Instant Payments Serbia: The NBS IPS System of the National Bank of Serbia

The NBS IPS system is the first payment system in the country that enables instant money transfers, with an average processing time of just 1.2 seconds. The cap on individual transfer orders executed in the NBS IPS system is RSD 300,000 (around EUR 2,500).…

The Central Bank of Azerbaijan Accelerates Digital Transformation with the First Blockchain-Based Digital Identification System in Azerbaijan

As one of the priorities of the State Program, the Central Bank of the Republic of Azerbaijan (hereinafter—Central Bank of Azerbaijan) implemented the Blockchain-based Digital Identification System (hereinafter—DIS) to increase financial inclusion and…

Innovation at the Central Bank of the Dominican Republic

In our country, since 2006, the Central Bank has been promoting the development of a safe and efficient payment system, with the assistance of all economic agents, directing efforts to strengthen the regulatory, operational and technological framework…

Recent FinTech and E-Payment Initiatives in Kuwait

“We, at the Central Bank of Kuwait, are preparing the infrastructure for future aspirations that would enable a truly digital economy.” With these words in September 2019, Central Bank of Kuwait (CBK) Governor Mohammad Y. Al-Hashel laid out a vision that…

The Future of Cross-Border Payments: Canada’s Journey

The momentum of the FSB roadmap comes at an excellent time as Payments Canada is midway through a multi-year payments Modernization initiative. Guiding our country’s payments Modernization journey are the needs of Canadians, including financial institutions,…

Nationwide Operational Resilience: Agile or Fragile?

In the years following the 2007-08 financial crisis, supervision frameworks were enhanced to oversee the global banking system which resulted in structural changes that strengthened banks’ financial resilience. While the availability of higher levels…

Releasing a National Strategy for Retail Payments in Portugal: Foresight of Medium-Term Evolution

The launch of Banco de Portugal's National Strategy for Retail Payments | Horizon 2022 represents the start of a new phase: implementing a wide range of initiatives to modernise the national market and payment habits within the next two years.

Estonia: Instant Payments as the New Normal and the Work to Set a New Frontier for Digitalisation

Estonia is a small e-country in the euro area with a population of 1.3 million, where each resident has a digital identity and the tools to use it online. Practically all residents find it much easier to verify their identity and sign documents electronically…

Introducing the Visa Economic Empowerment Institute

As a global network with more than six decades of experience building inclusive digital ecosystems, Visa understands that creating the conditions for sustainable growth at scale is a shared responsibility of the public and private sectors. That is why…

National Bank of Tajikistan Takes Payment System to New Level

In 2015 and under new management, the National Bank of Tajikistan (NBT) started to implement a series of fundamental reforms in the country’s banking and insurance sectors, including payment systems. Thus, in order to strengthen the future development…