Payments
Bank of Mauritius seeks more clarity in payments law
Draft bill provides “comprehensive legislation” regarding the payment system in Mauritius, central bank says; outlines the bank’s authority on the regulation of the system
Kenya sees a reduction in use of bank services
Mobile payments preferred, with 47.8% of the population using mobile services on a daily basis; banks now mainly used for salary payments
Paraguay’s governor on the ‘new normal’ and inflation targeting
Central Bank of Paraguay governor Carlos Fernández Valdovinos explains why the global economy must adapt to the 'new normal' and how Paraguay is coping with falling commodity prices
Emerging markets leading the way in cutting-edge payments innovations, UK report finds
Mobile payments embraced in emerging markets where banking infrastructure lags; Kenya’s M-Pesa system handles flows equivalent to a quarter of nation's GNP
Renminbi direct payments make inroads in Middle East
The Chinese currency ranks first when the UAE and Qatar make direct payments to China and Hong Kong
Bank of England prepares to overhaul ageing RTGS system
Central bank will spend year outlining plans for replacement to high-value payments system, keeping an open mind at present as to what features it should have
Iranian banks may reconnect to Swift as sanctions lift
Reconnection ends four-year exclusion from the global payments messaging service and should make sending international payments considerably less costly
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
Croatia makes it 25 central banks in Target2
The Croatian National Bank will, along with 24 commercial banks in the country, participate in the RTGS system from February 1, making it the fifth central bank outside the eurozone to join
Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure; central bank reflects on measures taken to boost financial inclusion in 2015 and challenges ahead
UK payment systems regulator assesses compliance in first annual report
First PSR annual report shows progress is being made towards access and governance goals, but there are still areas for improvement
Bahraini central bank launches ‘almost real-time’ payments
Central Bank of Bahrain launches Electronic Fund Transfer System, comprising services for near real-time payments, deferred net settlement and bill aggregation
TCH and VocaLink set sights on US real-time payments
CEOs emphasise effort to create level playing field for 14,000 US financial institutions to access the system, as the firms finalise real-time payments deal
RMB now second most used payments currency between China and Japan
The Chinese currency more than doubles share of payments between China/Hong Kong and Japan in two years, eclipsing US and Hong Kong dollars while yen retains number one spot
Bank of Israel unveils real-time payments plan
New payments infrastructure will support push for advanced electronic payments; committee chair identifies plans for wide range of payments improvements, including real time
Payments industry body to implement instant payments in euros ‘by 2017’
The European Retail Payments Board encourages industry body to have a system of instant payments operational by November 2017
Distributed ledgers could impact FMIs, report finds
Committee on Payments and Market Infrastructures report on digital currencies sees potential for technology to have a ‘much broader application beyond payments’
HKMA promotes 'entirely paperless' e-cheques in PR push
Central bank to raise awareness through multimedia infomercials ahead of December 7 launch; e-cheques will lead Hong Kong into new era of electronic payments, says HKMA deputy
ECB’s Mersch explores construction of instant payments services
Yves Mersch says Eurosystem envisages services being constructed on scheme, clearing, and settlement layers, and considers challenges involved in each
Cleveland Fed’s Mester lays out ‘considerable progress’ on payment systems initiative
Loretta Mester tells New York conference of progress in appointing leaders and accumulating members for faster payments and secure payments task forces
CLS starts settling Hungarian forint payments
After two years of preparation and testing, the forint joins the CLS universe
Bank of Israel smoothes way for new credit card players
Central bank moves to ease the process of entering the merchant acquiring and credit card market; aims to streamline licensing and expand ownership options
Bank Indonesia to update major payment platforms
Central bank will launch new versions of three systems, including the RTGS platform, on November 16, with a view to improving liquidity management
CLS sets go-live date for Hungarian forint
CLS and Hungary's central bank launched the forint project in February 2014