Payments News

On The Web

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Global

Brazil’s Central Bank Uses Payment Platform to Spur Competition

“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

“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

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

“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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Providers

Singapore Says Blockchain Payments Project Ready for Commercial Rollout

“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

“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

“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

“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 […]