ECB posits combination of Target2 and T2S on single platform

From Finextra -

“The European Central Bank is contemplating a merger of the Target2 real-time gross payment system with the T2S securities settlement mechanism, providing a single platform for the processing of cash and securities across the Eurosystem.

The thinking behind the plans was revealed by ECB board member Yves Mersch at the Sibos conference in Singapore. Introducing a session on future of Europe’s financial market infrastructure, he drew an anology of the merger of the internet, mobile phone and digital camera to create the smartphone as a rationale for a process of continuous innovation in Europe's financial markets.”

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China launches cross-border payment system

From Finextra -

“China's cross-border interbank payments system, established as a yuan-based alternative to the interbank Swift network, has launched with 11 domestic banks and eight foreign institutions onboard.

The CIPS platform will be used to support cross-border goods and services trade settlement, direct investment, as well as financing and individual fund transfers, with the aim of boosting yuan liquidity globally. CIPS uses global payment standards and enables same day clearing across Asia, Oceania, Europe and other time zones through extended operating hours.”

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BACS admits disappointment as UK current account switching stalls

From Banking Technology –

“More than a million people switched their current account to a rival bank in the year leading up to July 2015, according to new figures published by UK payments system BACS. The numbers represent only a minimal increase on the year before – undermining hopes that making switching easier would lead to dramatic improvements in the competitiveness of UK retail banks.”

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