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Providers

Fed’s Powell Says New Innovation Hub Will Help Central Bank Improve Payments

November 30 2021

• in
• Central Banks

“The New York Federal Reserve launched a new innovation center on Monday that will support the central bank as it explores the possibility of a digital currency, assesses the financial risks associated with climate change and tackles other issues such as financial market infrastructure and regulation. The center, in partnership with the Bank for International […]

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Providers

ECB to Overhaul Payment System After Crashes Last Year

July 28 2021

• in
• Central Banks

“The European Central Bank will overhaul its payment system as recommended in an independent review published on Wednesday to address deficiencies in its design and governance that led to a string of crashes last year. The Target system handles payments worth nearly 2 trillion euros ($2.36 billion) per day and is run by the ECB […]

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Global

Brazil’s Central Bank Uses Payment Platform to Spur Competition

March 29 2021

• in
• Brazil
• Central Banks

“Brazil’s central bank is revving up its yearslong effort to bust up the country’s clubby banking industry, using a pandemic-driven shift toward touchless payments to launch its own digital platform. The payment system, dubbed Pix, was set up and is maintained by the central bank instead of private payments players, unlike similar systems in other […]

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Providers

Central banks split on role of private sector in payments – survey

December 10 2020

• in
• Central Banks

“Central banks are split over whether to collaborate with the private sector in payments, a think-tank said on Thursday, underscoring questions over the role of finance and technology firms as they work on innovations such as digital currencies. Over half of central banks expect countries to work with the private sector in building and running […]

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Global

Indian central bank committee recommends reshaping domestic banking industry

November 23 2020

• in
• Central Banks
• India

“A working group at India’s central bank has recommended a series of changes that could transform the country’s banking landscape by paving the way for large industrial conglomerates to set up banks. The proposals could also allow large non-banking finance companies and niche payment banks to convert into lenders.”

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Global

RBI releases draft guidelines for the proposed digital payments self-regulatory organisation

August 19 2020

• in
• Central Banks
• India

“The Reserve Bank of India has released the draft guidelines for the proposed Self-Regulatory Organization (SRO) responsible for setting and enforcing internal rules for the participants in India’s burgeoning digital payment ecosystem.The proposed SRO will be expected to act as a two-way communication channel between the payments industry and the central bank. It shall also […]

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Global

China’s Central Bank Urges Antitrust Probe Into Alipay, WeChat Pay

July 31 2020

• in
• Central Banks
• China

“China’s top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the digital payment giants have used their dominant positions to quash competition, sources with knowledge of the matter said.”

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Global

Brazil Will Authorize Payments System Involving WhatsApp If Rules Are Respected, Central Bank Director Says

July 21 2020

• in
• Brazil
• Central Banks

“Brazil’s central bank will authorize a payments system involving Facebook Inc’s ( FB.O ) WhatsApp messaging service, to send money and make payments via chats, as long as all rules are respected, director Joao Manoel Pinho de Mello said on Monday.”

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Providers

Singapore Says Blockchain Payments Project Ready for Commercial Rollout

July 14 2020

• in
• Blockchain
• Central Banks

“Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout. The final phase of the years-long ‘Project Ubin’ saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype […]

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Global

Kenya’s Central Bank Extends Mobile Payments Relief by Six Months

June 25 2020

• in
• Central Banks
• Kenya

“Kenya will extend various relief measures on mobile phone payments that were introduced to help to curb the spread of the new coronavirus by a further six months, the central bank said on Wednesday. The East African country introduced the measures to encourage cashless payments on mobile phones because the government said avoiding the use […]