Payments
UK payments regulator finds ‘no effective competition’ for infrastructure
Market review says current provider of the UK’s three main payment systems faces limited competitive pressure, and suggests reforms
Flug points to risks as banking competition work proceeds
Government approves banking competition bill and central bank moves ahead with payments competition work, though Karnit Flug says new risks stemming from the reforms must be dealt with
Sarb review calls for changes to payment frameworks
An enforcement committee is to be created in the next six months as part of Sarb’s payment system review; the report identifies a number of “inadequacies” with current framework
Bank of Russia centre records over 20 ‘major’ attacks on payment systems
Attackers attempted to steal 2.87 billion rubles from Russian bank payment systems, cyber-security report reveals; central bank seeks to amend legislation to allow the suspension of suspicious transactions
MasterCard strikes deal to acquire UK’s VocaLink
Agreement to gain controlling stake in retail payments firm will end ownership by major UK banks; regulator to discuss developments
RBI deputy praises Indian payment and settlement systems
R Gandhi notes the ever-increasing volume handled by state-of-the-art systems, but stresses the need to ensure they are safe and “result in overall efficiencies”
Bank of Israel opens payment protocol to smaller players
Central bank removes obstacle to new firms looking to enter payments market; also working on ‘payment systems directive’ based on European model and new access standards
Payments forum moots ‘layered’ architecture in UK
New layered strategy would help improve agility of payments infrastructure, consultation suggests; trade association says changes will need to be implemented in line with regulation
CPMI digs into data on correspondent banking pull-back
Study based on Swift data and banking interviews sheds light on uneven pace of decline in correspondent banking; CPMI offers recommendations to help reverse direction of travel
Norges Bank questions contingency plans for cash distribution
Report warns Norwegian banks’ back-up plans “may prove inadequate” in a crisis; both the central bank and financial supervisory authority in communication with the finance ministry
Swift brings in external firms to support security work
UK firm BAE Systems and Dutch company Fox-IT will be part of effort to strengthen cyber security; Swift says information-sharing initiative has “grown significantly” since launch
Granular data aids policy transmission understanding, Draghi says
ECB president highlights “very rich information set” launched this week; involves reporting data on up to 35,000 daily transactions in the money market
Eastern Caribbean ACH enters second phase of implementation
ECCB annual report sets outs progress so far; electronic payments and US dollar cheques to be processed through the Eastern Caribbean Automated Clearing House
CPMI-Iosco launch plan for two-hour cyber attack recovery
First internationally agreed guidelines for cyber resilience tell FMIs to plan for resumption of services within two hours of an attack; firms will have 12 months to prepare
BoJ aiming to make better use of upgraded settlement system
New version of BoJ-Net carries various advantages and has seen growing settlement volume, but the central bank wants to push this further
Electronic payment system standards will be a 2016 priority, EBA says
Developing technical standards for European electronic payment systems will be a priority for 2016, the EBA says; authority will continue to work closely with ECB
Reserve Bank of Zimbabwe cuts electronic payment charges to tackle cash shortage
Central Bank introduces latest measure to combat cash shortage by encouraging use of electronic payments; mobile payments on the rise but card use still low
Norges Bank deputy: lack of common infrastructure hampers faster payments
Limited collaboration between banks in Norway is hampering availability of real-time payments and causing Norway to fall behind, Jon Nicolaisen says
LCH first clearing house to sign up to ISO 20022 harmonisation charter
Charter produced by Swift sets out measures for harmonising the implementation of ISO 20022; LCH.Clearnet Group becomes the first CCP to sign up
Cambodian central bank says $8 million grant will boost retail payments
National Bank of Cambodia announces grant from South Korean government to help develop payments infrastructure; hoping to discourage cash usage and support inclusion
Afghanistan needs to use mobile money better, governor says
Mobile payments cut costs and risk, but take-up is hampered by lack of awareness, confidence and an “all-inclusive ecosystem”, says Sediq
Swift details plan to toughen cyber defences
Five “strategic initiatives” designed to help global financial community better prepare for future attacks, as Swift says it is "clear" the global community will be targeted again
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
Swift to roll out cyber security programme
CEO announces five-part initiative, with improved information sharing a key element; full details to follow this week