Payments
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
Danish central bank recommends security upgrade for payment systems
New cyber security measures, risk management rules and stress tests should be implemented
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
UK takes next steps in payments shake-up
Two of the three retail payment systems have been taken over by the New Payment System Operator, with the third to be integrated soon; first non-bank PSP connects to BoE’s RTGS
No funds taken in cyber breach, Bank of Mexico says
Central bank reveals three participants of interbank payment network experienced “incidents” within internal systems; banks asked to implement “additional controls”
Venezuelan public invited to invest in national crypto asset
President Maduro announces public will be able to invest in ‘petro’ as well as gold; $1 billion from the proceeds of first petro auction to go to the central bank
Public should be allowed to open accounts with central banks – research
St Louis Fed paper argues against central banks launching full-blown digital currencies, but says an electronic form of central bank money “would be easy to implement”
Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
Central banks: the economy’s emergency responders
When economic infrastructure is destroyed during natural disasters, central banks spring into action, engaging contingency plans to ensure the economy continues to run
Bank of Uganda launches electronic cheque-clearing system
It aims to make cheque processing faster, cheaper and safer; banks will transfer UV images of cheques to highlight tampering
Bank Negara Malaysia ‘foils’ cyber heist
Central bank assures public no funds were lost during incident involving falsified Swift messages
European Commission proposes uniform cost for trans-EU euro payments
Dombrovskis also calls for EU-wide transparency on currency conversions
Bank of Canada building systems back-up outside Ottawa – annual report
Cyber risk is becoming “a top priority”, Poloz says
BoE outlines DLT proof of concept
Participants will access cloud-based platform which will simulate new RTGS system
DLT offers new possibilities for securities settlement, says ECB and BoJ team
Second phase of ‘Project Stella’ looks at delivery versus payment on three DLT platforms
BoE and FCA to lead new ‘crypto-assets task force’
Regulators will manage the risks around crypto assets as well as “harnessing the benefits” of blockchain; robo-compliance on cards
UK’s PSR needs powers to protect cash – report
Think-tank report believes regulator should have consumer protection mandate, as cash machine closure threatens to leave the public excluded from payments network
CPMI adds three new members
All G20 members and more emerging markets are now represented
UK considers scrapping some currency denominations
Decline in cash usage has seen the 1p and 2p coins largely fall out of circulation
Central bank digital currencies could aid policy transmission – BIS
BIS says CBDC may boost transmission of rate changes, but could also lead to runs at “unprecedented speed and scale”
RBA highlights ‘unique’ design of Australian faster payments
System operates on a distributed basis, is separated from commercial “overlays”, and offers real-time settlement of each transaction, says assistant governor
BIS research finds ‘scant evidence’ of shift away from cash
Rise of electronic payments is not reflected in falling demand for cash