The Bank of England said Thursday (July 18) that a global payments issue that was affecting CHAPS, the United Kingdom’s high-value payment system, is now resolved. “We are pleased to confirm that the third-party supplier has restored service following their earlier issues, and CHAPS payments are settling...
Are companies offering payments services in Great Britain prepared for disruptions such as cyberattacks? Sasha Mills, executive director for financial market infrastructure (FMI) at the Bank of England (BOE) said there is still work to be done. In a speech Tuesday (April 30), Mills said these...
The Bank of England is studying the use of new technologies to enhance both retail and wholesale payments functionality. While the central bank has been focused on establishing regulatory regimes for the use of stablecoins for retail payments, “we are increasingly complementing that work with a focus...
The British government is reportedly readying legislation for stablecoins and crypto staking, exchange and custody. “We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” said Economic Secretary Bim Afolami, whose comments Monday (April 15) at the Innovate...
April 03, 2024
Tokenization is gaining momentum on the global stage, and with commercial applications. The Bank for International Settlements announced Wednesday (April 3) that it is working in tandem with seven central banks — including the Federal Reserve Bank of New York — to test tokenization in a bid to improve cross-border payments. In addition, Project Agorá, as the initiative is known, will […]
July 18, 2023
As you read this, the very nature of money is being interrogated and experimentally reshaped. “There’s a huge global trend going on right now into exploring the intricacies, complexities, difficulties...
July 17, 2023
When it comes to embracing new ways of doing things in payments — adopting standards, fostering new use cases — boring is good. Boring implies there have been no hiccups...
April 26, 2021
Focus may be on China’s progress with the digital yuan — and whether the dollar’s dominance will be threatened — but in the last few days, a slew of announcements...
July 18, 2024
The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday (July 18), disrupted high-value transactions across Europe, the Financial Times (FT) reported Thursday. The European Central Bank said its settlements system was affected by the Swift outage, according to the […]
July 18, 2024
The Bank of England said Thursday (July 18) that a global payments issue that was affecting CHAPS, the United Kingdom’s high-value payment system, is now resolved. “We are pleased to confirm that...
April 30, 2024
Are companies offering payments services in Great Britain prepared for disruptions such as cyberattacks? Sasha Mills, executive director for financial market infrastructure (FMI) at the Bank of England (BOE) said there...
April 15, 2024
The Bank of England is studying the use of new technologies to enhance both retail and wholesale payments functionality. While the central bank has been focused on establishing regulatory regimes for the...
