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.
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.
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.
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.
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.
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 […]
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. […]
The European Banking Authority (EBA) have published a report calling on the European Commission to improve conditions for cross-border banking and payments services within the EU. The report identifies two main impediments to cross-border banking and payments reaching their full potential in Europe. Firstly, clearer communications are needed to better identify when a digital activity […]
Keynote speaker Mr Jerry Zhou, Chairman and CEO of Huifu Payment, gave the audience of Data Amplified an insight into China’s booming payments industry. China’s payment industry is renowned – with most people in China using mobile payment based on QR codes for daily payments. Zhou even argued that you could say ‘China is the […]
The global digital payments market is booming – with standardisation and new open data regulation playing no small part in the rapid growth. Banks, however, seem to be struggling to keep up with big tech competition in the payments industry. The 2019 Capgemini World Payments Report shows non-cash payments growing rapidly, particularly in developing markets […]