Real-time gross settlement (RTGS)
There’s work to be done on RTGS contingencies
Central bankers from Canada, Thailand, Singapore and Brazil discuss RTGS backup planning
Law change set to make Fed reveal holders of master accounts
Amendment grew out of dispute between Republican senators and Kansas City Fed
Fijian central bank upgrades RTGS
New system will handle $81.6 billion of transactions annually, Reserve Bank of Fiji says
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
RBA to review payment system after outage
Central bank apologises for October incident that saw 500,000 payments delayed
BIS and central banks say multi-CBDC platform trial was a success
Central banks of China, Hong Kong, Thailand and UAE took part in US$22 million cross-border trial
ECB delays launch of new RTGS system and T2 consolidation
Launch had been scheduled for November but is now expected in March 2023
Payments Benchmarks 2022 – presentation
Payments specialist Riley Steward speaks about CBDCs, payments oversight, staffing and more
Fiji will eliminate cheques from 2024
Governor says improved RTGS will replace paper payments
Fed announces new guidelines after master account controversy
Rules will impose tight scrutiny on non-conventional applicants
RTGS operating hours must expand, BoE’s Cunliffe says
Longer hours and more non-bank access would speed up cross-border payments, says CPMI chair
Japan and Soramitsu to conduct Asia-Pacific CBDC studies
Observers note de-dollarisation and spread of e-yuan as potential motivations
Payments Benchmarks 2022 report – on the shores of a digital future
Benchmarking data offer insights on mandates, staffing structure, oversight of payment services, RTGS design and management, and CBDC development
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
Some central banks directly regulate RTGS prices
Direct intervention in pricing of other payments means is less common, benchmark respondents say
Few central banks offer free RTGS transactions
Most central banks use a mix of fixed and variable fees to recoup RTGS operating costs
Round-the-clock RTGS operation still uncommon
Most central banks keep core settlement system running for 7–12 hours each day
Majority of central banks only have one RTGS contingency site
More than half of institutions have had RTGS outages since 2020
Many central banks plan RTGS upgrades in coming year
Over 80% expect to renovate systems within five years
Riksbank launches 24/7 instant settlement system
Rix-Inst operates on same technology as ECB’s Tips system
BoE’s Cleland calls for innovation in wholesale payments
Wholesale payments suffer from inefficiencies despite being critical to financial stability, official says
Payment services: CMA
Swedish payments firm is now key player in new payment system linking the Arab world and beyond
BIS unveils 2022 programmes for innovation hubs
Focus is on CBDC, payments, DeFi, green finance, and first projects in London and Stockholm