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Today In Digital-First Banking: Banque de France Completes CBDC Pilot; New PPP Extends $5 Billion In Loans In First Week

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Banque de France has successfully finished its CBDC pilot, with a blockchain infrastructure for interbank settlement. The effort involved a settlement on a private blockchain provided by British upstart SETL of approximately 2 million euros (roughly $2.4 Citi To Accelerate ISO 20022 Adoption Via Volante Partnership.

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PayFi Teams With The Clearing House For Real-Time Payments Platform

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The ISO 20022 messaging functionality on the RTP network provides banks of all sizes with rich messaging capabilities to enable conversational commerce, allowing banks to continue to build strong relationships with their customers.”. PayFi said its RTP network is the first new core payments infrastructure in over 40 years.

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Fed Says America Needs Instant Payments As Soon As Possible

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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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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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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).