Payments
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
India needs new payments ‘vision’ – Kanungo
RBI deputy governor calls for debate on several innovative areas for Indian payments
Bank of England says UK payment schemes must adapt to ISO messaging standard
BoE will hold consultation with interested parties in June
Non-banks could threaten bank business models – BoE paper
Non-bank competitor could undermine bank’s deposit base under certain circumstances
Reserve Bank of Zimbabwe crypto asset ban overturned by court
Court rules in favour of Golix, Zimbabwe’s largest crypto exchange, after Reserve Bank officials fail to show up at hearing
Not all payments will benefit from blockchain – RBNZ research
Article recognises cross-border payments could be made more efficient with blockchain, but says the technology is not mature enough for domestic transactions
Ghana’s Addison warns banks on price of not innovating
Emerging fintechs have the power to displace traditional banks, Ghanaian governor says, as new payment system goes live
Bank of Mexico admits $15.2 million went missing in cyber heist
Central bank says customers’ accounts were not penetrated; new cyber unit will look to strengthen internal and external controls
Riksbank looks for new banknote supplier as Crane Currency moves out
Swedish central bank surprised by Crane Currency’s transfer of operations to Malta
Dubai regulator issues ‘innovation testing licenses’ to six fintech firms
Licenses will allow firms to test products with relaxed regulatory requirements
Brainard ‘optimistic’ DLT has future in financial services
While privacy remains a concern, Fed board member believes resilience of the technology means it has a future, even if crypto dies out
Canada’s Project Jasper finds DLT is viable for securities settlement
Phase III of the project saw central bank cash and assets instantly settled across a DLT network where privacy is maintained
Lack of demand reducing cash use in Sweden – analysts
Riksbank paper says technological change is rapidly changing payment patterns in the country
Danish central bank recommends security upgrade for payment systems
New cyber security measures, risk management rules and stress tests should be implemented
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
UK takes next steps in payments shake-up
Two of the three retail payment systems have been taken over by the New Payment System Operator, with the third to be integrated soon; first non-bank PSP connects to BoE’s RTGS
No funds taken in cyber breach, Bank of Mexico says
Central bank reveals three participants of interbank payment network experienced “incidents” within internal systems; banks asked to implement “additional controls”
Venezuelan public invited to invest in national crypto asset
President Maduro announces public will be able to invest in ‘petro’ as well as gold; $1 billion from the proceeds of first petro auction to go to the central bank
Public should be allowed to open accounts with central banks – research
St Louis Fed paper argues against central banks launching full-blown digital currencies, but says an electronic form of central bank money “would be easy to implement”
Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
Central banks: the economy’s emergency responders
When economic infrastructure is destroyed during natural disasters, central banks spring into action, engaging contingency plans to ensure the economy continues to run
Bank of Uganda launches electronic cheque-clearing system
It aims to make cheque processing faster, cheaper and safer; banks will transfer UV images of cheques to highlight tampering
Bank Negara Malaysia ‘foils’ cyber heist
Central bank assures public no funds were lost during incident involving falsified Swift messages