FMI
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
QR code payments pave way for borrowing – BIS paper
Chinese merchants that offer QR code payments can more easily access credit from big tech firms
Mexico’s Rodríguez says CBDC project will take another year
New estimate would have the Bank of Mexico’s digital currency arriving in 2025
BoE’s Cleland calls for innovation in wholesale payments
Wholesale payments suffer from inefficiencies despite being critical to financial stability, official says
Brazilian central bank overhauls fintech regulation
Central bank took inspiration from Basel III with phased introduction of regulations for payment firms
CCP collateral regulation could limit procyclicality – BoE paper
Requiring CCPs to reinvest cash collateral can help reduce procyclicality during stress, authors find
Some CCPs could struggle to cover major losses – FSB
Cyber attack could pose serious problems for systemically important CCPs, report finds
Visa, Mastercard and Amex suspend Russia operations
Bank of Russia says domestic payments will still be possible across its own systems
Palestine Monetary Authority launches new payment system
Governor says authority is planning measures to discourage the use of cash
Visa and ConsenSys launch plan to bridge CBDCs and traditional payments
Payments giant and fintech firm to develop “on-ramp” to link up existing and new systems
Bahamas prepares to phase out cheque payments
Central Bank of the Bahamas continues to push digital transformation