterparty
Bank of Canada deputy calls for ‘material increase’ in central counterparty membership; supports smaller institutions accessing service through existing participants
BoE urges banks to use payments systems directly
Bank of England identifies need to clamp down on banks accessing high-value payment systems through other banks as it creates credit and liquidity risks
Dutch paper analyses changes in unsecured overnight money market
Study examines changes to the ECB’s monetary policy framework in the mid-2000s; finds they reduced volatility in Dutch segment of Target II system
Sepa migration at risk due to poor preparedness, says ECB
First progress report expresses alarm at some companies planning to migrate very close to deadline; payments could be disrupted if deadline missed, but Benoît Cœuré says ‘there is no plan B’
RBI paper develops method for estimating counterfeit volumes
Researchers redesign inverse sampling statistical method, aiming to measure extent of counterfeiting in India with ‘credible precision’
T2S chief warns regulatory inaction could damage harmonisation process
Jean-Michel Godeffroy says CSD regulation must be passed this year to avoid harmonisation delays; conference panellists raise concerns over costs, limited participation and financial transaction tax
BoJ unveils policy for oversight of market infrastructure
The Bank of Japan reveals new policy for its oversight of payment and settlement systems and CCPs; mainly concerned with mitigating systemic risk
Riksbank’s payment system restored after technical failure
Sweden’s large-value payments system, RIX, restored to full functionality after failing to start yesterday afternoon. But cause of disruption still unknown
T2S programme hit by delays with costs set to soar
Europe’s new securities settlement system, Target2-Securities, faces tough implementation schedule, say Clearstream and Euroclear officials; ECB reaffirms commitment to price plan and timescale
ECB lauds 2012 as year of ‘great achievement' for T2S programme
Annual report details progress in 2012 including 22 participating clearing houses and new governance and legal frameworks, though one deadline has already been missed
Czech National Bank enlists mobile app in fight against forgery
New mobile app to help Czechs check notes and coins for signs of forgery; counterfeit seizures continue downward trend
Singapore aims to match Hong Kong with ‘good-as-new' new year banknotes
Singapore follows Hong Kong's lead in encouraging public to use 'good-as-new' banknotes for new year gifts
BoJ paper quantifies benefits of liquidity-saving measures in RTGS
Working paper finds introduction of liquidity-saving features in Japan’s real-time gross settlement system has saved trillions of yen; urges vigilance as monetary easing is withdrawn
Australian banks propose ‘layered' high-speed payments system
Industry body presents ‘fast payments solution' based on core infrastructure and additional services; RBA describes proposals as ‘substantial initial progress'
RBI’s Khan seeks balance between cost and safety in retail payments
Deputy governor hints that CPSS-Iosco Principles for Financial Market Infrastructures may need to be toned down in India to avoid clashing with financial inclusion programmes
RBA offloads stake in scandal-hit Securency
Reserve Bank of Australia sells its shares in company embroiled in bribery scandal; central bank oversight of firm found to be appropriate
RBI deputy wants to make banking a 'fundamental right'
Kamalesh Chandra Chakrabarty champions universal access to basic banking services; says banks’ cost structures are incompatible with the ideal
Ireland aims to cut cheque use by two thirds in three years
Central Bank seeks to reduce cheque usage in line with European average, with the potential for significant reductions in the cost of payments