Payments
Kenya to extend RTGS system’s daily operating hours
Central bank says Kepps system will move from seven hours a day to 12 from July 1
Payments Benchmarks 2025 report – cross-border connections
Benchmarks highlight progress on instant payments, ISO 20022 adoption and bilateral links
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
Connectivity makes payments faster and cheaper – panel
Officials at Summer Meetings discuss need to facilitate cross-border payment systems
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Capping interchange fees would benefit cash and card users – Fed study
Authors say limit on payment card charges would be advantageous for both customers and merchants
A fireside chat with BIS head Agustín Carstens
The lifetime achievement award-winner speaks with Chris Jeffery about how experiencing inflation shaped his career, gaps in economic theory and macro-pru governance, the future of money and the importance of international co-operation
Half of central banks have yet to adopt ISO 20022 in RTGS systems
Adoption rate increased sharply in 2025 with more planning to upgrade soon
Digital yen must be as robust as cash – BoJ deputy governor
Uchida says Japanese CBDC will need to retain public trust to same degree as notes and coins
Instant payment system adoption grows 16.5% year on year
Most central banks either have a system or plan to launch one
Central banks value tokenisation for efficiency and security
Respondents see less value in crypto or stablecoin payments
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
European central banks taking more active role in cash cycle
Roundtable hears how fears over moral hazard are being set against need to preserve cash infrastructure
Russia’s neighbours work to enable digital offline payments
Central banks in Nordic and Baltic countries prepare back-up plans in event of major internet outages
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Riksbank: everyone should be able to pay in cash
Bank welcomes government report calling for payments in physical currency to be facilitated
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Iran launches second phase of payments link with Russia
Iranian stores to accept Russian bank cards via mobile app
East Africa governors discuss delayed single currency launch
Leaders adopt “masterplan” to modernise and integrate payments systems
Nigeria simplifies documentation for pan-African payments system
Revised process will affect PAPPS payments of up to $2,000 for individuals and $5,000 for businesses
Next phase of BoE RTGS project aims for atomic settlement
New platform settled £778 billion on first day of operation, deputy governor says
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
BIS, ECB, BoE develop synchronised cross-border FX transactions
BIS says Project Meridian FX reduces liquidity, credit and settlement risk