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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

PYMNTS

There is no dearth of faster payments initiatives — and no certainty that there will be one faster payments scheme to rule them all. The overall goal has been to design and implement a way to eliminate the three-day settlement program for checks to clear and provide immediate access to funds.

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Fintech in Singapore: 2023 in Review

Fintech News

To complement the digital money trials, MAS said that it will commence the development of CBDC for wholesale interbank settlement in 2024. Future pilots could include the use of the “live” wholesale CBDC for the settlement of cross-border securities trade, MAS said.

FinTech 109
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A Closer Look At Ripple’s Money-Saving Claims

PYMNTS

We break down the company’s argument as presented in “ The Cost-Cutting Case for Banks: The ROI of Using Ripple and XRP for Global Interbank Settlements.” Finally, Ripple explained, Basel III rules designate sending-side banks to hold liquid assets against credit risk exposure while a payment is in transit (in flight).