CENTRAL BANKS OF INDONESIA AND SINGAPORE START TRIAL ON CROSS-BORDER QR CODE PAYMENTS | REUTERS
Indonesia’s central bank announces that it has started a trial of cross-border QR code payments with its Singaporean counterpart.
Central Banks/Government
RUSSIA STARTS DIGITAL RUBLE TRIALS – CENTRAL BANKING
This article describes Russia’s testing of the digital ruble, and includes testing the process of opening digital wallets and transferring money to them and person-to-person transfers.
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APPLE RESPONDS TO AUSTRALIAN GOVERNMENT’S PROPOSED REGULATIONS
This article describes how the Australian central bank may interfere as to how Apple accesses its digital wallet.
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PAYPAL SUSPENDS CRYPTO SALES IN THE UK UNTIL 2024
A link to a Reuters’ press release from August 16, 2023, on PayPal’s decision to suspend cryptocurrency sales in the UK.
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UK LAUNCHES £1 BILLION FINTECH FUND TO RIVAL SILICON VALLEY
A link to report on the UK’s launch of a fintech fund in August 2023.
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AS FEDNOW ROLLS OUT, THE US HAS MUCH TO LEARN FROM INDIA’S UPI
A link to an article in American Banker describing challenges facing FedNow and valuable lessons that might be gained from India’s experience building real-time payment rails and UPI.
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FROM PSD2 TO PSD3 (Slide)
A slide in graph form, showing the transition from PSD2 to PSD3, the payments environment in the European Single Market Area.
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FROM PSD2 TO PSD3
This is a brief description of the 3rd Payment Services Directive, PSD3. It is an upcoming framework that regulates electronic payments and the banking ecosystem within the European Single Market Area (EEA). The PSD3 will be decided by the EC after a round of consultations.
EUROPEAN COMMISSION INTRODUCES PSD3/PSR TO ADVANCE OPEN BANKING
In this white paper, TINK (a Visa company) explains how PSD3/PSR is a welcome addition to the development of open banking in Europe. PSR should address standardization issues and past problems with APIs. The requirements should be passed before the summer of 2024 with enforcement happening by the end of 2025.
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PROJECT NEXUS: ENABLING INSTANT CROSSBORDER PAYMENTS (BAI)
A BAI report on a joint project between Singapore, Malaysia and Europe to facilitate instant cross-border payments.
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