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Boosting financial inclusion in developing markets will require work to broaden access to payment services, possibly through the creation of infrastructure modelled on Europe's new Target Instant Payment Settlement (Tips) and, in the longer term, the introduction of central bank digital currencies (CBDCs), says ECB executive board member Benoît Cœuré. 
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Zelle, the peer-to-peer payments service, had a banner 2018 with $119 billion in payments on 433 mil
Vineet Anand's insight:
Zelle moves $119 billion in P2P payments with 433 million transaction! Venmo will likely hit $60 million, $17 million in Q3, and has been monitizing itself via supporting services. Is it time for a Fed driven Faster Payments solution for the industry??
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Customers of Lloyds, Halifax and Bank of Scotland have been affected by a Faster Payments glitch that has left them unable to transfer money.
Vineet Anand's insight:
Some of LBG customers impacted by Faster Payments outage!
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In December banks, credit unions, fintech businesses, retailers, and technology providers submitted comments to the Federal Reserve regarding their proposal
Vineet Anand's insight:
Should the Fed provide Faster Payments in US? There are learnings from emerging and advanced payments markets including India, Malaysia, Singapore, Australia that have been effective in demonstrating success. TCH cannot be the only solution?
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Swift is to push the gospel of global interoperability for the ISO 20022 messaging standard to the very top of the payments food chain with th
Vineet Anand's insight:
SWIFT forms HVPS+ taskforce to bring greater standardization and harmonization of the ISO 20022 standard across the industry globally for high value payments. Most domestic networks are adopting ISO 20022 as part of the infrastructure upgrade including Chips, Payments Canada, EBA, Australia Payments clearing association.
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Singapore is set to introduce a payments system similar to the UK's Paym, which will let people send money using only recipients' mobile numbers, a
Vineet Anand's insight:
Singapore MAS is going to make investments for payments using recipients mobile number. Current Fast network does provide realtime interbank transfer, however does not support mobile phone number usage. Cash and checks continue to be used as account number based transfers requiring sender to have requisite account details.
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Four state-run Thai banks and fifteen commercial institutions are to begin registration mid-July for a new national payment scheme, enabling customer
Vineet Anand's insight:
Faster payments with 19 banks in Thailand to go live in October for consumer payments under $141, while corporate payments will be enabled at a later stage!
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Finextra: Sweden is on track to becoming the world's first cashless society, thanks to the country's embrace of IT, as well as a crackdown on organised crime and terror, according to a study from Stockholm's KTH Royal Institute of Technology.
Vineet Anand's insight:
Swish the real-time payment app is driving lower usage of cash in Sweden and the Denmark. Cash money circulation has reduced considerably in past six years. This can be great cost savings to the treasury activities including print, circulate, ledgers, fraud, moving cash and tracking more electronic usage for tax records!
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Finextra: Brits will make 120 million payments a day by 2024, as a steep decline in the use of cash is offset by the rise of contactless cards and the Faster Payments service, predicts an industry trade association.
Vineet Anand's insight:
'Cash is King' will be relegated from its position in 10 years with a decline of 30% forecasted. Cash represents 53% of total transactions will fall to 33% by 2024. Debit from increasing contactless use, e-commerce, and faster payments will rise to 42% from current 26% levels. Credit to have moderate growth!
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Finextra: The UK's VocaLink has signed an exclusive letter of intent with National ITMX, the operator of Thailand's interbank payments network, to explore the potential development of a real-time mobile payments system in the country.
Vineet Anand's insight:
VocaLink to enable Thailand's instant mobile payments based on ISO20022!
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Finextra: Connection to the Faster Payments Service could be a deciding factor for Brits looking to switch bank account providers, according to a survey commissioned by ACI Worldwide.
Vineet Anand's insight:
Faster Payments attract consumers and a consideration in switching accounts!
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Finextra: Dutch banks have set themselves the task of building the infrastructure within the next four years to enable instant payments.
Vineet Anand's insight:
New infrastructure for Faster Payments which will mesh with SEPA!
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Finextra: EBA Clearing has launched a task force to lay the groundwork for a Europe-wide instant payment processing service it hopes to have up and running by 2018.
Vineet Anand's insight:
Faster Payments across EU by 2018 which will be open to any PSP. SWIFT is exploring similar capabilities across multiple markets! Hope the Fed is looking at accelerating its pace to drive instant payments rather than the archaic ACH clearing systems.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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Driving financial inclusion thru faster payments - a proven model for African developing markets to embrace!