Payments
Regulators and firms confront problems of ‘open banking’
Basel Committee report says challenging trade-off exists between privacy, security and efficiency
Australia’s AML regulator takes action against Westpac
Large lender found to have breached AML regulation millions of times, including 12 customers linked to child exploitation payments
Bundesbank’s Balz: consumers may be ‘trapped’ in big tech ecosystems
Big tech firms offer consumers convenience, but there are also reasons to worry, Bundesbank official says
Benoît Coeuré to head BIS innovation hub unit
Senior ECB official is highly regarded for work on payments and has warned of need for change
PBoC to rein in fintech firms after President Xi praises blockchain
Central bank will verify blockchain-compatible products in bid to ensure financial stability and curb speculation
A spotlight on IPSAS Draft 69
Proposed accounting guidance for specific instruments by the Public Sector Accounting Standards Board may have significant implications for central banks
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
Cash increasingly used as store of value – BIS report
Cash “still king”, BIS authors say, but electronic payments are taking a bigger share of transactions
UAE central bank launches fintech office
Central bank will look to establish a regulatory interface with the market as part of new fintech strategy and roadmap
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
Cambodia extends blockchain payment system pilot
Central bank lengthens trial to end-2019 and explores including cross-border transactions
Bahamas exploring ‘early introduction’ of CBDC
Move could test currency’s emergency features in aftermath of hurricane Dorian, governor says
Vocalink wins further decade of UK ATM operations
Aim will be to ensure ongoing access to cash, says Gregor Dobbie
Facebook not trying to replace central banks, claims Zuckerberg
Facebook chief plays down economic impact and says libra can help fight financial crime
Bank of Canada picks MindBridge for AI fraud detection trial
Trial under central bank’s ‘Pivot’ scheme will test artificial intelligence for payment fraud detection
Argentina and Paraguay approve cross-border payments
All members of Mercosur trading bloc now have bilateral cross-border payments accords
Central banks should consider wholesale digital currency – BdF deputy
Markets’ “tokenisation of financial assets” risks creating disorderly infrastructure, Beau says
FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid intense regulatory scrutiny
The future of cash: an update
Antti Heinonen looks at the latest trends in cash use, including a surprising turnaround for the Swedish krona
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
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
Albanian central bank introduces first polymer notes
Governor calls on parliament to approve draft law on improving payments systems