Payments
Fed picks McKinsey to scrutinise faster payment proposals
Consultancy firm will assess options for a real-time system across the US, as task force members are invited to submit proposals
RBNZ proposes new powers over FMIs in times of crisis
Final crisis management plan proposal details two-tiered framework for FMIs; RBNZ and FMA would act if contingency plans not up to scratch
Government approves final stage of Thai development plan
Bank of Thailand will promote electronic payments in latest phase of financial sector master plan; all phases to be completed by 2020
BoJ establishes working groups to consider how to make best use of BOJ-NET
Working group to look at ways to make effective use of settlement system; BOJ-NET to process more transactions across time zones
Bank of Japan ramps up efforts to prepare infrastructure for disaster
Central bank calls for examinations of business continuity plans, learning from the 2011 earthquake, in rare report on payments landscape; BOJ-NET extends operating time
Riksbank flags concerns over pace of development in payments
Tech development proceeding ‘too rapidly’, says central bank; evolution of payments could jeopardise access
Sama completes payments infrastructure upgrade
Infrastructure overhaul allows faster card payments and higher volumes, supporting the expansion of electronic payments in Saudi Arabia
UK payments regulator notes expansion of indirect access providers
Industry response to financial crime regulation has deterred indirect access providers from catering for smaller payment service providers, report says
Central American central banks move to upgrade regional payment system
Central bank governors from Central America draw up action plan, detailing faster payment times; Costa Rica to be fully integrated in ‘short space of time’
UK regulator wants banks to sell their stake in payments infrastructure
PSR says the ownership of infrastructure by a handful of banks damages competition and innovation; unveils a raft of proposals, including forcing banks to sell their interest in VocaLink
Bank of Mauritius seeks more clarity in payments law
Draft bill provides “comprehensive legislation” regarding the payment system in Mauritius, central bank says; outlines the bank’s authority on the regulation of the system
Kenya sees a reduction in use of bank services
Mobile payments preferred, with 47.8% of the population using mobile services on a daily basis; banks now mainly used for salary payments
Paraguay’s governor on the ‘new normal’ and inflation targeting
Central Bank of Paraguay governor Carlos Fernández Valdovinos explains why the global economy must adapt to the 'new normal' and how Paraguay is coping with falling commodity prices
Emerging markets leading the way in cutting-edge payments innovations, UK report finds
Mobile payments embraced in emerging markets where banking infrastructure lags; Kenya’s M-Pesa system handles flows equivalent to a quarter of nation's GNP
Renminbi direct payments make inroads in Middle East
The Chinese currency ranks first when the UAE and Qatar make direct payments to China and Hong Kong
Bank of England prepares to overhaul ageing RTGS system
Central bank will spend year outlining plans for replacement to high-value payments system, keeping an open mind at present as to what features it should have
Iranian banks may reconnect to Swift as sanctions lift
Reconnection ends four-year exclusion from the global payments messaging service and should make sending international payments considerably less costly
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
Croatia makes it 25 central banks in Target2
The Croatian National Bank will, along with 24 commercial banks in the country, participate in the RTGS system from February 1, making it the fifth central bank outside the eurozone to join
Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure; central bank reflects on measures taken to boost financial inclusion in 2015 and challenges ahead
UK payment systems regulator assesses compliance in first annual report
First PSR annual report shows progress is being made towards access and governance goals, but there are still areas for improvement
Bahraini central bank launches ‘almost real-time’ payments
Central Bank of Bahrain launches Electronic Fund Transfer System, comprising services for near real-time payments, deferred net settlement and bill aggregation
TCH and VocaLink set sights on US real-time payments
CEOs emphasise effort to create level playing field for 14,000 US financial institutions to access the system, as the firms finalise real-time payments deal
RMB now second most used payments currency between China and Japan
The Chinese currency more than doubles share of payments between China/Hong Kong and Japan in two years, eclipsing US and Hong Kong dollars while yen retains number one spot