CBPN Latest News
Central Bank of Iceland's Journey in Instant Payments and Cannibalization of RTGS Payments
Iceland's journey in the realm of instant payments is historic, dating back to 2002 with the initiation of the Central Bank of Iceland's large value payment system, SG, followed by the introduction of the instant payment system, JK, in 2003. These systems, collectively referred to as the Central Ban...
Al Etihad Payments: Aani Instant Payments Platform - Redefining UAE's Financial Landscape
The Central Bank of the United Arab Emirates is actively pursuing digital innovation through the Financial Infrastructure Transformation (FIT) Programme. Among other key objectives, the FIT Programme focusses on driving financial inclusion, promoting payment innovation, enhancing security and effici...
GLEIF - Fighting Crime with Transparency in Cross-border Payments: The Need for Universal Entity Identification
The Legal Entity Identifier — as a unique global identifier — can solve the critical problem of insufficient transparency in counterparty identification in cross-border payments ecosystems. Why? Adding the LEI as a data attribute in payment messages allows any originator or beneficiary legal entity ...
ProgressSoft: Regulatory Strategies for a Resilient Instant Payment Landscape
The pace of evolution in instant payments, also known as real-time or fast payments, has been phenomenal, especially in emerging economies, and has acted as a catalyst to kickstart economic activities. Regulators and governments worldwide are striving to unlock economic growth potential through digi...
Portugal: A Renewed National Strategy to Add Efficiency and Modernisation to Retail Payment Services
Following the successful implementation of the first national retail payments strategy in 2022, new challenges illustrate the dynamic nature of the payments ecosystem paving the way for the adoption of a second edition, with renewed focus and a result of work done by the Payments Systems Forum, aimi...
Decoding ISO 20022: Lessons for Cross-Border Payments
As ISO 20022 adoption gains momentum, we believe that policymakers and the broader financial services community can leverage insights from the last 15 years of ISO 20022 implementations, while also drawing from card networks’ more than 40 years of experience to modernize payments systems, improve in...
VOX DEI: The Criticality of Consumers’ Voices in the Development of CBDC
The emerging consensus that consumer acceptance is a critical success factor in a CBDC deployment compels countries at all stages of CBDC development to align their designs closely with consumer needs and expectations. These insights can only be established from an effective consumer understanding s...
In Conversation with Binur Zhalenov of the National Payments Corporation of Kazakhstan
Central Bank Payments News spoke to Binur Zhalenov, Chief Executive Officer of the National Payments Corporation of Kazakhstan, about the evolution and future of the Digital Tenge, its place within a broader digital revolution, and lessons Kazakhstan’s experience can offer other jurisdictions as the...
National Bank of Belgium: A Digital Euro for the Digital Era
The possible introduction of a digital euro, in the form of a central bank retail digital currency or CBDC, would be a major project for the euro area and the Eurosystem. It would significantly change the form in which central bank money is made available to the general public and therefore represen...
IN THIS ISSUE: January 2024
- Axel Kristinsson, Head of Market Infrastructure at the Central Bank of Iceland, details the evolution of instant payments in Iceland and demonstrates how the country is poised to reassert its place as a leading payments innovator.
- Al Etihad Payments CEO Jan Pilbauer goes in-depth on the recently launched Aani Instant Payment System, a key initiative of the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme.
- Clare Rowley, Head of Business Operations with the Global Legal Entity Identifier Foundation (GLEIF), argues how the Legal Entity Identifier (LEI) can solve for insufficient transparency in counterparty ID in cross-border payments ecosystems.
- Plus, a brief update on payments innovation from the Central Bank of Cyprus, our thorough monthly round-up of the latest news, must-read reports by central banks and financial authorities, notable speeches from industry experts, and much more!