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Items tagged with "Payments"

Project Mandala: smoothing cross-border finance with regulatory alignment 

A new project in the Asia Pacific arena will explore the potential for common regulatory protocols to ease cross-border financial processes such as investment, borrowing, and payments.

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EFRAG welcome IASB’s amendments to IFRS9 and IFRS7

Last week the European Financial Reporting Advisory Group (EFRAG) released a draft comment letter in response to the International Accounting Standards Board’s (IASB) exposure draft 2023/2 Amendments to the Classification and Measurement of Financial Instruments.

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BIS and central banks explore digital currencies.

In recent days the Bank for International Settlements (BIS) has published a bumper crop of reports offering insights on aspects of central bank digital currencies (CBDCs), in collaboration with a number of central banks.

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BIS and central banks to test CBDCs across borders

The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, the Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank have announced that they will be collaborating to test the use of central bank digital currencies (CBDCs) for international settlements.

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New reporting requirements for Chinese non-bank payment platforms

The People’s Bank of China (PBOC) has introduced new disclosure requirements for non-bank payment platforms around the reporting of major events or changes, which will come into effect at the start of September.

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Seizing Digital Finance Opportunities

The Covid-19 crisis has flipped a digital switch, accelerating pre-existing shifts towards digitalisation and the use of new technologies in business and banking.

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Covid-19 boosts Digital Payments worldwide

A couple of weeks ago we highlighted news that the Covid-19 crisis has been a boon for digital payments in India, traditionally a cash-is-king country. However, India is, of course, not alone in choosing to shun paper currency right now, with digital payments and, in some cases, fintech services, receiving a pandemic boost worldwide.

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Digital Payments accelerate in India

The coronavirus pandemic has prompted an unprecedented shift to digital across the world – from the rise of remote working to teleconferencing improvements and an emphasis on digital operations – and now, in India, a long-desired switch from currency to cards.

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EU E-Payments Lack Clarity

European banks are seeking clarification on the European Banking Authority’s (EBA’s) e-money transaction and reporting regulations. Following an EBA workshop, banks from nine European countries have endorsed a note requesting clarification on the definition of e-money transactions and the related reporting requirements. EBA’s guidelines on fraud reporting under PSD2 require banks to report fraudulent e-money […]

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The Case for ISO 20022

Major central banks are set to switch their payments systems to ISO 20022 by 2025, bringing much-needed standardisation to the global payments infrastructure. Earlier this month The Banker sat down with Saqib Sheikh, SWIFT’s global head of ISO 20022 programme, to outline why the migration to ISO 20022 is so important for the banking industry. […]

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