FMI
RBA to review payment system after outage
Central bank apologises for October incident that saw 500,000 payments via an Australian fast payment platform delayed for hours or days
BoE paper finds U-shaped collateral impact from central clearing
Centrally clearing all derivatives trades does not necessarily free up the most collateral
Swift aims to cut cross-border frictions with predictive tool
Use of anonymised data can help spot errors in cross-border payments, Swift says
Malaysian central bank plays down impact of potential data breach
BNM says Malaysia’s payment system remains “safe and secure”
‘Very little support’ for a US Treasury clearing mandate – Isda
Dealers and clients prefer carrot to stick in efforts to improve Treasury market liquidity
RBA hits out at further delay to new clearing system
Blockchain-based system for Australian Stock Exchange won’t be operational until at least late 2024
CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
FSB cross-border payments work hampered by data problems
Measuring progress “will not be straightforward”, working group says
China and Hong Kong to launch derivatives trading link
HKMA chief says Swap Connect scheme will allow global investors to manage interest rate risks from bond investments on the mainland
Danish central bank sceptical on retail CBDC
Report says existing payment systems offer similar benefits, but case for CBDC could change
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
RBI aims to triple volume of digital payments by 2025
New strategy document aims to build on “phenomenal” growth in electronic payments
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
Nearly 30% of central banks implementing instant payments
Over half of respondents already oversee or operate instant payments
Understanding informal remittances
Better tracking of remittance flows could give central banks valuable insights to support policy, say Deepali Fernandes, Amil Aneja and Azar Sultanov
High income countries have larger share of staff devoted to payments
Structure of central banks’ payments sections differs across institutions
Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
Few central banks offer free RTGS transactions
Most central banks use a mix of fixed and variable fees to recoup RTGS operating costs
Central banks use many third parties for payments projects
Respondents mention various providers, with Montran the most frequently cited
Three-quarters of central banks exploring CBDCs for retail payments
Though research is common, only a few have moved to pilot or roll out the technology
BoE set to gain stablecoin insolvency powers
Government proposal would amend existing rules for dealing with failed payment systems
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