Payments
BoE’s Andrew Hauser says RTGS needs to move with the times
Executive director speaks on the risks and benefits of upgrading the UK’s core payments infrastructure; central bank is working on new technologies, including distributed ledgers
Payments changing fast but cash still in demand – Riksbank survey
Telephone survey finds cash use declining and mobile payments on the rise, though demand for paper money not likely to disappear any time soon
RBI’s Gandhi hails ‘silent revolution’ in payments
Incremental growth has revolutionised payments, deputy says, with more initiatives such as unified mobile payments interface set to deliver further change
Ghana drafts first electronic payment regulation
New regulation will apply to banks and other financial institutions wanting to provide electronic money services; draft to be passed to parliament after a period of consultation
Kansas Fed’s George: 2017 will be ‘significant’ year for US payments
Esther George says major milestones in faster payment project will be passed next year – although some of the hardest work will follow afterwards
Australia’s real-time payment system to go live in 2017 – Lowe
Test payments already being settled on new real-time payments platform, says RBA governor; fast settlement service set to undergo industry testing this month
Fed task forces begin review of faster payments proposals
Payments firms have submitted plans for real-time payment systems and toughened payments security; merits of plans to be assessed over coming year
‘Significant progress’ on infrastructure overhaul – RBNZ annual report
Past year saw progress on replacement RTGS system, decision on new securities clearing system and the start of a project to modernise Treasury functions
Decentralised tech will not become the new normal – SNB’s Jordan
There is a time and a place for distributed ledgers, says chairman of Switzerland’s SNB, but right now they cannot compete with existing FMIs
Questions need to be answered before DL technology becomes viable payments option – BoE’s Hauser
Challenges in the payments landscape could be overcome by new technology such as the distributed ledger, says Hauser, but too many “big questions” remain around such a scheme, relegating it to the realm of research
Central banks adopt Swift harmonisation charter
Three central banks join 18 other institutions in global rollout of messaging standard ISO 20022; separate taskforce working on publishing market practice guidelines
Swift unveils software to help users detect fraud
Financial messaging service hopes new software will allow users to independently detect unusual activity; software to be launched in December this year
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation
Central banks set up task force to fortify cyber security
Central banks to review current cyber security practices; Cœuré stresses need for “adequate checks” at each stage of the payment process
BoE lays out blueprint for RTGS reboot
“Comprehensive rebuild” of current large-value payments platform will retain many core features while adding new resilience, access options, functionality and interoperability
Central banks are not fintech accelerators – Bundesbank official
German payments authority says fintech should receive equal regulatory treatment to banks
Bank of Finland looking to streamline and upgrade payments simulator
Economist sheds light on the bank’s plans for adding new features, improving efficiency and integrating agent-based modelling
Nepal Rastra Bank broadens electronic payments oversight
Banks and financial institutions will have to re-register with the bank under new licensing law; central bank hopes reform will support more non-banking institutions and new payment transactions
MAS looks to overhaul payment systems
City state already has access to some of the world’s most advanced payment systems, but cash and cheque use remains high; MAS hoping to improve governance, regulation and technology
Danish research examines how central banks can impact market liquidity
Price of liquidity tends to change on days when central bank is operating in markets, with aggregate liquidity and payments activity also important, PhD thesis finds
Swift's Gottfried Leibbrandt on restoring trust in global payments after $81m Bangladesh fraud
Swift CEO Gottfried Leibbrandt speaks to Christopher Jeffery about how to restore trust in the international payments architecture following the $81 million cyber theft from Bangladesh Bank
Bank of Thailand's Veerathai on the Thai economy, governance and payment reform
Bank of Thailand's governor speaks to Christopher Jeffery about the resilience of the Thai economy, governance and payments infrastructure reforms, plus why he does not agree with the IMF
Malawian central bank sees legal risk to payments reform
Malawi payment infrastructure making ‘significant strides’, annual report says, but lack of legislation poses a risk
Payments revamp should cut costs in Thailand, governor says
In an interview with Central Banking journal, Veerathai Santiprabhob lifts the lid on payment system reforms aimed at strengthening infrastructure and promoting debit card usage