Committee on Payments and Market Infrastructures (CPMI)
Regulators need common crypto asset standards – policy-makers
“Too many” crypto assets created to avoid regulation, official tells Central Banking summit
CPMI tracks further decline in correspondent banking
Number of active correspondents down over 20% since 2011, latest data shows
Regulators must enforce stronger payment data protection – CPMI
Payment oversight needs to be updated to accommodate fintech firms and protect consumers
Powell to lead two key BIS committees
French governor leads BCBS oversight body, BoE’s Cunliffe to head CPMI, and NY Fed has key Americas role
New data reveals 20% drop in correspondent banking
CPMI data reveals ongoing decline; FSB unveils latest work to reverse trend
Beyond payments: central bank digital currency
The issuance of central bank digital currencies, such as Sweden’s proposed e-krona, could facilitate monetary policy beyond the zero lower bound
Standard-setters update analysis of CCP network
Basel-based organisations find network has only shifted somewhat in the past year
FSB weighs effects of post-crisis reforms on central clearing
Report finds incentives to centrally clear are strong in the “systemic core” but weaker elsewhere; some rules could benefit from adjustment
FSB launches crypto asset monitoring framework
Metrics will focus on the financial stability risk of crypto market; much of the data will be pulled from public sources
HKMA has no plans to launch digital currency - Treasury official
Hong Kong’s efficient payment infrastructure lessens incentive to go digital, official says
Danish central bank recommends security upgrade for payment systems
New cyber security measures, risk management rules and stress tests should be implemented
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
The hunt for a crypto taxonomy
Cryptocurrency, crypto asset, crypto token – or something else? Finding the right term helps shed light on the structure of the fast-growing crypto market
Do not discount central bank digital currency yet – Lagarde
IMF chief says central banks may be forced to issue their own form of crypto-asset if private sector alternatives remain ‘risky and unstable’
Central bank digital currencies could aid policy transmission – BIS
BIS says CBDC may boost transmission of rate changes, but could also lead to runs at “unprecedented speed and scale”
Standard setters welcome effort to halt correspondent banking decline
Efforts to standardise data gathering aim to cut cost of correspondent banking, as latest FSB figures show further decline
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
FSB recommends global governance for UTI
FSB concludes ISO should publish and maintain the standard with additional governance from CPMI and Iosco
CPMI plans response to growth of wholesale payments fraud
Preliminary report outlines proposals designed to tackle security vulnerabilities in endpoints, as fraud becomes “increasingly sophisticated”
BIS payment stats to embrace non-banks and faster payments
New methodology acknowledges role fintech has played in reshaping payments landscape; contactless payment data to be included
BIS creates DLT analytical framework for central banks
CPMI working group lays out important questions for central banks when implementing distributed ledger tech for payments and settlement; access is a key concern
Central banks set up task force to fortify cyber security
Central banks to review current cyber security practices; Cœuré stresses need for “adequate checks” at each stage of the payment process
More than AML fears driving correspondent banks away from Arab economies – report
AMF-IMF-World Bank survey of banks in Arab nations finds a broader de-risking to be behind pull-back of correspondent banking, though trend is uneven
FSB looks to halt correspondent banking decline
Board says it is working on filling data gaps, clarifying regulatory demands and building local capacity as signs point to a sharp decline in parts of the world