Payments
Renminbi now fourth most-used world payment currency
The Chinese currency overtakes the yen with a share of 2.79% in global payments by value
China launches cross-border payments platform
Heavily anticipated China International Payment System goes live, with StanChart and ICBC Singapore announcing successful transactions on new platform
DNB director targets better measurement of inclusion
Frank Elderson emphasises the benefits of financial inclusion and says central bank will put forward proposals for financial inclusion index later this week
CPMI launches plan to halt correspondent banking decline
Consultation begins on measures designed to resist the decline of correspondent banking, which is threatening to fragment international payments and damage financial inclusion
Paraguayan central bank plans to expand new database
Central Bank of Paraguay aims to include wider range of data in new online platform, which was launched last week to ‘favourable reception’
Fed board approves changes to same-day ACH service
Institutions that receive payments through the ACH network will have to participate in same-day service, but will be compensated by a new interbank fee levied on originators
BoE says cash unlikely to ‘die out’
An article in the Bank of England's quarterly bulletin illustrates the continuing use of cash in the UK, despite the introduction of new payment technologies over the last decade
CPMI and World Bank say transaction accounts are key to financial inclusion
Joint CPMI-World Bank report stresses importance of transaction accounts in promoting financial inclusion, and offers policy advice for countries looking to improve access to financial services
UK mobile payments growth continues as Vocalink eyes overseas projects
Report identifies factors that may be holding back growth in mobile payments in the UK; Vocalink ‘hoping to be involved’ in US work on faster payments
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops are eyeing direct membership, but the lower minimum guaranty fund contribution does little for existing FCMs
UK payments regulator approves of code of conduct
Big UK banks have published a voluntary code of conduct for those providing indirect access to payment systems, in a bid to improve standards
UK payments have room for improvement, report finds
Report identifies priorities for better payments among consumers, businesses and government, finding desire for faster, more flexible payments with less room for error
RBI looks to ‘disruptive innovation’ to boost inclusion
Granting licences to 11 payment banks is the next step in a ‘payments revolution’ in India that should increase financial inclusion, deputy governor says, although not all technologies are benign
Fed data gives model of banks’ settlement service choices, paper argues
Data from the Fed’s Fedwire payment service shows that banks select payment services based on average rather than marginal cost, study finds
CLS develops cleared FX settlement service with LCH.Clearnet
Designed specifically for central counterparties and cleared FX products, the service aims to minimise risk in the industry
UK payments regulator evaluates efforts to improve access
Banks and payment systems now expected to be more transparent about criteria for access; regulator says this is now bearing fruit, but the real tests are yet to come
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
MAS to set up financial technology and innovation unit
Central bank rejigs organisation as part of efforts to turn Singapore into ‘smart' financial centre; hires a global head from Citi to lead new group
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
UK’s Chaps and Crest to close later from ‘summer 2016’
Bank of England says the settlement day for the UK’s high-value payment system and securities settlement system will be extended by an hour and forty minutes from summer 2016
World Bank plans to put 'de-risking' on the global agenda
Banks are reportedly shutting down the accounts of customers in 'high-risk' category; the World Bank has begun work on the problem
Richmond Fed paper examines relationship between deregulation and innovation
Working paper uses a dynamic equilibrium model to look at ATM and debit card industry in US; offers generalised findings on relationship across financial services industry
Philadelphia Fed paper highlights bounce-back in credit card spending
Discussion paper analyses data from Visa Payment Panel Study, finding credit card spending has recovered from a recession-related dip, while growth in debit card spending is slowing
Fed’s Powell lays out payments reform priorities
Jerome Powell highlights four areas in which US payments need to improve as work begins to upgrade the economy’s payment systems