Payments
Swift unveils software to help users detect fraud
Financial messaging service hopes new software will allow users to independently detect unusual activity; software to be launched in December this year
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation
Central banks set up task force to fortify cyber security
Central banks to review current cyber security practices; Cœuré stresses need for “adequate checks” at each stage of the payment process
BoE lays out blueprint for RTGS reboot
“Comprehensive rebuild” of current large-value payments platform will retain many core features while adding new resilience, access options, functionality and interoperability
Central banks are not fintech accelerators – Bundesbank official
German payments authority says fintech should receive equal regulatory treatment to banks
Bank of Finland looking to streamline and upgrade payments simulator
Economist sheds light on the bank’s plans for adding new features, improving efficiency and integrating agent-based modelling
Nepal Rastra Bank broadens electronic payments oversight
Banks and financial institutions will have to re-register with the bank under new licensing law; central bank hopes reform will support more non-banking institutions and new payment transactions
MAS looks to overhaul payment systems
City state already has access to some of the world’s most advanced payment systems, but cash and cheque use remains high; MAS hoping to improve governance, regulation and technology
Danish research examines how central banks can impact market liquidity
Price of liquidity tends to change on days when central bank is operating in markets, with aggregate liquidity and payments activity also important, PhD thesis finds
Swift's Gottfried Leibbrandt on restoring trust in global payments after $81m Bangladesh fraud
Swift CEO Gottfried Leibbrandt speaks to Christopher Jeffery about how to restore trust in the international payments architecture following the $81 million cyber theft from Bangladesh Bank
Bank of Thailand's Veerathai on the Thai economy, governance and payment reform
Bank of Thailand's governor speaks to Christopher Jeffery about the resilience of the Thai economy, governance and payments infrastructure reforms, plus why he does not agree with the IMF
Malawian central bank sees legal risk to payments reform
Malawi payment infrastructure making ‘significant strides’, annual report says, but lack of legislation poses a risk
Payments revamp should cut costs in Thailand, governor says
In an interview with Central Banking journal, Veerathai Santiprabhob lifts the lid on payment system reforms aimed at strengthening infrastructure and promoting debit card usage
UK payments regulator finds ‘no effective competition’ for infrastructure
Market review says current provider of the UK’s three main payment systems faces limited competitive pressure, and suggests reforms
Flug points to risks as banking competition work proceeds
Government approves banking competition bill and central bank moves ahead with payments competition work, though Karnit Flug says new risks stemming from the reforms must be dealt with
Sarb review calls for changes to payment frameworks
An enforcement committee is to be created in the next six months as part of Sarb’s payment system review; the report identifies a number of “inadequacies” with current framework
Bank of Russia centre records over 20 ‘major’ attacks on payment systems
Attackers attempted to steal 2.87 billion rubles from Russian bank payment systems, cyber-security report reveals; central bank seeks to amend legislation to allow the suspension of suspicious transactions
MasterCard strikes deal to acquire UK’s VocaLink
Agreement to gain controlling stake in retail payments firm will end ownership by major UK banks; regulator to discuss developments
RBI deputy praises Indian payment and settlement systems
R Gandhi notes the ever-increasing volume handled by state-of-the-art systems, but stresses the need to ensure they are safe and “result in overall efficiencies”
Bank of Israel opens payment protocol to smaller players
Central bank removes obstacle to new firms looking to enter payments market; also working on ‘payment systems directive’ based on European model and new access standards
Payments forum moots ‘layered’ architecture in UK
New layered strategy would help improve agility of payments infrastructure, consultation suggests; trade association says changes will need to be implemented in line with regulation
CPMI digs into data on correspondent banking pull-back
Study based on Swift data and banking interviews sheds light on uneven pace of decline in correspondent banking; CPMI offers recommendations to help reverse direction of travel
Norges Bank questions contingency plans for cash distribution
Report warns Norwegian banks’ back-up plans “may prove inadequate” in a crisis; both the central bank and financial supervisory authority in communication with the finance ministry
Swift brings in external firms to support security work
UK firm BAE Systems and Dutch company Fox-IT will be part of effort to strengthen cyber security; Swift says information-sharing initiative has “grown significantly” since launch