Payments
Swift to ‘streamline’ cross-border payments with DLT framework
Swift to launch blockchain proof of concept later this year utilising the ‘hyperledger fabric’
Bank of Korea paper says digital currency will not displace hard cash
Digital currency could be used as a medium of exchange, but will not oust cash as a store of value, given the issues surrounding insurance and trust, authors of working paper find
Lesotho launches new core banking system without a hitch
Intellect Design Arena’s QCBS will improve the “operational efficiency” of the African central bank; system will also form the “backbone” of the Central Bank of Armenia’s upgrade
Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments; Italy-headquartered SIA wins contract
DLT not ‘mature enough’ for eurozone usage, ECB says
ECB’s annual report explores progress with distributed ledger technology, emphasising it is still in its infancy; DLT could eventually be used for Europe’s payment and securities settlement systems
Carney: financial infrastructure is now ‘fit for purpose’ for fintech
Bank of England governor announces RTGS will be opened to a broader range of participants, with new blueprint expected in May
UK competition authority approves VocaLink sale
Decision clears way for MasterCard to acquire the provider of UK payments infrastructure, after the firms offer concessions
Danes claim top spot for EU card payments
Danish people use cards more than any other European Union nation, central bank report says, with electronic payments widespread
Macedonia links up with EU payment infrastructure
Central bank announces local interbank payment system will connect with Target2 via the Bank of Italy; payments department manager says the development will enable smoother integration with the EU
Hungarian central bank sets out instant payments infrastructure plan
Company wholly owned by MNB to have system operational ‘by mid-2019’
Russian central bank opens first overseas office in Beijing
Russian and Chinese authorities announce a collaboration on payment systems and money laundering prevention
BoE collaborates with fintech firms to enhance payment system
BoE establishes new fintech community to discuss developments in the industry; next round of proof-of-concepts to examine ‘interledgers’ and threat intelligence
MAS considers revising limits on coin payments
Singapore central bank mulls blanket restriction of 10 coins per denomination in a single transaction; new arrangement would align the country with Norway and Switzerland
Federal Reserve Banks to work with Swift to make cross-border payments ‘more traceable’
US payment systems partner with Swift to improve cross-border payment speed and traceability; Federal Reserve Banks and The Clearing House make gpi available to clients
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
Fed’s Powell warns of central bank digital currency impact on private sector
Powell says digital currencies issued by central banks could “stifle” private sector payment innovation, though he is confident DLT will have benefits for faster payments
Cash is here to stay – SNB’s Zurbrügg
SNB official says reports of cash’s “death” are “exaggerated”; central bank has no plans to stop printing banknotes as its popularity remains
BIS creates DLT analytical framework for central banks
CPMI working group lays out important questions for central banks when implementing distributed ledger tech for payments and settlement; access is a key concern
Target2 robust enough to withstand liquidity shocks – ECB study
Research modelled the effects of “extreme collateral deteriorations” on Target2 participants
New legislation to grant BoE more power over payments infrastructure
BoE’s Bailey details consolidation of core retail payment infrastructure along with UK central bank’s new powers
Payments and market infrastructure provider of the year: VocaLink
The UK payments provider has built on domestic success to support real-time payments in Thailand and the US
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
Riksbank’s Skingsley says payments innovation needs balance
Central banks should use combination of “hands on” and “hands off” approaches, and strike a balance between innovation, stability and growth, deputy says
Swift creates distributed ledger proof-of-concept
Swift, in conjunction with Hyperledger working group, will launch private distributed ledger network to help banks manage their cross-border payments