In 2016, the Bank launched the FinTech Center in the Payment and Settlement Systems Department. Since its inception, the Center has engaged in efforts to encourage novel technologies that would contribute to the further convenience and efficiency of financial…
When considering CBDC versus mobile money, the similarities between the two technologies outweigh their differences. Yet, CBDC is said to be different from any other type of payment instrument including mobile money, card payments, or electronic funds…
In 2021, the Oesterreichische Nationalbank (OeNB) joined forces with OeKB CSD GmbH, the Austrian Treasury (the Republic’s debt management office OeBFA), Raiffeisen Bank International AG and Erste Group Bank AG to launch DELPHI, a joint research project…
The main drivers that motivate Arab central banks and monetary authorities to engage in a CBDC project reflect initially the importance of promoting a cashless economy and fostering financial inclusion. The first four drivers are: (i) to move to a cashless…
How the industry is charting the course for transformative payments in 2022 and beyond with Discover® Global Network, EMTECH, FIS, ProgressSoft, RTGS.global, StoneX, Tietoevry, and Visa.
This year, the Digital Frontiers Institute convened the first CBDC Workshop focusing on emerging market and developing economies. The workshop aimed to: Firm up the understanding of the definition of CBDCs; Increase understanding that the CBDC “pathway”…
In September, Visa published a pair of CBDC reports about Universal Payment Channels (UPCs). The specifics of UPCs are laid out in the research paper Universal Payment Channels: An Interoperability Platform for Digital Currencies. The second paper, Cross-border…
Project Sand Dollar is a Central Bank of The Bahamas initiative to promote more inclusive access to regulated payments and other financial services for unbanked and underbanked communities and socio-economic groups. Additionally, by introducing this retail…
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…
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…
