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A Call for Digital Standards

The Institute of Electrical and Electronics Engineers (IEEE) has called for a ‘digital Bretton Woods’ to set standards for digital currency and trade systems. Its call comes in the context of today’s digital platforms that handle more than just finance, but trade, tax and audits, and it does this across borders.

News - August 31, 2021 midnight

Round-Up of CBDC News

The Bank of Korea is investigating adjustments needed in the payment system if CBDCs are launched. The Kakao consortium and two tech affiliates of the Samsung Group are to run a pilot programme for issuing and distributing CBDCs and looking at transferring money and remittances between countries.

News - August 25, 2021 midnight

Payment News

aRussia’s second largest bank, VTB, has been working on tools to identify the optimum location for bank branches and ATMs. It has used a wide range of parameters, over 5,000, to calculate how to reach the most customers and generate the most sales from a new location.

News - August 25, 2021 midnight

News in Brief

The Federal Reserve Bank of Kansas City has gone public encouraging people to use coins and to return them into the cash cycle. After the coin hiatus last year, which saw the formation of the Coin Taskforce and limits on the issue of coins to retailers and institutions, the situation had eased with the limits lifted and normal service resuming.

News - August 25, 2021 midnight

News in Brief

A number of states and cities in the US have implemented or are considering legislation to make cash acceptance at retailers mandatory.

News - July 26, 2021 midnight

Payment News

China has decided to stop cryptocurrency mining in the interests of financial stability. Mining is the process that validates cryptocurrency transactions by solving cryptographic puzzles in return for receiving newly minted coins.

News - July 26, 2021 midnight

BoE and the BIS Launch the London Innovation Hub

On 11 June the Bank for International Settlements (BIS) opened its latest Innovation Hub Centre in London following on from hubs in Hong Kong, Singapore and Switzerland that have already been established. Canada, Frankfurt and Paris, Stockholm, supported by all of the Scandinavian central banks, and New York are planned to open in due course.

News - June 22, 2021 midnight

Challenges of Electronic Payments

In the last week there have been a number of payment related stories. What links them all is that they demonstrate that electronic payments face a range of challenges that have a direct impact on customers. The role of the regulator is evident in all of them whether requiring action or ‘guiding’ providers to take action.

News - June 22, 2021 midnight

Payment News

In 2015 Russia set up a national payments card network called Mir. It was set up with government backing after MasterCard and Visa cut off services to a number of the country’s banks following the annexation of the Crimea.

News - June 2, 2021 midnight

News in Brief

In 2020 the number of ATMs fell slightly according to RBR who are about to publish their ‘Global ATM Market and Forecasts to 2026’ report. In fact, 2020 was a mixed year where the long-term growth in ATM installations slowed rather than stopped.

News - June 2, 2021 midnight