Payments
UK card transactions surpass cash for first time
Report shows card transaction volume was marginally higher than cash in 2017
Sia given green light to access Eurosystem’s instant payment system
ECB permits first network provider to give access to new Tips platform
Cash usage unlikely to disappear – Atlanta Fed
Universal access, in-person shopping and preference among low-income groups support cash
Bank of Finland working on payments backup system
Board member says Finland must be able to maintain control of “critical infrastructure” should disruptions occur
Minneapolis Fed paper examines DNA of crypto assets
Cryptography can identify modifications in transaction records without a central structure
Blockchain-based payment systems lack ‘capacity and efficiency’ – DNB
DNB tests show blockchain improving security but increasing costs and slowing speed
Bank of Thailand to test use of digital currency for interbank settlement
Governor says bank is close to finishing proof-of-concept for digital bond issues
Riksbank considers joining eurozone’s real-time payments network
Stefan Ingves says central bank may have to investigate issuing a digital currency
Singapore and India launch fintech co-operation scheme
The countries plan to establish real-time payments links
DNB develops new instant payment network
Banks will be able to process payments within seconds by mid-2019, the central bank says, but evolution of cash infrastructure will continue
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
India needs new payments ‘vision’ – Kanungo
RBI deputy governor calls for debate on several innovative areas for Indian payments
Bank of England says UK payment schemes must adapt to ISO messaging standard
BoE will hold consultation with interested parties in June
Non-banks could threaten bank business models – BoE paper
Non-bank competitor could undermine bank’s deposit base under certain circumstances
Reserve Bank of Zimbabwe crypto asset ban overturned by court
Court rules in favour of Golix, Zimbabwe’s largest crypto exchange, after Reserve Bank officials fail to show up at hearing
Not all payments will benefit from blockchain – RBNZ research
Article recognises cross-border payments could be made more efficient with blockchain, but says the technology is not mature enough for domestic transactions
Ghana’s Addison warns banks on price of not innovating
Emerging fintechs have the power to displace traditional banks, Ghanaian governor says, as new payment system goes live
Bank of Mexico admits $15.2 million went missing in cyber heist
Central bank says customers’ accounts were not penetrated; new cyber unit will look to strengthen internal and external controls
Riksbank looks for new banknote supplier as Crane Currency moves out
Swedish central bank surprised by Crane Currency’s transfer of operations to Malta
Dubai regulator issues ‘innovation testing licenses’ to six fintech firms
Licenses will allow firms to test products with relaxed regulatory requirements
Brainard ‘optimistic’ DLT has future in financial services
While privacy remains a concern, Fed board member believes resilience of the technology means it has a future, even if crypto dies out
Canada’s Project Jasper finds DLT is viable for securities settlement
Phase III of the project saw central bank cash and assets instantly settled across a DLT network where privacy is maintained
Lack of demand reducing cash use in Sweden – analysts
Riksbank paper says technological change is rapidly changing payment patterns in the country