The Indian Parliament agreed legislation that aims to address the problem of insolvency in the country’s payment and settlement system by increasing transparency and stability and bring India’s banking payment system into line with international practices.
Payments and Settlement Systems (Amendment) Bill 2014
was passed after members of parliament (MPs) cut across party lines to give it their support. Moving the amended bill, India’s finance minister Arun Jaitley said it was needed to address the issue of insolvency and provide protection for payments.
The amendment to the
Payment and Settlement Systems Act 2007
was proposed to update the regulations in line with globally accepted standards.
The amendment seeks to protect funds collected from customers by payment system providers and to extend the Act to cover trade repositories and issuers of legal entity identifiers (LEIs), an unique ID associated with a single corporate entity.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.