Uzbekistan: Ensuring Stability of the Payment System

Over the last decade, the Central Bank of Uzbekistan (CBU) has significantly modernized its payment systems and services to meet the preferences of businesses and consumers in the digital era. As in many jurisdictions across the globe, Uzbekistan’s digital…

Instant Payments for the Maldives: The Maldives Payment System Development Project

To capitalize on the technological developments in the global payments arena and the country’s strong telecommunication infrastructure, the MMA identified the need for a sound and inclusive, digitally enhanced network that will address the obstacles in…

India: Recent Developments in Payment and Settlement Systems

The Indian payments industry has witnessed remarkable growth, innovation and regulatory support over the last few years. Consequent to the demonetisation of high-value currency notes of ₹500 and ₹1000 in November 2016, the evolution of the digital payments…

CBDCs and Experimental Exploration

Like any other disruptive innovation, when a newly emerging phenomenon is addressed, the recommended approach is an experimental exploration. Central banks worldwide are now engaging in this process, as experts have yet to determine the specific steps…

Third Solomon Islands National Financial Inclusion Strategy Launch

The Central Bank of Solomon Islands (CBSI) recently launched the National Financial Inclusion Strategy 3, 2021-2025 (NFIS3), which provides the third 5-year roadmap for financial inclusion in the Solomon Islands.

Visa - Pyramids, Partnerships, and Choice: In Praise of an Open Payments Ecosystem

Visa Economic Empowerment Institute (VEEI) research found that small businesses which were digitally enabled and connected to global and regional marketplaces fared better during the pandemic than firms that were not; these digitally enabled and connected…

Will CBDCs Disrupt the Financial Sector?

Central bankers worldwide fear that a CBDC introduction could lead to destabilizing effects in the financial sector. In this article, we discuss why this so-called disintermediation is indeed a threat and provide a simulation to quantify these effects…

The Payments Canada SUMMIT 2021 Special Edition

We’re pleased to present this special edition of Central Bank Payments News, featuring a supplement curated in close partnership with Payments Canada to complement The SUMMIT 2021, a weeklong virtual event that aims to support transformational change…

Bank of Canada: Towards a Digital Canadian Dollar - If, How, When

While we do not see a need now to issue a CBDC, we are preparing for a day when the Government of Canada may give us the green light to launch a viable CBDC that Canadians could use with confidence. Our research on policy and design has shifted accordingly,…

In Conversation with Mark Gould, Chief Payments Executive, Federal Reserve Financial Services

Central Bank Payments News catches up with Mark Gould, a 30-year veteran of the Federal Reserve System and its first chief payments executive. In his new landmark role, Mark is responsible for leading the full range of cash and payment services provided…