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Canadian trial finds blockchain not ready for interbank payment system
Just a week after the R3 group took a record funding round, the Bank of Canada has said distributed ledger technology, a new approach for processing transactions that is being widely tested across the financial industry, is not yet mature enough to run a national interbank payment system. The bank reached that conclusion after a [...]
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Switzerland launches ISO 20022 payments architecture
Switzerland is set to launch a new interbank payment system, using the ISO 20022 payments architecture and messaging standard to provide new services to bank and corporate users. After 30 years of operation, the SIC system has been completely redeveloped by market operator SIX on behalf of the Swiss National Bank (SNB) and the Swiss financial [...]
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China launches cross-border interbank payment system
China’s central bank has launched the China International Payment System (CIPs), a worldwide interbank payment system and superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. CIPS will replace a patchwork of existing networks that make processing renminbi payments a more cumbersome process. It will comprise of two phases, the first of [...]
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