It is also a potential challenge for #neobanks and mainstream banks as they seek to develop #bankingplatforms to meet new standards, raising a whole series of questions, but is interesting nonetheless.Ĭentral bank tests spur global instant payment hopes The ability to transfer funds to any phone number instantaenously seems to be difficult to reconcile against the need to protect against #fraud and to comply with #aml standards. While it helps to meet these goals by driving down costs, #fraudprofessionals reading this will likely be alarmed. ![]() The article says that the long-term goal is to make a global system that makes payments accessible to the unbanked, and delivering a significant unrealized part of the #SustainableDevelopmentGoals. This combined with an interest in #instanttransfer demonstrates that convergence seems to be accelerating much faster in Asia than elsewhere. In my recent speech at the Finovate conference in London, I noted that in Asia there is the rise of so-called #supperapps where you can complete a huge array of tasks - including payments and other financials - from a single mobile app. The geography of this is really interesting. ![]() They are now going to extend trial runs to be conducted by Indonesia, Malaysia, the Phillipines, Singapore and Thailand. ![]() The Bank for International Settlements – BIS supervised a test between Italy, Malaysia and Singapore, under the umbrella of project #Nexus. Reuters have a fascinating article up on a series of Central Banks successfully carrying out a test of an #instantpayment network transferring funds instantaneously across borders with just a phone number.
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