Payments
Vocalink to deliver ‘new generation’ real-time payments in US
CEO David Yates tells Central Banking there will be unique challenges to delivering real-time payments in the US, as Vocalink is chosen to provide software behind faster payments project
National Bank of Kazakhstan plans overhaul of interbank card payment infrastructure
Central bank looks to create new infrastructure for interbank card payments with the aim of improving the efficiency with which banks plug into clearing systems
RBA’s Richards gauges sentiment on card payments regulation
Head of payments policy highlights areas of ‘common ground’ in response to issues paper on card payments regulation, but also some ‘real differences’ between stakeholders
MAS's Menon hails local alternative to cash
MAS director says Singapore's electronic transfer system potentially 'safer and cheaper' than notes and coins; wants people to be able to make payments using social networks
Eurosystem to consider Target2 and T2S merger
Yves Mersch says officials will look into the potential for consolidating some components of the payments and securities settlement services; potential for one unified platform
Bank of Japan launches updated payments platform
New BoJ-NET system goes live tomorrow, days after launch of China's CIPS platform and RMB surpasses yen as global payments currency
Renminbi now fourth most-used world payment currency
The Chinese currency overtakes the yen with a share of 2.79% in global payments by value
China launches cross-border payments platform
Heavily anticipated China International Payment System goes live, with StanChart and ICBC Singapore announcing successful transactions on new platform
DNB director targets better measurement of inclusion
Frank Elderson emphasises the benefits of financial inclusion and says central bank will put forward proposals for financial inclusion index later this week
CPMI launches plan to halt correspondent banking decline
Consultation begins on measures designed to resist the decline of correspondent banking, which is threatening to fragment international payments and damage financial inclusion
Paraguayan central bank plans to expand new database
Central Bank of Paraguay aims to include wider range of data in new online platform, which was launched last week to ‘favourable reception’
Fed board approves changes to same-day ACH service
Institutions that receive payments through the ACH network will have to participate in same-day service, but will be compensated by a new interbank fee levied on originators
BoE says cash unlikely to ‘die out’
An article in the Bank of England's quarterly bulletin illustrates the continuing use of cash in the UK, despite the introduction of new payment technologies over the last decade
CPMI and World Bank say transaction accounts are key to financial inclusion
Joint CPMI-World Bank report stresses importance of transaction accounts in promoting financial inclusion, and offers policy advice for countries looking to improve access to financial services
UK mobile payments growth continues as Vocalink eyes overseas projects
Report identifies factors that may be holding back growth in mobile payments in the UK; Vocalink ‘hoping to be involved’ in US work on faster payments
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops are eyeing direct membership, but the lower minimum guaranty fund contribution does little for existing FCMs
UK payments regulator approves of code of conduct
Big UK banks have published a voluntary code of conduct for those providing indirect access to payment systems, in a bid to improve standards
UK payments have room for improvement, report finds
Report identifies priorities for better payments among consumers, businesses and government, finding desire for faster, more flexible payments with less room for error
RBI looks to ‘disruptive innovation’ to boost inclusion
Granting licences to 11 payment banks is the next step in a ‘payments revolution’ in India that should increase financial inclusion, deputy governor says, although not all technologies are benign
Fed data gives model of banks’ settlement service choices, paper argues
Data from the Fed’s Fedwire payment service shows that banks select payment services based on average rather than marginal cost, study finds
CLS develops cleared FX settlement service with LCH.Clearnet
Designed specifically for central counterparties and cleared FX products, the service aims to minimise risk in the industry
UK payments regulator evaluates efforts to improve access
Banks and payment systems now expected to be more transparent about criteria for access; regulator says this is now bearing fruit, but the real tests are yet to come
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
MAS to set up financial technology and innovation unit
Central bank rejigs organisation as part of efforts to turn Singapore into ‘smart' financial centre; hires a global head from Citi to lead new group