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Key considerations for the adoption of digital currencies

Finextra

The potential applications and use cases DLT-based digital currencies introduce a new settlement mechanism for faster, lower cost and more efficient transactions. A typical use case is the clearing and settlement of international payments.

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Fed Names Leader For FedNow Faster Payments Service

PYMNTS

The Federal Reserve has announced a leader of the new FedNow service, which was created to facilitate faster payments in the country with interbank real-time gross settlement (RTGS), as well as integrated clearing, according to a release. First Vice President Kenneth C.

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Google Backs FedNow Payments System

PYMNTS

central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec. FedNow is the new interbank real-time gross settlement (RTGS) service that will offer integrated clearing functionality for faster digital payments.

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The Big Tech Canary In The Faster Payments Coal Mine

PYMNTS

That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. It flew in on Dec. Here’s where the canary flew in.

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SWIFT CEO Says It’s Not Responsible For Hacks

PYMNTS

The statement comes after weeks of mudslinging, wherein Bangladeshi officials blamed SWIFT technicians for introducing security loopholes into the bank’s network while connecting the messaging network to Bangladesh’s first real-time gross settlement (RTGS) system.

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Are SWIFT Technicians To Blame For Bangladesh Bank Heist?

PYMNTS

The specific issue seems to have been with how SWIFT was connected with Bangladesh’s first real-time gross settlement (RTGS) system. Bangladesh Bank officials have maintained that responsibility for the massive hack is somewhat shared by SWIFT and the New York Fed (where the funds were stolen from).

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The payments regulation roadmap: Q2 2025

The Payments Association

This work has particular relevance for non-bank payment service providers (NBPSPs) and foreign banks, as highlighted at Pay360 by Victoria Cleland, Executive Director for Banking, Payments and Innovation.