Bazar Money Transfer的动态

The Bank for International Settlements – BIS and partners have completed phase three of #Project Nexus, bringing the global instant payment network closer to reality. The initiative aims to standardize and simplify cross-border instant #payments, reducing costs and increasing speed. Key participants include central banks from Malaysia, the Philippines, Singapore, Thailand, and India. The next phase involves establishing the Nexus Scheme Organisation to manage the project and facilitate seamless, cost-effective international payments. Read more: https://lnkd.in/eakWqkmy #InstantPayments #CrossBorderPayments #FinancialInnovation #CFOInsights #DigitalTransformation

?????? ?????? ???????? ???????? ???????? ???? ???????????????????? ?????? ?????????? ???? ???????? ????????????????? The European Central Bank (ECB) is taking significant strides in linking its TARGET Instant Payment Settlement (TIPS) service with other fast payment systems globally. This move aims to tackle fragmentation in the global payments ecosystem, supporting the G20 roadmap for a faster, cheaper, and more accessible system. Key initiatives include: ? - ??????????-???????????? ???????????????? ??????????????????????. Cross-border payment exchanges using the One-Leg Out Instant Credit Transfer scheme. ? - ?????????????? ?????????????? ??????????, connecting payment systems across Asia and beyond. ? - ?????????????????? ?????????????????? ?????????? ???????? ??????????’?? ??????, the world’s largest instant payments network. This is a major step toward seamless, secure, and transparent cross-border payments! Read the full report below.? Camilla Bullock Linda Stanojevic Sally Sternecker Danelle Denny Niamh Laing Sarah Chan Maha El Dimachki Kah Kit Yip Carmen Arias Benjamin, Ming-An Lee Cecilia Skingsley Sonja Davidovic ? #epaa #payments #epaainsights #Instantpayments #crossborderpayments #ECB #TIPS

#Globalinstantpaymennetwork '#Nexus' #moves #closer to #reality #banking #payments ----- https://lnkd.in/gDR6sq9N ----- The Bank for International Settlements (#BIS) and partners today announced that they have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems Phase four will see Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), the Monetary Authority of Singapore (MAS), the Bank of Thailand and domestic IPS operators – who worked together in phase three – joined by the Reserve Bank of India, expanding the potential user base to India’s Unified Payments Interface (UPI), the world’s largest IPS. Bank Indonesia (BI) will continue its association with the project with special observer status. BI took part in phase three and will continue in this capacity to follow the project in the next stage of its development. Nexus is designed to standardise the way domestic IPS connect to one another. Rather than an IPS operator building custom connections for every new country to which it connects, the operator only needs to make one connection to Nexus. This single connection would allow the IPS to reach all other countries in the network. “I wish our partners in Nexus every success as they advance the project from concept to reality. This is the first BIS Innovation Hub project that central banks are moving towards a live phase together with instant payment providers. When implemented, it will greatly enhance cross-border payments in line with both the G20 cross-border payments programme and our mission to develop public goods in the technology space to support central banks and improve the functioning of the financial system,” said Agustín Carstens, General Manager of BIS. “Even with just the first wave of connected countries, Nexus has the potential to connect a market of 1.7 billion people globally, allowing them to make instant payments to each other easily and cheaply.” The #impact on #payments could be #substantial: ?? #ReducedCosts: Currently, the average cost of sending $200 across borders is about 6.2%. Nexus is expected to significantly lower this expense, making international remittances more affordable. ?? #IncreasedSpeed: By leveraging existing instant payment infrastructures, Nexus could make cross-border transactions as quick as domestic ones. ?? #FinancialInclusion: Easier, cheaper international payments could drive financial inclusion, particularly benefiting migrant workers sending money home ?? #EconomicIntegration: The project is expected to spur economic integration between participating countries by facilitating seamless cross-border transactions ?? #Scalability: While starting with a focus on ASEAN countries and India, Nexus is designed with global ambitions, allowing for easy expansion to other economies

I love this, a regulator that wants to ‘move with the times’ and then actually does it. South Africa Reserve Bank has announced it will allow fintechs to directly connect to payments infrastructure. The Reserve Bank has opted to design a “fit for purpose” regulatory framework to govern fintechs that mitigates risk to the system while enabling them to do what they do best. Question - if this was the norm worldwide, would we really need formalised, regulated open banking payment initiation? ?? #openbanking #payments #innovation #regulation

Hong Kong Monetary Authority (HKMA) today announced that they will not be looking at any new virtual banking licenses. For context, there are 8 licensees for a market that many would consider highly banked. While there certainly still opportunities, the gaps to plug are narrower compared to some of its Asian counterparts https://lnkd.in/gJe6M65A In comparison, Bangko Sentral ng Pilipinas said last month that it will reopen applications for digital banks in the Philippines. 2 out of 6 of the digital banks are already profitable. Interestingly Philippines is also the only market in this region where licenses are held by standalone incumbent banks, namely OFBank by LandBank of the Philippines, UnionDigital Bank by UnionBank of the Philippines. I think this represents a good opportunity for more digital-first players to bring a different proposition to the table for the Philippines. https://lnkd.in/gS8aPEib

Kenyan commercial banks oppose the Central Bank of Kenya’s plans to develop a new instant payments system from scratch. They are asking that Pesalink, an existing solution, be upgraded instead, as this would save time, cut costs and reduce disruptions. “On October 18, CBK unveiled its plan to develop the FPS, a system designed to enable instant transactions across all financial institutions, including banks and licensed payment service providers. While CBK has not announced a launch date, commercial banks are pushing for a swift rollout, arguing that speed and cost-efficiency are critical to success. “In a letter seen by TechCabal, the Kenya Bankers Association (KBA) urged CBK? to build on Pesalink, the payment platform owned by the association through its fintech subsidiary, Integrated Payment Services Limited (IPSL). The October 25, 2024 letter argues that leveraging Pesalink would be the fastest, cost-effective route to achieve the regulator’s goal of creating a seamless Fast Payment System (FPS).” Via TechCabal. https://lnkd.in/dK52MUHG #fintech #financialservices #payments #instantpayments #africa

?? Developing the Stablecoin, Open Banking, and Digital Bank Industries Welcome to the 20th edition of the FinTech Fix! We’re excited to bring you the latest insights and trends shaping the world of financial technology. As always, our goal is to provide you with the most relevant and impactful updates in the ever-evolving fintech landscape. Dive in and discover what’s new in this edition! Highlights from the latest edition of the FinTech Fix: ?? Stay updated on the latest #regulatory #developments across the #GCC as the ADGM-FSRA finalizes its #stablecoin framework, the Central Bank of Oman approves its #open #banking framework, and the Insurance Authority of #KSA launches its draft framework for an #insurance #sandbox. ?? Discover more regulatory developments across the globe in open banking / #finance as #Canada launches its open banking framework, the Council of the European Union finalizes its #FIDA framework, and #Brazil revises its rules for open #insurance. ??More regulatory action from the Consumer Financial Protection Bureau as it decides to take action against #credit #card reward malpractice. ?? Take a deep dive into the Qatar Central Bank Regulatory Framework for #Digital #Banks. ?? These insights are supplemented by quick reads on the latest #FinTech developments. Witness emerging products and markets within the #UAE with the launch of the #Dirham #stablecoin, Beyon Money expands its #payment #services offering to the UAE, Edenred UAE partners with Ras Al Khaimah Economic Zone (RAKEZ) for salary processing, and Comera Pay LLC partners with MoneyGram International to expand money #remittance from the #UAE. ?? More developments across the #MENA region, as Saudi Central Bank – SAMA provides an in-principle approval to digital bank ‘D360 Bank’ and #Egypt continues to grow its payments ecosystem by joining the Pan-African Payment & Settlement System - PAPSS Payment & Settlement System – PAPSS ecosystem. ??Witness more innovation across the globe as Ripple receives approval to launch its #RLUSD stablecoin. Furthermore, #Artificial #Intelligence #AI is being adopted by Google Cloud Security in partnership with Swift to enhance payment security and Reserve Bank of India (RBI) to tackle fraud. Mastercard proposes a settlement agreement in the #UK for excessive card fees. Join us in the ever-evolving world of FinTech and reach out to [email protected] for a discussion!

When the economic winds shift, what do resilient companies do? They adapt strategically in a way that serves the business and its customers. Nigerian fintech companies and banks are a great example. Many are now issuing local cards like Verve instead of international options like Mastercard and Visa. These local cards cost less, saving Nigerian financial institutions money. But there's more to the story: they also make perfect sense for customers, who mostly use their cards for local purchases anyway — a trend that keeps growing due to economic challenges. It’s a win-win situation. https://lnkd.in/dRHF5EJi #resilience #resiliencebuilding #fintech #financialservices #africa #nigeria

The Financial Payment System (FPS) introduced by the Central Bank of Kenya (CBK) has been a significant development in the country’s financial landscape. Here's an overview of its pros and cons: Pros: Enhanced Financial Inclusion- FPS facilitates easier access to banking services for the unbanked and underbanked populations, promoting financial inclusion across various demographics. Efficient Transactions- The system enables faster and more efficient transactions, reducing the time and cost associated with traditional banking methods. Digital Economy Growth- By promoting digital payments, FPS supports the growth of Kenya's digital economy, encouraging e-commerce and online businesses. Increased Safety and Security- With advanced encryption and security measures, FPS helps reduce the risks of fraud and enhances the overall security of financial transactions. Real-time Processing-Transactions through the FPS are processed in real-time, improving cash flow for businesses and individuals alike. Cons: Technology Dependence- The FPS heavily relies on technology, which may pose challenges in rural areas where internet connectivity and digital literacy are low. Operational Risks-As with any digital system, FPS could be vulnerable to cyberattacks, system failures, or technical glitches that may disrupt services. Regulatory Challenges-The rapid evolution of digital payments may outpace regulatory frameworks, leading to gaps in consumer protection and oversight. Potential Exclusion- While intended to promote inclusion, those without access to smartphones or digital literacy may