On The Web

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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 […]

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Companies

Brazil Suspends WhatsApp’s New Payments System

June 24 2020

• in
• Brazil
• Central Banks
• WhatsApp

“Brazil’s central bank effectively suspended a newly-launched system allowing users of Facebook Inc’s WhatsApp messaging service to send money via chats, ordering Visa and Mastercard to halt payments and transfers via the system. The central bank said in a statement that rolling out the service without previous analysis by the monetary authority could damage the […]

On The Wires

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Providers

Federal Reserve Announces the FraudClassifier℠ Model to Help Organizations Classify Fraud Involving Payments

June 18 2020

• in
• Central Banks

“The Federal Reserve today published the FraudClassifier model – a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions Work Group, which was comprised of Federal Reserve […]