Payments
BoJ’s Nakaso sees opportunities for payments innovation
Options on the table include 24-7 real-time payment systems, improved cross-border linkages and better financial messaging systems
Riksbank study questions status of cash as legal tender
Researchers warn ‘lock-in effect' may inhibit market participants from exploiting more efficient payment methods
BoE picks Deloitte to review RTGS failure
Consultancy firm to conduct investigation into outage in real-time gross settlement system that saw system break down for several hours
Riksbank deputy assesses changing payments market
Cecilia Skingsley warns capacity of mobile networks is not always sufficient to manage ‘temporary peaks' in activity; also addresses ‘changeover' of banknotes and coins
BoJ team surveys payment innovation landscape
Central bank lays ground for retail payments innovation in Japan with survey of what has been tried elsewhere; highlights different forces driving change in each country
Stevens exerts pressure on Australian payments industry
RBA governor says the central bank would be ‘duty bound’ to use its regulatory powers to bring about change if the market does not do so of its own free will
Cœuré says payments innovation is a double-edged sword
ECB’s Benoît Cœuré says new innovations such as virtual currencies can reveal ‘inefficiencies’ in existing products or approaches, but ‘often imply financial or security risks’
Carney launches review into RTGS failure
Independent review will look into ‘technical issue’ that knocked RTGS system out of operation yesterday, and consider the central bank’s response
Bank of England resumes settlement after 'technical issue’
UK’s high-value payment system was ‘paused’ for several hours today, but is now back up and running; central bank extends opening hours to deal with backlog
CPMI-Iosco report recommends tools for recovering FMIs
Report lays out toolkit for maintaining critical services and restoring stability in the event a financial market infrastructure comes close to collapse
RBA’s Stevens lauds ‘substantial’ progress towards real-time payments
Reserve Bank governor says Australia is now closer to delivering ‘real-time, data-rich payments’; first meeting of the Australian Payments Council expected this month
Central Bank of Nigeria implements ‘sanctions screening' service to combat financial crime
Swift service helping banks meet global best practices on financial crime will be functional in January; step towards realising 2020 ‘payment system vision'
Balance sheet saw ‘substantial’ growth in past year, says RBA’s Stevens
Combined impact of replenished capital and new financial market operations has seen balance sheet swell, according to the Reserve Bank of Australia’s annual report for 2014
Bundesbank unveils new card clearing infrastructure
Bundesbank and EBA Clearing launch new XML-based infrastructure for card clearing; payments chief says it allows banks to ‘leverage’ their Sepa investments
RBA’s Richards outlines fast settlement service at Chicago symposium
Reserve Bank of Australia head of payments policy says the fast settlement service on the country’s new payments platform will be able to deal with ‘very short response times’
Mobile money accounts trump number of adults in Kenya, IMF data show
African bank depositors increased five-fold between 2004 and 2013, IMF's fifth annual Financial Access Survey shows; includes data on mobile money for first time
Palestine Monetary Authority launches new clearing system
Automated clearing system developed in Palestime with technical assistance from the World Bank and Bank of Italy; part of PMA’s wider plans to upgrade retail payment infrastructure
Key innovation behind Bitcoin could prompt ‘fundamental change' to payment systems
Article published by Bank of England says ‘distributed ledger' technology could have ‘much broader' impact beyond payment systems
LCH payments system raises concentration concerns
A large proportion of cash payments between clearing members and LCH.Clearnet are processed by just two banks, raising concentration risk concerns from banks and regulators
CPMI report reviews the ‘growing involvement’ of non-banks in retail payments
Working group chaired by Reserve Bank of India’s Padmanabhan says the presence of non-banks in payments raises 'level playing field issues' for central banks to consider
Timor-Leste central bank green lights mobile money pilot
Initiative will allow users to execute payments, transfers and withdrawals through mobile phones, and follows the introduction of a ‘master plan’ for financial sector development
Dutch payments forum looking to ‘speed-up’ transfers
Frank Elderson hopes the forum’s plan will ‘spark real-time payment transfers’, noting this would require a ‘comprehensive renewal’ of market infrastructure
CPSS renamed the Committee on Payments and Market Infrastructures
Renamed body, the CPMI, handed an updated mandate to reflect ‘actual activites’; will press on with core tasks, says chair Benoît Coeuré
Finnish paper says Sepa 'not enough’ on its own
Researchers argue that Sepa is an ‘important’ initiative but further measures will be needed to create an efficient payments system; call for ‘vigorous’ competition policies