Payments
Greek cash limits should be scrapped, ECB argues
ECB says some caps are illegal and calls on competent authorities to decide on cash payment rules
Mobile payments accelerate decline in Swedish cash use
Cash accounted for just 6% of payments in 2018, and its value in circulation is barely 1% of GDP
New Zealanders increasingly abandoning cash – RBNZ survey
RBNZ warns about the effects a cashless society may have on those already excluded from digital innovations
Libra unlikely to play a major role in Sweden – Riksbank research
Existing payment systems are highly integrated into companies’ cash systems, and Libra would add exchange rate risks
Somali governor says mobile money platforms play key role
Kristalina Georgieva says IMF offers “full support” to Somalia’s efforts to secure debt relief
Argentina and Paraguay approve cross-border payments
All members of Mercosur trading bloc now have bilateral cross-border payments accords
Swedish state needs to face dangers of falling cash use, Riksbank says
Marginal role for the state in payments could weaken competition and trust, central bank argues
Bank of Mexico launches mobile payments platform
CoDi offers instant payments between individuals and companies, and aims to promote competition and financial inclusion
Kansas Fed’s George defends proposed instant payments system
Former FDIC head Bair warns current payment systems could fail “catastrophically”
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, the central bank says
Overseeing China’s payments revolution
The PBoC has tried to strike a balance between facilitating bigtech innovation and reining in risks, amid an explosive growth in mobile payments
Venezuela uses Bank of Spain to carry out international transfers
Maduro regime faces sanctions to prevent it accessing US financial system
Fed aims for 24/7 instant payment system in US
FedNow Service should be available in 2023 or 2024, and Fed promises upgrade to existing systems
Costa Rican banks to adopt IBAN by October
Adopting international standard will modernise payments system, central bank says
Oman finalises plan to modernise payments
Central bank hopes to bolster fintech within the country
Cash usage keeps falling in Netherlands
In 2018, 37% of purchases were paid for in cash, down from 41% in 2017
Swift says Singapore trial cut cross-border payment times
Network argues existing payments systems can be used for cross-border transfers
Belize starts charging banks for payment processing
Central bank had previously shouldered the cost of the payment system
Swift bullish on future of cross-border payments
Tests of GPI system show faster, more transparent cross-border payments, Swift says
Mobile financial services bring firms into formal economy - BdF paper
New technologies cuts size of ‘informal’ economy in developing world, researchers find
RBNZ highlights cash advantages as usage declines
New Zealand central bank aims to protect sectors of society more reliant on cash
Riksbank investigates adoption of T2S for securities trading
Central bank thinks securities settlement must move towards faster, round-the-clock operations
Denmark’s RTGS proves resilient to liquidity stress test
Kronos responds to IT failure, lack of access to money markets and reduced intraday credit
Central banks complete first blockchain currency swap
Monetary Authority of Singapore and Bank of Canada link experimental local payment networks