Payments
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
RTGS operating hours must expand, BoE’s Cunliffe says
Longer hours and more non-bank access would speed up cross-border payments, says CPMI chair
Swift gears up for innovation around digital currencies
Head of innovation at global payments messaging provider is focused on CBDCs, tokenised securities and artificial intelligence
CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
Cash remains most common means of payment in Germany
But share of cash payments dropped from 74% in 2017 to 58% in 2021, Bundesbank finds
FSB cross-border payments work hampered by data problems
Measuring progress “will not be straightforward”, working group says
Chile central bank opens CBDC survey
Poll is part of gradually unfolding evaluation of potential digital currency
Iran imposes restrictions on payments
Authorities cite risk of cyber attacks, but economy has also faced capital flight
Danish central bank sceptical on retail CBDC
Report says existing payment systems offer similar benefits, but case for CBDC could change
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
Japan and Soramitsu to conduct Asia-Pacific CBDC studies
Observers note de-dollarisation and spread of e-yuan as potential motivations
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
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
RBI aims to triple volume of digital payments by 2025
New strategy document aims to build on “phenomenal” growth in electronic payments
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Gender equality is key to sustainable development
Bank of Zambia deputy governor Rekha Mhango sets out the central bank’s strategy on financial inclusion
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
Nearly 30% of central banks implementing instant payments
Over half of respondents already oversee or operate instant payments
Understanding informal remittances
Better tracking of remittance flows could give central banks valuable insights to support policy, say Deepali Fernandes, Amil Aneja and Azar Sultanov
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Officials urge narrow focus as CBDC use cases proliferate
Communication and financial inclusion are critical concerns, Summer Meetings panellists agree
The FinTech and RegTech Global Awards 2022 virtual ceremony
View the trophy presentations and acceptance comments from the winners of the fifth annual FinTech and RegTech Global Awards