Payments
Central Banking FinTech RegTech Global Awards 2022
Central Banking’s fifth annual FinTech RegTech Global Awards showcase the ground-breaking projects undertaken within the central banking community
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
Average RTGS system processes millions of payments yearly
Benchmarking data shows wide range of transaction volumes
Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
Crypto market faces growing fragmentation – BIS paper
Crypto assets are failing to generate network effects seen in standard payments, authors find
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
CBDCs could improve energy efficiency of payments – IMF paper
Design choices could allow for greater efficiency than existing credit card infrastructure
Few central banks offer free RTGS transactions
Most central banks use a mix of fixed and variable fees to recoup RTGS operating costs
Round-the-clock RTGS operation still uncommon
Most central banks keep core settlement system running for 7–12 hours each day
BoJ finds some CBDC designs suffer from bottlenecks
Designs faced pressures on transaction throughput, latency and CPU load
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor speaks with Dan Hardie about how he tackled financial instability in the aftermath of a war
Central banks use many third parties for payments projects
Respondents mention various providers, with Montran the most frequently cited
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Three-quarters of central banks exploring CBDCs for retail payments
Though research is common, only a few have moved to pilot or roll out the technology
BoE set to gain stablecoin insolvency powers
Government proposal would amend existing rules for dealing with failed payment systems
Majority of central banks only have one RTGS contingency site
More than half of institutions have had RTGS outages since 2020
Many central banks plan RTGS upgrades in coming year
Over 80% expect to renovate systems within five years
Finland’s payments must be ready for emergencies, governor says
Rehn praises public-private emergency partnership but calls for “even higher level” of readiness
Digital yuan being tested at Chinese high school
“Smart ID card” allows students to make purchases – and parents to track them
Riksbank launches 24/7 instant settlement system
Rix-Inst operates on same technology as ECB’s Tips system
Norges Bank flags rising cyber threats
Study finds payment system is efficient and offers lower costs than neighbouring countries
Fed research examines single cyber attack’s effects on stability
Federal funds market and discount window kept banks liquid despite attack – researchers