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November 30, 2020
On the web
Iceland goes live with new RTGS and instant payments platform
Finextra
“The Central Bank of Iceland (CBI) has gone live with a new real-time gross settlement system (RTGS) and instant payment platform. The Central Bank of Iceland manages all interbank payments in the country: it currently processes up to one million payments per day with peaks of 160,000 per hour – despite the small population of just over 365,000 inhabitants.”
November 17, 2020
On the wires
ECB announces independent review of payments system outage
“The European Central Bank (ECB) will launch an independent review of an incident that affected its real-time gross settlement system TARGET2 on 23 October 2020, causing an outage for almost 10 hours. An initial investigation determined that a software defect in a network device was the specific technical cause of the incident. The independent review will also take into account other incidents that affected TARGET Services during 2020, including those affecting directly and indirectly TARGET2 Securities (T2S), the securities settlement platform operated by the Eurosystem.”
September 3, 2020
On the web
RTGS Global and Microsoft Reimagine Payment Networks
FinTech Magazine
“Cross-border liquidity network RTGS Global is collaborating with Microsoft to develop a unique and transformative payments network. Now at the first stage of its operational rollout, RTGS Global’s network operates on a 24/7/365 basis, allowing for the authentication and auditing of interbank real-time liquidity on a granular (transaction by transaction) level. Facilitating multi-currency payments while also providing solid integrity, security and reduced risk, the company estimates that its end-to-end process can take only 300 milliseconds.”
January 31, 2020
December 18, 2019
On the web
UPI Is Paying Off, Setting the Pace for Other Nations
LiveMint
“Based on its experience with the Unified Payments Interface (UPI) in India, Google has offered the US Federal Reserve Board suggestions for developing FedNow, an interbank real-time gross settlement service for digital payments. Mint analyses the salient features of UPI.”
February 5, 2019
Top Post
Google And Amazon Favor Fed Role In Real Time Payments
Forbes
“When the Federal Reserve issued a request for comment about whether it should provide a real-time payment systems (RTGS) to offer an alternative to the TCH real-time payments system (RTP), several tech firms were ready, just as some banks had feared. Banks, bank associations and state regulators in their comments had often suggested that access to RTGS be restricted to banks and credit unions.”
December 12, 2018
On the web
Risk, fintechs and regs spark real-time payment reforms in U.K.
Payments Source
“The rise of digital payments, new non-bank competition, fraud challenges, a need for improved resilience and the changed regulatory environment are spurring two major updates to the U.K.’s faster payments system. The Bank of England is upgrading the U.K.’s Real-Time Gross Settlement (RTGS) system. Separately, the U.K. payments authority, Pay.UK, is developing a New Payments Architecture that will upgrade Britain’s Faster Payments real-time retail system.”
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