As the world gets increasingly globalized, the ways that businesses transact become more important. With the Bank for International Settlements’ Committee on Payments and Market Infrastructures emphasizing in its June report that a key priority area for cross-border payments is payment system interoperability and extension,...
A global financial watchdog is warning against the risks of digitalization in the financial world. The Bank for International Settlements’ Basel Committee on Banking Supervision issued a report Thursday (May 16) that examines implications of the digitalization of finance, weighing both the risks and rewards presented by new technologies. “While...
Bundesbank’s president said central banks must speed the adoption of digital currency to remain viable. “If you would have asked me 20 years ago if the central bank business model” were “destroyable or not, I would have said no,” Joachim Nagel said on Monday at a Bank...
A business-to-business (B2B) payment is never just a payment. The global B2B marketplace, with an annual payments volume over $100 trillion, is supported by a myriad network of workflows and data; many of which still rely on legacy, paper-based processes. And the inherent complexity of...
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 […]
January 18, 2024
Stablecoins have held the promise of serving as a link between the cryptocurrency realm and traditional financial services. Turns out that nowadays, the digital holdings are also a favorite of...
July 12, 2021
For central bank digital currencies to reach their full potential, banks must look beyond domestic use — and examine CBDCs’ risks and rewards for cross-border transactions. That is one of...
June 26, 2024
The financial sector is among the “most exposed” to both the benefits and the risks of artificial intelligence (AI), the Bank for International Settlements (BIS) said Tuesday (June 24). The benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, the BIS said in a Monday press release. […]
May 16, 2024
A global financial watchdog is warning against the risks of digitalization in the financial world. The Bank for International Settlements’ Basel Committee on Banking Supervision issued a report Thursday (May 16) that examines implications of...
May 06, 2024
Bundesbank’s president said central banks must speed the adoption of digital currency to remain viable. “If you would have asked me 20 years ago if the central bank business model”...
December 03, 2023
British lawmakers say they’re still not sure their country needs a digital currency. “It must be clearly evidenced that a retail digital pound will provide benefits to the U.K. economy...
