Featured Product

    CPMI Issues Report on Cross-Border Retail Payments

    February 16, 2018

    CPMI published a report recommending improvements to the infrastructure for cross-border payments made by individuals and businesses. The report sets out a holistic view of cross-border retail payments to analyze the market and identify issues and challenges. It draws on a survey of almost 100 established and innovative providers of cross-border retail payment services worldwide. The report concludes that there is scope to improve the infrastructure for payments made by individuals and businesses that cross borders.

    The report highlights that, although there is choice of front-end providers,  the available back-end clearing and settlement methods do not offer choices, with the only feasible option often being correspondent banking. An increase in choice could potentially improve the efficiency of the cross-border retail payments market by matching different users to providers that focus on their needs; for example, those users that value cost over speed could elect to send payments through a slower but cheaper arrangement, and vice versa. However, the safety of future arrangements requires effective oversight from financial authorities to ensure that appropriate risk management standards are in place. The report concludes that more diversity of back-end clearing and settlement arrangements could result in cross-border retail payments that are quicker, cheaper, and more transparent. Such diversity could include:

    • An improved traditional correspondent banking system
    • Greater interoperability between domestic payment infrastructures
    • Greater interoperability between closed-loop proprietary systems

     

    Related Links

    Keywords: International, PMI, Cross-Border Payments, Fintech, Distributed Ledger Technology, ISO 20022, CPMI

    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827