Fintech News

DECEMBER 11, 2023

This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system. The PoC explored two models.

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CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 108

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. Fed, the Swiss National Bank and others.

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Fintech News

AUGUST 8, 2024

In the dynamic financial landscape of the Asia-Pacific (APAC) region, private banks, asset managers, fund managers, and other capital market participants are increasingly recognising the pivotal role of Swift connectivity. As the industry evolves, adopting robust standards like ISO 20022 becomes crucial for driving these benefits.

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ISO 20022 APACS SWIFT ISOs 124

The Fintech Times

SEPTEMBER 12, 2024

Considering blockchain and tokenisation Attention turned to tokenisation for the next panel session, as George Gvazava , chief crypto officer at the Bank of Georgia , revealed his thoughts on the benefits of blockchain: “If the regulation permits fully what blockchain technology delivers, we could actually see our world become a better place.

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Fintech News

MARCH 25, 2024

Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens.

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CBDC SWIFT Interoperability Settlement 105

Fintech Finance

MARCH 26, 2024

Interoperability is critical to Swift’s strategy for instant and frictionless transactions. In securities, the lack of interoperability between tokenisation platforms is a barrier to the growth of tokenisation. More than 750 transactions were carried out over the course of the experiments. The full results report is available here.

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Cross-Border Use Case SWIFT CBDC 52

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.

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Central Bank Digital Currency CBDC Federal Reserve 57

The Fintech Times

JUNE 6, 2024

Project mBridge , a collaborative initiative involving multiple central banks and the Bank for International Settlements’ (BIS), h as reached an important development milestone. The Saudi Central Bank (SAMA) has recently joined as a full participant, with over 26 other central banks observing.

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Participant Distributed Ledger Technology (DLT) Cross-Border Payments Cross-Border 45

Clearly Payments

JANUARY 4, 2024

Unlike traditional currencies issued by governments and central banks, cryptocurrencies are typically based on blockchain technology, a distributed ledger that records all transactions across a network of computers. Popular cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). This is covered in the below section.

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Cryptocurrency Stablecoins Cross-Border Payments Digital Currency 105

Fintech News

MAY 21, 2024

As the financial landscape undergoes a digital revolution, institutional investors are increasingly turning their attention to digital assets such as cryptocurrencies and Central Bank Digital Currencies (CBDCs). Central Bank Digital Currencies (CBDCs) topped the list, with 33% of respondents foreseeing their widespread adoption.

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PYMNTS

AUGUST 1, 2019

Such experiences require payments interoperability, which can be a significant challenge due to changing technologies and regulations. Many initiatives are currently underway around the globe to push such efforts along, meaning interoperability may not be as far off as once thought. What is payments interoperability?

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Cross-Border Payments Cross-Border Interoperability Electronic Funds Transfer (EFT) 43

PYMNTS

DECEMBER 4, 2018

The industry’s issues include insufficient interoperability between schemes, as well as confusion and cost hurdles faced by financial institutions (FIs). Central banks can also struggle to adopt new payment infrastructures or make the improvements they need to their existing payment systems. SIA’s Third-Party Approach To RTGS.

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Central Bank Real Time Gross Settlement (RTGS) RTP Faster Payments 70

PYMNTS

OCTOBER 25, 2019

Enterprise software firm SAP is teaming up with professional services firm Accenture and blockchain company R3 to develop a distributed ledger technology (DLT) solution that aims to accelerate the settlement of payments between banks and customers. A press release issued on Thursday (Oct. A press release issued on Thursday (Oct.

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Real Time Gross Settlement (RTGS) Settlement Distributed Ledger Technology (DLT) Blockchain 40

Fintech Finance

FEBRUARY 6, 2024

” NPS-NCS and NEPALPAY are part of the National Payment Switch (NPS) initiative, the core infrastructure for routing and settlement of retail transactions to ensure interoperability of card and non-card-based payments within Nepal. NPS-NCS and NEPALPAY is expected to be rolled out in the last quarter of 2024. billion people.

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Interoperability Real Time Payments Non-Bank Financial Inclusion 64

PYMNTS

MAY 20, 2020

The European Central Bank (ECB) is the European Union’s foremost regulatory body. This is just one of the cross-border payments frictions that led to the TARGET Instant Payment Settlement (TIPS) system. The ECB created TIPS upon this framework, and it provides real-time settlement capabilities across the region.

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Real Time Payments Cross-Border Cross-Border Payments Central Bank 84

Fintech Finance

DECEMBER 13, 2023

The Central Bank of Colombia, Banco de la República , today announced it is partnering with ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software , to build a new domestic real-time payments ecosystem as part of a nationwide banking transformation project.

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Real Time Payments Central Bank Financial Inclusion Payments 52

The Fintech Times

DECEMBER 15, 2023

Today our selection of leaders discuss the evolving payment landscape in 2024, touching on trends like convergence of personal and corporate payments, real-time cross-border payments, interoperability’s influence, and the significance of orchestration in streamlining payments in the travel sector.

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Cross-Border Cross-Border Payments Interoperability Payments 59

PYMNTS

AUGUST 21, 2020

Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept. Interoperability Is Key.

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PYMNTS

OCTOBER 12, 2020

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function). Looking Toward Interoperability And Scale . The Timeframe .

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Fintech News

MAY 8, 2024

As digital technologies continue to transform the financial landscape, central banks worldwide are exploring the potential of Central Bank Digital Currencies (CBDCs). The project evolved, incorporating enhanced functionalities, cross-border fund transfers, and a Corporate CBDC Pilot Program.

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CBDC Bots Real Time Gross Settlement (RTGS) Non-Bank 120

PYMNTS

JULY 30, 2020

The Bank of England (BoE) is pushing ahead with an overhaul of a key part of the United Kingdom’s financial payments infrastructure. The new system, slated to debut in 2022, will also have the capability to handle a central bank digital currency (CBDC), such as a digital pound, CoinDesk reports.

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Real Time Gross Settlement (RTGS) Digital Currency Central Bank CBDC 63

PYMNTS

MAY 22, 2020

The European Central Bank (ECB) is using its real-time payments network, TARGET Instant Payment Settlement (TIPS), as an infrastructural foundation to expand its real-time payments capacity and also bring together the region’s broader payments ecosystem,” the Tracker states. The Fed’s Failure.

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Faster Payments Real Time Payments Cross-Border Payments 137

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. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.

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PYMNTS

NOVEMBER 26, 2019

Last month , SAP announced it was teaming up with professional services firm Accenture and blockchain company R3 to develop a distributed ledger technology (DLT) solution that aims to accelerate the settlement of payments between banks and customers.

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Real Time Gross Settlement (RTGS) Distributed Ledger Technology (DLT) Settlement Blockchain 60

PYMNTS

MAY 11, 2020

Speaking at a virtual conference about the future of money, European Central Bank (ECB) executive board member Yves Mersch said a retail central bank digital currency (CBDC) is a game-changer. “A However, a retail CBDC, accessible to all, would be a game-changer, so a retail CBDC is now our main focus.”.

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CBDC Central Bank Digital Currency Cross-Border 52

Faster Payments Council

FEBRUARY 6, 2022

It also identified interoperability approaches, along with associated settlement schemes that are necessary to create a world-class cross-border payment system. A number of U.S.

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Faster Payments Cross-Border Payments Cross-Border FPC 68

PYMNTS

JUNE 27, 2019

In November, the European Central Bank started a settlement system for instant payments called Target Instant Payment Settlement (TIPS). These systems only cover a small amount of banks though, and this makes real-time payments practically impossible from financial institutions in different clearing houses. .

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Instant Payments Real Time Payments Settlement Payments 46

Faster Payments Council

SEPTEMBER 12, 2022

The panel will discuss issues such as security, governance, and interoperability as well as concerns that the U.S. In this session, FPC QR Code work group leaders address the call to action for payment industry standards needed for universal acceptance and interoperability of QR codes.

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FPC Federal Reserve Cross-Border Payments Faster Payments 88

Fintech News

JUNE 19, 2024

Be it central bank digital currencies (CBDCs), a tokenised digital Singapore Dollar, or various initiatives backed by governmental regulators, stablecoins are one of the more pivotal developments in the world of cryptocurrencies and blockchain technology. Project Orchid, and the 1st use of purpose bound money, in partnership with Grab.

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Stablecoins Cross-Border Cross-Border Payments Blockchain 107

PYMNTS

FEBRUARY 3, 2020

The creation of a “single European data space, a genuine single market for data” would include new rules governing cross-border use and data interoperability, among other tenets. The comments came after actions last month that saw the Bank of International Settlements (BIS) create a group focused on digital currencies.

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Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

Payment Savvy

MAY 15, 2023

Regulatory compliance: Banks are required to meet certain liquidity standards set by regulators. A liquidity management tool helps banks stay compliant and avoid penalties. Interoperability FedNow intends to work seamlessly with other payment networks.

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FedNow Federal Reserve Liquidity Management Instant Payments 52

PYMNTS

NOVEMBER 3, 2020

Paul Sheard, senior fellow at Harvard’s Kennedy School, told Karen Webster that there will be more innovation taking place at the central bank surrounding digital currencies, in tandem with private-sector players. Everything ultimately is settled in central bank money – at least that's the way the system works,” he said.

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Checks B2B Payments Payment APIs and Integration 82

The Fintech Times

FEBRUARY 27, 2024

Having looked at some of the biggest technologies to impact the payments world, like buy now pay later (BNPL) and central bank digital currencies (CBDCs) , we now look to the future and what the next trend may be. For businesses, A2A payments promise higher conversion rates, reduced transaction costs, and real-time settlement.

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Consumer Protection Stablecoins Payments Trends Consumer 69

PYMNTS

JANUARY 21, 2019

where almost everyone is now banked) and made the case for why the Fed was positioned as the best player to operate a ubiquitous, interoperable real-time payments network – even though the Fed doesn’t have a great track record at payments innovation ( #killthecheck ). Here’s where the canary flew in.

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Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

AUGUST 7, 2019

“We obviously expect that the collective set of technology and the services that we’re buying can be further exported more widely across Europe and into other markets,” he said, with the goal to create an interoperable market of payments schemes that can facilitate account to account payments, in real time, across countries.

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Visa Acquirers Real Time Payments ISO 20022 77

PYMNTS

AUGUST 29, 2018

Banks seem smitten by blockchain. Traditional banks, especially, and central banks, too. Another 28 percent say that interoperability of systems is key. Thus the news of patents from the likes of, say, Bank of America and others may seem a bit like reserving a seat at a table, but not showing up at the restaurant.

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Blockchain Distributed Ledger Technology (DLT) Financial Inclusion Interoperability 40

PYMNTS

NOVEMBER 20, 2017

Inefficiencies related to the speed of transfer and settlement, the transparency of how money is moved, how much it costs to move it and the inconsistent or incomplete data that moves (or doesn’t move) along with it are just some of the B2B cross-border challenges that banks and their customers are facing, day in and day out. .”

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Cross-Border B2B Payments Cross-Border Payments 52