This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Central Bank Instant Payments Settlement 
Fintech Finance
NOVEMBER 29, 2024
The European Central Bank (ECB) and Norges Bank signed an agreement for Norway to join the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. Norges Bank’s Governor, Ida Wolden Bache, said: “A well-functioning instant payments solution is an important part of an efficient payment system.
138 
Fintech Finance
MARCH 24, 2025
The Somalia Payment Switch (SPS1) has successfully launched the country’s first ever Instant Payment System with QR payments support powered by BPC’s next generation SmartVista platform, a global leader in payment solutions2.
Fintech Finance
MARCH 24, 2025
The Somalia Payment Switch (SPS1) has successfully launched the country’s first ever Instant Payment System with QR payments support powered by BPC’s next generation SmartVista platform, a global leader in payment solutions2.
Finextra
OCTOBER 24, 2024
The European Central bank is implementing a cross-currency settlement service on the Eurosystem's Target Instant Payment Settlement (Tips) service.
130 
Finextra
OCTOBER 24, 2024
The European Central bank is implementing a cross-currency settlement service on the Eurosystem's Target Instant Payment Settlement (Tips) service.
119 
The Fintech Times
MARCH 25, 2025
The Somalian financial ecosystem has taken its next step in the digital world as the Central Bank of Somalia’s (CBS) payments initiative, the Somalia Payment Switch (SPS), has successfully launched the country’s first instant payment system.
Fintech News
OCTOBER 23, 2024
The BIS Innovation Hub (BISIH) Singapore Centre has announced the next phase of Project Nexus , aimed at making instant cross-border payments a reality. Central banks and instant payment system (IPS) operators from India, Malaysia, the Philippines, Singapore, and Thailand will collaborate with BISIH to move towards live implementation.
125 
Fintech News
APRIL 2, 2025
A consortium of central banks has formally established Nexus Global Payments (NGP) in Singapore to manage a new multilateral cross-border payment system. This marks the initiative’s transition from a Bank for International Settlements (BIS) experimental project, started in 2021, into practical implementation.
Finextra
JANUARY 20, 2025
Sweden's central bank is calling on banks to join in the ongoing work to enable instant cross-currency payments within Europe via the Target Instant Payment Settlement (Tips) system.
114 
Fintech Finance
JULY 1, 2024
The Bank for International Settlements (BIS) and partners today announced that they have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems.
PYMNTS
OCTOBER 9, 2020
The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. . The central banks working with the BIS include the European Central Bank, the Swiss National Bank and Bank of Japan.
104 
PYMNTS
MARCH 17, 2020
While some geographies have opted to collaborate with the private sector to develop their own national instant payment networks, others are adopting solutions like RippleNet and SWIFT gpi to modernize their banks’ capabilities. Hungary Welcomes Instant Payments. Curacao Takes Steps Toward Instant Payments.
The Fintech Times
JANUARY 22, 2025
Central banks across Europe are taking action to facilitate instant payments between countries and currencies. The latest initiative has come from the European Central Bank (ECB), the Swedish central bank Riksbank , and the Danish central bank Danmarks Nationalbank.
59 
Finextra
SEPTEMBER 9, 2024
The European Central Bank (ECB) welcomes the decision by Seðlabanki Íslands (Central Bank of Iceland) to begin a feasibility assessment to explore the possibility of joining the Eurosystem’s T2 real-time gross settlement system and its TARGET Instant Payment Settlement (TIPS) retail payment system.
59 
PYMNTS
OCTOBER 12, 2020
In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. The Timeframe .
Fintech News
NOVEMBER 5, 2024
The five central banks collaborating on Project Nexus will set up a managing entity called the Nexus Scheme Organisation (NSO). Project Nexus is designed to enhance cross-border payment efficiency by linking various domestic instant payment systems on a global scale.
107 
Fintech News
NOVEMBER 12, 2024
To address these issues, countries part of the Association of Southeast Asian Nations (ASEAN) joined hand with the Bank for International Settlements (BIS) Innovation Hub to collaborate on Project Nexus. The regulatory attributes are finalized, and the central bank is now working on legislation, he said.
105 
PYMNTS
OCTOBER 12, 2020
The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. The BIS noted of central bank digital currency ( CBDC ) that “a CBDC could provide a complementary central bank money to the public, supporting a more resilient and diverse domestic payment system.
93 
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.
76 
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. Roberto Campos Neto, president of Brazil’s central bank, said his country’s new digital currency will work in concert with its new instant-payments system. “To
Finextra
DECEMBER 19, 2024
The European Central Bank welcomes the Bulgarian market to the TARGET Instant Payment Settlement (TIPS) service following its successful migration in December 2024.
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.
The Paypers
APRIL 15, 2020
The Central Bank of Brazil has started a new phase in the testing process for Pix, the upcoming national instant payments platform.
50 
Fintech News
JULY 3, 2024
The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). trillion by 2025.
Finovate
APRIL 17, 2025
. “By selecting Numeral’s payment technology, we are reinforcing Argentex’s position at the forefront of multi-currency payment processing,” Argentex Chief Operating Officer Tim Rudman said. ” Headquartered in Paris, France, Numeral made its Finovate debut at FinovateEurope 2023.
Fintech News
JUNE 4, 2024
The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).
PYMNTS
OCTOBER 16, 2020
It was a busy week for commerce and payments, as consumers are harnessing connected devices for digital-first shopping and firms are looking to harness tools to speed up business-to-business (B2B) disbursements and payments. Fifth Third Bank: Business Cash Flow Pains Are Driving Instant Payments Uptake.
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. Digital dollars on the horizon?
113 
PYMNTS
AUGUST 7, 2020
Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. Lael Brainard said the coronavirus crisis has heightened the need for instant payments.
Fintech News
APRIL 3, 2024
The Central Bank of Brunei Darussalam (BDCB) and the Bank of the Lao PDR (BOL) have formally joined the Regional Payment Connectivity (RPC) initiative. predicts explosive growth in ASEAN’s digital payment market, reaching US$2 trillion by 2030. A report by Google, Temasek, and Bain & Co.
PYMNTS
JULY 1, 2020
The initiative has the support of every major French bank, Deutsche Bank and Commerzbank in Germany, Santander in Spain and Banca Intesa Sanpaolo in Italy. In addition, PEPSI is backed by the European Central Bank (ECB) and the European Commission.
130 
Fintech Finance
JUNE 18, 2024
Instant cross-border payments processed by STET , one of the leading European clearing and settlement systems, (CSM) and ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, have reached a new record high. billion in 2023 to 38.6 billion in 2028.
98 
PYMNTS
APRIL 3, 2020
Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments. It will allow providers of payment services to transfer and settle their customers’ funds in real time, 24/7, and settle the payments in central bank money.
Finextra
NOVEMBER 20, 2024
Sweden's central bank says the country's retail payment infrastructure needs to be modernised to accommodate more instant payments and third party access to payment and settlement rails.
PYMNTS
MAY 22, 2020
Having led on issues like consumer data privacy, the European Union (EU) is trying to pull ahead on real-time payments as well. Sweden’s central bank, Sveriges Riksbank, is the newest financial institution (FI) to connect to TIPS, for example. “The The Fed’s Failure.
137 
PYMNTS
NOVEMBER 16, 2020
Real-time payments continue to gain traction around the world. The country’s banking system is giving an upgrade to its instant payments system. Called PIX , the new payment rails have been in the works for some time and launched last week. and is the country’s current domestic clearing and settlement system.
PYMNTS
APRIL 9, 2020
While Sweden continues to use its national currency, the Swedish krona, rather than the euro, the nation has recently signed an agreement with the European Central Bank (ECB) to facilitate real-time electronic payment settlement in krona using Europe’sTARGET Instant Payment Settlement (TIPS) payments infrastructure.
PYMNTS
AUGUST 7, 2020
To remedy the problem, the Reserve Bank of India supports an option for offline payments through cards, wallets and mobile devices. The country’s central bank has proposed a pilot program for such a platform with built-in safety and liability protections for users. It’s going to be a long-drawn process,” he said.
106 
PYMNTS
JULY 26, 2020
Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp. of India (NPCI) that facilitates inter-bank transactions, has propelled the growth of online payments, the Financial Times (FT) reported.
123 
Fintech Finance
JULY 4, 2024
Incorporating offline capabilities into digital payments can overcome these challenges. The success of several CBDC pilot projects around the globe has demonstrated the importance of offline payments. This allows the expansion of their customer base by offering more inclusive and resilient payment services.
The Fintech Times
JULY 1, 2024
The Bank for International Settlements (BIS) has completed a comprehensive blueprint for the third phase of Project Nexus, enabling ready participants to work towards the next stage of seamlessly connecting their instant payment systems (IPSs).
PYMNTS
MAY 20, 2020
The European Central Bank (ECB) is the European Union’s foremost regulatory body. Accomplishing this task poses a unique set of challenges, however, particularly when it comes to real-time payments. Making cross-border payments in the EU therefore requires interconnectivity between the regions’ various real-time payments rails.
PYMNTS
JUNE 30, 2017
The European Central Bank (ECB) has announced its plans for a new instant payments and settlement system that will enable businesses and consumers to send money in real-time across 19 countries. While collaboration with banks is in the cards, participation will not be mandatory.
PYMNTS
JUNE 27, 2019
In light of competition from Facebook and other tech firms and banking firms, the European Union could potentially have a real-time payments system in place by 2020, according to a report by Reuters. . Goosse said that by 2020, instant payments could spread to all banks in the EU. So we have no time.”.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content