Central Bank of UAE launches new 24/7 instant payments system
Immediate Payment Instructions launched in 2019 gained limited traction
A subsidiary of the Central Bank of the UAE has launched a 24/7 instant payments system designed to transform the landscape of digital payments in the country.
The central bank began implementing its National Payment Systems Strategy in 2021, after its real-time payments system Immediate Payment Instructions – launched in 2019 – gained limited traction, despite the support of over 70 financial institutions.
In this context, the government approved the formation of Al Etihad Payments in 2020
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
Cross-border payments key to boosting riel, Cambodian governor says
QR payments set to expand to India and Japan, as central bank aims for independent monetary policy
Book notes: Fintech: finance, technology and regulation, by Ross Buckley, Douglas Arner and Dirk Zetzsche
An excellent overview of fintech 3.0 and 4.0 that also includes suggestions for smart regulation
China links CBDC to Hong Kong’s fast payments system
Hong Kong residents can top up wallets via 17 retail banks as PBoC continues to promote use
Regulators must be wary of AI’s ‘invisible hand’ – BoE official
Two members of the financial policy committee back idea of AI “constitution”
Cecilia Skingsley on monetary policy tech and a unified ledger
Head of the BIS Innovation Hub speaks about tokenisation, CBDCs and the ‘black box problem’ in AI
Basel Committee examines financial system in digital flux
Supervisory authorities outline fintech risks in first report since 2018
Central banks prepare for the rise of AI
AI will not replace accountability in monetary policy decision-making, MAS chief says
Binance founder sentenced to four months in prison
Nigerian court adjourns separate money laundering case against the crypto exchange