Payments News
nbsp;

Systems

Cash May Not Be King, but It’s Still Royalty

“Yet digital’s gain isn’t necessarily coming at the expense of cash. The overall pie still appears to be growing. Only two countries, Russia and Sweden, had a net substitution of cards for cash from 2007 to 2016, with cash in circulation shrinking as card payments grew, according to the Bank for International Settlements. In other […]

On The Web

nbsp;

Domains

RTGS Global and Microsoft Reimagine Payment Networks

“Cross-border liquidity network RTGS Global is collaborating with Microsoft to develop a unique and transformative payments network. Now at the first stage of its operational rollout, RTGS Global’s network operates on a 24/7/365 basis, allowing for the authentication and auditing of interbank real-time liquidity on a granular (transaction by transaction) level. Facilitating multi-currency payments while […]
nbsp;

Systems

UPI Is Paying Off, Setting the Pace for Other Nations

“Based on its experience with the Unified Payments Interface (UPI) in India, Google has offered the US Federal Reserve Board suggestions for developing FedNow, an interbank real-time gross settlement service for digital payments. Mint analyses the salient features of UPI.”
nbsp;

Systems

Google And Amazon Favor Fed Role In Real Time Payments

“When the Federal Reserve issued a request for comment about whether it should provide a real-time payment systems (RTGS) to offer an alternative to the TCH real-time payments system (RTP), several tech firms were ready, just as some banks had feared. Banks, bank associations and state regulators in their comments had often suggested that access to […]
nbsp;

Systems

Risk, fintechs and regs spark real-time payment reforms in U.K.

“The rise of digital payments, new non-bank competition, fraud challenges, a need for improved resilience and the changed regulatory environment are spurring two major updates to the U.K.’s faster payments system. The Bank of England is upgrading the U.K.’s Real-Time Gross Settlement (RTGS) system. Separately, the U.K. payments authority, Pay.UK, is developing a New Payments Architecture that […]

On The Wires

nbsp;

Systems

ECB announces independent review of payments system outage

“The European Central Bank (ECB) will launch an independent review of an incident that affected its real-time gross settlement system TARGET2 on 23 October 2020, causing an outage for almost 10 hours. An initial investigation determined that a software defect in a network device was the specific technical cause of the incident. The independent review […]