Clearly Payments

AUGUST 29, 2024

Central Bank Digital Currencies (CBDCs) have received attention in recent years as central banks worldwide explore the potential to evolve the way we conduct financial transactions. Wholesale CBDCs could enhance the efficiency of the financial system by reducing settlement times and lowering costs.

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Central Bank Digital Currency CBDC Cross-Border Payments 105

PYMNTS

OCTOBER 19, 2020

19) on the bank’s potential rollout of a digital currency. Powell warned of potential downsides to the launch of a digital currency that need to be considered, arguing that the first priority should be to “get it right than to be the first,” Reuters reported. The Fed chief, noting that the U.S.

Digital Currency 108

Digital Currency Central Bank Fed Federal Reserve 108

Finextra

JUNE 4, 2024

The Bank for International Settlements (BIS) is launching Project Rialto to explore how instant cross-border payments could be improved using a modular foreign exchange component combined with settlement in wholesale central bank digital currencies (wCBDC).

Central Bank 98

Central Bank Settlement Cross-Border Payments Cross-Border 98

PYMNTS

DECEMBER 28, 2020

Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years.

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Central Bank SWIFT Digital Currency CBDC 142

PYMNTS

NOVEMBER 27, 2019

The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! The ECB has been open to the idea, and could already be experimenting.

Central Bank 94

Central Bank Digital Currency Distributed Ledger Technology (DLT) CBDC 94

Finextra

NOVEMBER 26, 2024

A group of seven central banks (Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Board of Governors of the Federal Reserve System, Sveriges Riksbank and the Swiss National Bank) together with the Bank for International Settlements, have been working together to explore selected aspects of central bank digital currencies (..)

Central Bank 85

Central Bank Digital Currency Legal Federal Reserve 85

Fintech News

OCTOBER 23, 2024

Australia has unveiled a three-year initiative to explore the potential of central bank digital currencies (CBDCs) with a focus on wholesale CBDC opportunities, industry outreach and regulatory improvements, Brad Jones, Assistant Governor (Financial System) at the Reserve Bank of Australia (RBA), told the audience at an industry event in September.

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Central Bank CBDC Settlement Treasury 124

PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. And even before the BIS findings, in March, members of U.S.

Digital Currency 113

Digital Currency Fed Federal Reserve CBDC 113

PYMNTS

MAY 21, 2020

The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may implement a monetary policy and issue currency.

Digital Currency 97

Digital Currency Central Bank CBDC Federal Reserve 97

PYMNTS

MAY 29, 2019

A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. Vasiliauskas is contemplating both sides.

Central Bank 76

Central Bank Digital Currency CBDC Liquidity Risk 76

Clearly Payments

OCTOBER 31, 2024

America Biometric Payments 2 Global, especially mobile-first markets Cash Payments 5 Emerging Markets, some developed regions Central Bank Digital Currencies (CBDCs) 1 Asia, Caribbean Credit Cards Overview : Credit cards allow consumers to make purchases on credit, paying later and often with interest.

Online and Mobile Banking 98

Online and Mobile Banking RTP BNPL Debit Card 98

PYMNTS

SEPTEMBER 8, 2020

The race toward central bank digital currencies (CBDCs) is tightening, with Brazil reportedly looking to launch one by 2022 in a bid to help digitize payments. After that, I think you have all the ingredients to have a digital currency. We think we will have it in 2022.”.

Digital Currency 87

Digital Currency Central Bank CBDC Instant Payments 87

Fintech Review

NOVEMBER 20, 2024

Almond’s blockchain-driven Settlement Optimization Engine (SOE) addresses critical speed, transparency, and cost challenges in cross-border payments. The SOE optimises transaction routes and provides near-instantaneous settlement for financial institutions globally. Let’s dive in. Our SOE works the same way.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Multi-Currency FinTech 115

PYMNTS

NOVEMBER 15, 2020

Bank of England Deputy Governor Jon Cunliffe said it isn't his job to shield banks from the coming shift to digital currencies, Reuters reported. The shift could drastically change how customers feel about having physical money stored in banks, according to the report.

Digital Currency 103

Digital Currency Real Time Gross Settlement (RTGS) Cross-Border Settlement 103

Fintech Finance

SEPTEMBER 10, 2024

Accenture (NYSE: ACN) announced that it has invested in EMTECH , a global financial technology company that provides software-as-a-service platforms to help central banks streamline, connect and modernize their processes and operations. Terms of the investment were not disclosed.

Central Bank 98

Central Bank Digital Currency CBDC Financial Inclusion 98

PYMNTS

JANUARY 6, 2021

In Mexico, the pandemic is moving the needle toward digital payments — specifically mobile payments — to become more widely embraced by businesses and consumers alike. The platform lets B2B, P2P and other commerce take place over Mexico’s real time gross settlements payments system, known as SPEI (in turn tied to wire transfers) for short.

Central Bank 145

Central Bank Financial Inclusion Wire Transfer Payments 145

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. euros (at least at present).

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

JANUARY 26, 2020

Bank of France Governor Francois Villeroy de Galhau said on Saturday (Jan. 25) that central banks should be in charge of issuing electronic currency, not private companies, Reuters reported. He noted that private citizens also might ask for cash alternatives. . “In

Central Bank 100

Central Bank CBDC Digital Currency Cross-Border 100

The Fintech Times

NOVEMBER 8, 2024

The solution, dubbed UBS Digital Cash, aims to increase the transparency and security of cross-border payments with blockchain-based payments. Cross-border payments often lead to delayed settlements, creating a fragmented view of liquidity positions for companies.

Cross-Border 59

Cross-Border Cross-Border Payments Payment Solutions Blockchain 59

PYMNTS

JUNE 17, 2020

For instance, Nikkei Asian Review recently reported that Chinese officials are mulling developing an “East Asia digital currency” in what might be a new front in the race among nations to issue fiat rendered in bits and bytes. Mersch said a retail CBDC could be based on deposit accounts opened with a central bank.

Digital Currency 89

Digital Currency Central Bank CBDC Deposit Account 89

PYMNTS

OCTOBER 12, 2020

But there’s room for co-existence of cash and digital currencies. The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. And digital money, according to the BIS, will have to take its place alongside paper bills and coins.

Central Bank 93

Central Bank CBDC FedNow Digital Currency 93

Payments Source

DECEMBER 13, 2020

From brokering insurance contracts to financial settlements, smart contracts could bring immense innovation to CBDCs that otherwise would act as little more than an augmented medium of exchange, says Cypherium's Sky Guo.

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Central Bank Innovation Settlement Federal Reserve 133

PYMNTS

MAY 27, 2020

The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? He pointed to the concept of synthetic central bank digital currencies ( CBDC ).

Central Bank 57

Central Bank Digital Currency CBDC Settlement 57

Finextra

FEBRUARY 7, 2024

The metaverse could place new demands on payment services that may be better met by central bank digital currencies and retail faster payment systems than by crypto, according to a Bank for International Settlements report.

Metaverse 130

Metaverse On-Demand Digital Currency Central Bank 130

PYMNTS

JANUARY 21, 2020

And now, for digital currencies, it’s a group effort — among central banks, that is. Up until now, the explorations and considerations of digital currencies — as would be, potentially, issued by central banking systems to bring fiat into digital form — has been done on a country-by-country basis.

Central Bank 57

Central Bank Digital Currency CBDC Federal Reserve 57

PYMNTS

SEPTEMBER 25, 2020

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. Her speech, entitled “Payment and the Pandemic,” included a section on digital currencies.

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Fed Federal Reserve Digital Currency Central Bank 132

PYMNTS

OCTOBER 11, 2019

For central banks, when it comes to cryptocurrencies, there’s no central theme. Whether the advent of digital coins signifies an existential threat to monetary policy at its most basic level – the way it’s been done for, well, centuries – depends on who’s weighing in on the subject. Others, not so much. Yays and Nays.

Central Bank 73

Central Bank Digital Currency Federal Reserve Non-Bank 73

Fintech News

JANUARY 21, 2025

Similarly, Project Nexus , spearheaded by the Bank for International Settlements (BIS), aims to improve cross-border payment systems through faster, cheaper, and more transparent transactions. In particular, cloud computing is becoming increasingly prevalent, with 60% of banks in Singapore migrating their core systems to the cloud.

Payment APIs and Integration 107

Payment APIs and Integration Finance Cross-Border API 107

PYMNTS

FEBRUARY 6, 2020

Central bank leaders from six countries and the Bank for International Settlements (BIS) have planned an April meeting to discuss digital currencies and the parameters involved for launching their own, the Nikkei Asian Review reported on Thursday (Feb. In January, the central banks of the U.K.,

Central Bank 100

Central Bank Digital Currency CBDC Federal Reserve 100

Payments Source

JULY 1, 2019

The Bank for International Settlements is setting up shop to help officials who may need to speed up developing their own digital currency.

Central Bank 95

Central Bank Digital Currency Settlement FinTech 95

PYMNTS

JANUARY 19, 2021

Banque de France has successfully conducted its own central bank digital currency (CBDC) trial, with a blockchain platform for interbank settlement, CoinDesk reported. A statement from the bank said the pilot involved a settlement on a private blockchain, which U.K. million), per CoinDesk.

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CBDC Interbank Settlement Settlement Central Bank 130

PYMNTS

FEBRUARY 27, 2020

Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that before they issue their own digital currencies, central banks around the world should attempt to get a better understanding of the pros and cons of the process, according to a report by Reuters.

Central Bank 64

Central Bank Digital Currency Money Laundering CBDC 64

Finextra

JUNE 18, 2024

There has been a sharp uptick in experiments and pilots with wholesale central bank digital currencies over the last year, according to the Bank for International Settlements.

Digital Currency 98

Digital Currency Central Bank Settlement 98

Fintech News

DECEMBER 11, 2023

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.

CBDC 110

CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 110

PYMNTS

DECEMBER 6, 2020

Citigroup will be helping governments around the world establish sovereign digital currencies, or central bank digital currencies (CBDC), CEO Michael Corbat says, according to a report from CoinDesk. Speaking with David Rubenstein at a Bloomberg event on Friday (Dec.

CBDC 114

CBDC Digital Currency Central Bank Government 114

Fintech News

SEPTEMBER 11, 2024

Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digital currencies (CBDCs) and stablecoins. Swift is also addressing the growing fragmentation in the digital asset ecosystem.

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SWIFT Multi-Currency CBDC Interoperability 145

PYMNTS

MARCH 30, 2020

The Banque de France is seeking applications “to experiment with a central bank digital currency for interbank settlements,” according to an announcement from the French central bank. ” The submission deadline for digital applications is May 15.

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CBDC Interbank Settlement Digital Currency Central Bank 98