Payments
Payment services: Swift
The organisation has responded strongly to threats from cyber crime and the decline of correspondent banking
PBoC extends market closure as coronavirus spreads rapidly
Chinese central bank extends interbank markets closure and vows to maintain ample liquidity
South Africa’s financial regulators urged to adopt tiered licensing regime
New regime would help lower the barriers for fintechs, working group says
Emerging market central banks keener to issue CBDCs – BIS
BIS survey shows central banks shifting emphasis from wholesale to retail CBDCs
Hong Kong and Thailand launch next phase of cross-border CBDC project
CBDC-based payments can cut costs and boost speed, HKMA and Bank of Thailand study shows
Remittances can cause volatility if concentrated – IMF paper
Flows of remittances are broadly stabilising for the receiving country, but not if they are too concentrated, paper finds
Belgium to launch new ‘smart’ ATM network
Network will look to solve geographical disparity and maintain cash services
People: Modi’s government appoints new RBI deputy governor
Michael Patra takes position left by Viral Acharya in June 2019; EBA names new executive director; UK Payment Systems Regulator appoints a new head of policy
Bank of Ghana payments overhaul to focus on fintech
Central bank will ensure regulation is fintech-friendly, while promoting adoption through new licensing regime
KYC initiative could help stem correspondent banking decline
South Pacific KYC utility will be based on digital identification databases; decisions on minimum data requirement yet to be made
RBA: stablecoins must wait until framework in place
Australian central bank says it may step up CBDC research efforts this year
Interview: Björn Segendorf
Riksbank senior adviser thinks it highly unlikely cash will disappear completely in Sweden, but says if it does, the central bank will continue to keep stocks of cash
ECB paper offers tiering solution to CBDC structural concerns
Separating CBDC functions between tiers could disincentivise use during crisis periods, but disintermediation of the banking sector still a risk, author warns
Eurochain: CBDC project seeks secure anonymity
Proof of concept blends anonymity with AML/CFT regulation
Bahamas rolls out first phase of CBDC pilot
Pilot will be rolled out to rest of country after June 2020, says governor Rolle, contingent on success of Exuma and Abaco case studies
Are we sleepwalking into a cashless society?
Cash could be crowded out of the payment landscape if current trends continue, but should central banks be responsible for ensuring its survival?
India’s approach to national biometric ID applicable to ‘all economies’
BIS paper examines how India created digital financial infrastructure as a public good
People: Logan to head NY Fed market ops; Norges Bank deputy departs
Lorie Logan and others get senior roles at the New York Fed; deputy steps down early from Norges Bank; payments firm Sia names new chairman
Riksbank to work with Accenture on e-krona pilot
First year will see development of user interface for mobile, card and watch-based payments
CBDC has been “over-hyped” – former RBI deputy
Focus on retail CBDCs is a potential distraction from core central banking functions, says Sinha
Lagarde promises wide-ranging review of ECB monetary policy
ECB to form digital currency task force as Lagarde calls for EU action on green finance
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
Tensions emerge in Fed’s push for instant payments
The US Faster Payments Council is in a better position than the Fed to tackle key issues, some say. Others welcome the Fed’s muscle in promoting competition
Central banks should collaborate on multicurrency CBDC – research
Lithuania’s central bank notes national CBDC projects will not solve global payment inefficiencies