Payments
Spain’s interior vulnerable to loss of cash access – Bank of Spain
Rural areas have older populations and rely more on cash, but banks are closing branches
Criteria for systemically important payment infrastructure differs
Thirty-one out of 37 central banks said they designate systemically important payment infrastructure
Oversight functions stifled by lack of resources, some central banks say
Skills and resources were identified as limiting factors, as well as the challenges of a recently formed oversight function
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
Scope of payments systems oversight varies
Almost all central banks are mandated to oversee systemically important payments systems but payments networks, international remittance services and fintech providers often fall out of scope
Report finds major failings in eurozone’s RTGS management
ECB-commissioned Deloitte inquiry into system failures recommends series of reforms
Somalia’s governor on rebuilding its central bank
Governor Abdirahman Mohamed Abdullahi discusses reviving Somalia’s war-damaged economy, re-creating a payments system, and dealing with remittances
DNB study finds Dutch expect to carry on using cash
Although payments are increasingly carried out by electronic means, citizens continue carrying cash
Sanctions must go for nuclear talks to succeed, says Iran governor
Hemmati has played major role in sanctions-related diplomacy
Fed looks to boost competition in debit card payments
New rule will support legal right to at least two payments options for merchants
Bank of Canada to become default payments regulator
Central bank will oversee any company not already regulated under proposed law
BoT says prototype corporate CBDC boosted efficiency
Thai central bank says DLT allowed cement firm to integrate payments systems with suppliers
Fed’s ‘operational error’ disrupts key payment services
Fedwire, ACH and other transfer systems suspended for several hours
Kenneth Montgomery on the Fed’s progress with instant payments
The FedNow project leader speaks about Covid-19 payment behaviours, a new liquidity management tool and what it will take to achieve ubiquitous instant payments in the US
PBoC subsidiary sets up joint venture with Swift
New initiative could be involved in internationalising renminbi and developing digital currency
Pandemic accelerates decline in eurozone cash usage – ECB
During 2016-19 cash gradually declined as means of payment, but was still first option
South Africa to stop cheque payments by 2021
Since August 2019, cheque usage has declined 59%
Brazil launches instant payments platform Pix
Central bank governor says new system aims to foster competition and integration
Covid-19 accelerates cash decline in Sweden
Riksbank report shows payments through Swish have already overtaken cash
ECB says Target2 outage was caused by third-party network device
“Root cause” was software defect in third-party network device in eurosystem’s network – ECB
Eurozone’s RTGS system suffers major outage
ECB says Target2 system’s production site had to shift to alternative region – rules out cyber incident
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
Swedish governor calls for laws to protect cash use
Ingves says Sweden must upgrade payments systems and move ahead with e-krona
ECB and Riksbank study cross-currency instant payments
Currently Tips only allows transactions between accounts in the same currency