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).…

Argentina: Open Payments and Universal Access, Using a Functional Approach

Instant payments are now fully available across any institution in Argentina, bank or fintech, thanks to a comprehensive overhaul of the Argentine Electronic Fund Transfers regulation published in October 2020. The initiative aims to deliver 1500…

Azerbaijan Launches the New Digital Payment Platform

Aligned with one of the main goals of the State Program, the CBA developed the Instant Payment System (hereinafter—IPS), which successfully launched on October 1st, 2020. The main rationale behind this initiative is to respond to the most recent challenges…

Recent Evolution of the Retail Payments Market in Hungary

Over the last decade, the Hungarian payments market has gone through a major development, and the use of electronic payment methods is constantly growing. The Central Bank of Hungary (MNB) actively contributed to the favourable processes in line with…

The Case for a Digital Alternative to Cash in South Africa

The Payments Association of South Africa’s Maurits Pretorius and Vinu Thomas detail the rapid growth of digital payments in South Africa and make the case for a cash-lite society

Dr. Reza Baqir, Governor, SBP Launches Pakistan’s National Payment Systems Strategy to Accelerate Digital Transformation

Sharoon Rasheed and Rehman Pervez from the State Bank of Pakistan’s Payment Systems Department provide an update on the exciting new developments transforming Pakistan’s payments landscape

Connecting Thailand: The Journey of a Payment Revolution

Over the past few years, many crucial developments have taken place in the Thai payments landscape to keep pace with new technology and customers’ needs. In particular, the enhancements to the country’s payment systems infrastructure have broadened public…

CoDi: An Evolution of Mexico’s Main Payment System

One of the three objectives of Banco de México, as established by its law, is to foster the proper functioning of payment systems. We have worked towards accomplishing this mandate through the operation of Mexico’s most relevant payment system, SPEI,…