Payments
Businesses less willing to accept cash payments – Atlanta Fed
Increasing number of businesses are becoming reluctant to accept low-value cash payments
Swift aims to have all members using GPI system by late 2020
Corrected: Network wants to integrate all 10,000 banks into the cross-border payment system
DLT will be a ‘catalyst for change’ – RBA’s Richards
New technologies have highlighted inefficiencies in existing payment infrastructure
Singapore central bank aims to eliminate cheques but not go cashless
MAS board member reveals new details of scheme to allow payments by QR codes
Caribbean central banks look for common approach to fintech
Working group set up to look at crypto assets in the region
Riksbank terminates contract with Crane
Central bank argues banknote provider has broken its contract by transferring printing facilities
UK lawmakers ‘satisfied’ with Visa response to outage
Visa has promised an independent inquiry into the incident that saw 5.2 million payments fail; firm reveals details of its recovery efforts
UK card transactions surpass cash for first time
Report shows card transaction volume was marginally higher than cash in 2017
Sia given green light to access Eurosystem’s instant payment system
ECB permits first network provider to give access to new Tips platform
Cash usage unlikely to disappear – Atlanta Fed
Universal access, in-person shopping and preference among low-income groups support cash
Bank of Finland working on payments backup system
Board member says Finland must be able to maintain control of “critical infrastructure” should disruptions occur
Minneapolis Fed paper examines DNA of crypto assets
Cryptography can identify modifications in transaction records without a central structure
Blockchain-based payment systems lack ‘capacity and efficiency’ – DNB
DNB tests show blockchain improving security but increasing costs and slowing speed
Bank of Thailand to test use of digital currency for interbank settlement
Governor says bank is close to finishing proof-of-concept for digital bond issues
Riksbank considers joining eurozone’s real-time payments network
Stefan Ingves says central bank may have to investigate issuing a digital currency
Singapore and India launch fintech co-operation scheme
The countries plan to establish real-time payments links
DNB develops new instant payment network
Banks will be able to process payments within seconds by mid-2019, the central bank says, but evolution of cash infrastructure will continue
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make 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