Payments
MAS and RBI to link up payment systems
New linkage will allow for automation of capital controls, say authorities
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Cœuré issues urgent call for CBDC development
Central banks have no time to waste, says BIS official, as crypto and stablecoins threaten disruption
BoE permits cloud usage to support ISO 20022 migration
Cloud usage must be “controlled” and not risk wider payments ecosystem, BoE report says
Payments Benchmarks 2021 report – executive summary
Insights into staffing, mandates, oversight and RTGS management
Bitcoin becomes legal tender in El Salvador
Observers warn move could further destabilise the fragile Salvadoran economy
Payments Canada launches new wholesale payments system
Bank of Canada governor says new system is important to keep system secure and efficient
Pandemic increased US demand for faster payments, says Fed paper
Vast majority of business expect to be using speedier options by 2023, survey finds
Brazil delays integrating payments into ‘open banking’ project
Phase three of project delayed to October after technical difficulties emerge
BIS to work on cross-border CBDC test with four central banks
Australia, Singapore, South Africa and Malaysia will help create shared DLT platforms
Kuwait launches new interbank payment system
Transactions will be instantaneous and payment data encrypted, governor says
Bank of Ghana wins legal case against ‘corrupt’ firm
Central bank says it uncovered bribery and a corrupt tender process during investigation
Management failings caused Australian equity trading platform outage
Responsibility for upgrade project was unclear, IBM review finds
Rwandan central bank scraps e-wallet transfer fees
Customers can now move money between mobile and bank accounts without charge
Payments Benchmarks 2021 report – looking forward to a digital future
Benchmarking data offer insights on mandates, staffing structure, oversight of payment services, and RTGS design and management
Digital yuan project should rethink anonymity, paper urges
Scholars argue CBDC “wallets” ought to be under full control of retail users
Majority of retail payment systems lack real-time processing and settlement
Over half of RPSs in emerging market economies were owned by central banks, but in advanced economies this fell to less than a quarter
Book notes: Fintech regulation in China, by Robin Hui Huang
The book includes meticulous exploration of detailed regulations across the Chinese fintech sector, but risks missing some of the bigger picture due to China’s on/off oversight
Majority of central banks charge RTGS usage fee
Annual cost of running RTGS systems ranged between $35,000 to over $16 million
Venezuela to debut CBDC in October
“Bolívar digital” accompanied by redenomination of currency, which will drop six zeroes
Third parties often develop RTGS technology
Seventy-one percent of respondents said the technology underpinning their RTGS system was developed solely by a third party or in collaboration with the central bank
Cambodia links up quasi-CBDC with Malaysia
Malaysian bank users can transfer money to e-wallet developed by Cambodia’s central bank
Payments department responsible for oversight of payments infrastructure
Heads of payments systems oversight often report to departmental head, but some report directly to the governor
Somalia relaunches payments system after three decades of absence
World Bank played key role in restoring system to war-torn country, governor tells Central Banking