Geoffrey Barnard’s Post

Financial Stability Board (FSB), “Options to Improve Adoption of The LEI, in Particular for Use in Cross-boarder Payments” This report explores benefits that could accrue from the use of the LEI in cross-border payment systems and, in close coordination with the Global LEI Foundation (GLEIF), the Regulatory Oversight Committee (ROC) and national authorities, explores options to promote broader LEI adoption. It builds on a survey among FSB authorities and an outreach event with market participants, both held in the first half of 2022. It also extensively benefitted from inputs provided by GLEIF and ROC, including the ROC’s 2018 and 2019-2021 Progress Reports. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

European Banking Authority (EBA), “Draft Regulatory Technical Standards on information for application for authorisation to offer to the public and to seek admission to trading of asset-referenced tokens and Draft Implementing Technical Standards on standard forms, templates and procedures for the information to be in- cluded in the application, under Article 18(6) and (7) of Regulation (EU) 2023/1114” Regulation (EU) 2023/1114 (MiCAR) provides that the offer to the public or the admission to trading of asset-referenced tokens (ARTs) is reserved to a) legal persons or other undertakings established in the EU which have been granted authorisation in accordance with Article 21 MiCAR, or b) to credit institutions subject to the publication of a white paper. To ensure harmonisation of supervisory practices as regards access to the market, the EBA is man- dated by Article 18, paragraphs (6) and (7) MiCAR, to develop two technical standards in relation to the application for authorisation to be submitted by legal persons or other undertakings established in the EU intending to offer to the public or seek admission to trading of ART ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

The G20 roadmap for enhancing cross-border payments focuses on improving payment speed, lowering costs, ensuring transparency, and expanding access, with clear targets set for 2027. This ambitious plan is overseen by the Financial Stability Board (FSB) in partnership with the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and other global financial bodies. Key Areas of Progress in 2024: Interoperability and System Expansion: The report highlights significant progress in aligning systems with the ISO 20022 standard and extending operational hours. The interlinking of fast payment systems (FPS) across jurisdictions has been identified as a promising method to enhance cross-border payments, though challenges remain due to the complex governance needs of multi-jurisdictional systems. Legal and Regulatory Frameworks: The FSB and CPMI have advanced efforts to harmonize cross-border legal, regulatory, and supervisory frameworks, addressing discrepancies that often create friction. For instance, the Financial Action Task Force (FATF) is revising its Recommendation 16 to ensure effective anti-money laundering measures while enhancing payment speed and transparency. Enhanced Data Standards and Security: Standardized data exchange and message formats, such as ISO 20022, continue to be prioritized. Harmonized messaging standards, paired with advanced API use, promise to make cross-border transactions more efficient, secure, and transparent. Engagement and Next Steps: The report underscores the importance of collaboration between public and private sectors to drive these enhancements. In 2024, the FSB's increased engagement with private sector stakeholders has bolstered progress, while regional consultations in Africa, Asia, and Latin America address region-specific cross-border payment challenges. RBI’s Perspective: Recently, the Reserve Bank of India (RBI) aligned with this vision, advocating for standardized international frameworks to streamline cross-border payments and address region-specific needs. RBI officials stress that while technological upgrades and interlinking will ease cross-border friction, maintaining regulatory alignment across nations is essential for effective and secure global transactions. This aligns closely with the G20 roadmap's goals, reinforcing India’s commitment to a transparent and efficient global payment ecosystem. #RBI #Cross #Border #Payments #CBDC #Digital #Currency #crypto

How will Europe supervise major stablecoins under #MiCAR? The European Banking Authority (EBA) just released Decision EBA/DC/558, laying out the complex procedural #framework for supervising significant #cryptotokens. As stablecoins continue to raise #regulatory concerns globally, the #EBA is establishing clear supervisory procedures for asset-referenced tokens (ARTs) and e-money tokens (EMTs) that are deemed "significant". The assessment process will operate on a bi-annual basis, with a structured 20-working-day period for stakeholder consultation. During these assessments, the EBA will evaluate detailed criteria including market impact and potential systemic #risks. When it comes to supervisory transfers, the Decision establishes a clear mechanism for handover between national authorities and the EBA. This includes mandatory documentation requirements and specific timelines, ensuring a smooth transition of responsibilities while maintaining effective oversight. Reporting framework: 🔒Two fixed reporting periods annually (Jan-June and July-Dec) 🔒Standardized submission dates (March 11 and September 11) 🔒Comprehensive data collection on holders, transactions, and reserves The coordination structure emphasizes collaboration through supervisory colleges, bringing together national authorities, the EBA, ECB, and relevant #centralbanks. This multi-layered approach aims to ensure comprehensive oversight while maintaining regulatory consistency across jurisdictions. ⚠️ Several significant challenges lie ahead. The framework will require complex coordination between multiple #supervisoryauthorities, and issuers face resource-intensive reporting requirements. There are also concerns about potential jurisdictional overlaps and the need for consistent interpretation across member states. The assessment criteria for determining significance are comprehensive, looking at multiple factors including holder base metrics, #transactionvolumes, and #marketcapitalization. Particular attention is paid to cross-border activity and interconnections with the traditional financial system, recognizing the potential for systemic impact. ❗️The implementation timeline unfolds in phases: voluntary classification begins June 30, 2024, followed by initial implementation in the second half of 2024, with the full operational framework expected in 2025. Looking ahead, several critical factors will determine the framework's success: 💭 The effectiveness of cooperation between various authorities 💭 The ability of token issuers to adapt their operations 💭 The framework's flexibility to evolve with market developments 💭 The practical challenges that emerge during implementation

Bank for International Settlements – BIS, Emilie Fitzgerald, Anamaria Illés and Thomas Lammer, "Steady as we go: results of the 2023 CPMI cross-border payments monitoring survey” Enhancing cross-border payments has been a G20 priority since 2020. This ambitious programme requires action by individual jurisdictions and payment systems. The CPMI survey results show determined progress: the vast majority of payment systems have or are in the process of implementing at least one action that the G20 considers to be relevant to enhance cross-border payments. Despite the promising number of initiatives planned to enhance cross-border payments, the survey results also highlight potential areas for further work. Projects to enhance cross-border payments cannot be seen in isolation and should complement domestic projects, given that the first and last miles of cross-border payments are typically processed in a domestic payment system. Central banks, in their roles as catalyst and operators, are key to bringing cross-border payments forward. International organisations and standard-setting bodies, such as the CPMI, the IMF and the World Bank, can support central banks in their ambitions. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

Bank for International Settlements – BIS, “Regional payment infrastructure integration: insights for interlinking fast payment systems” Policymakers have a variety of options to consider as they analyse the potential approach for regional payment infrastructure integration. Real-world integration will be more complex than indicated in the ideal-type models. Any evaluation should carefully consider the trade-offs between the different bilateral and multilateral models, the greenfield and growth approaches and the roles the public and private sectors can play. It should also account for the evolving nature of the cross-border payments market and trend towards increased standardisation and development of innovative technological solutions. To this end, possible further measures could entail efforts by regional bodies, operators and/or international organisations to realise the potential of regional integration projects and interregional alignment. A strong role for the public sector, while still cooperating with private sector actors, could be a key enabler for the cross-border integration of payment systems. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

Just went back to history on when was nostro account introduced. Below are the details. The origin of Nostro accounts dates back to the early days of international banking: Historical Background: 1. Medieval Europe (12th-15th centuries): Merchants and traders used correspondent banking relationships to facilitate international trade. 2. 17th-18th centuries: European banks established relationships with foreign banks to manage international transactions. Modern Nostro Accounts: 1. Late 19th century: Nostro accounts emerged as a standardized system for international banking. 2. Early 20th century: SWIFT (Society for Worldwide Interbank Financial Telecommunication) was established (1973), standardizing international payment messaging, including Nostro account transactions. Key Milestones: 1. 1974: International Chamber of Commerce (ICC) published Uniform Customs and Practice for Documentary Credits (UCP 400), influencing international banking practices. 2. 1980s: Electronic payment systems and online banking expanded Nostro account usage. 3. 1990s: Globalization and deregulation increased international trade, further establishing Nostro accounts. Regulatory Framework: 1. Basel Committee on Banking Supervision (BCBS) guidelines (1983) 2. International Organization of Securities Commissions (IOSCO) principles (1990) 3. Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations (2001) Evolution: 1. Digitalization and automation 2. Real-time gross settlement systems (RTGS) 3. Blockchain and distributed ledger technology (DLT) integration Nostro accounts have evolved over centuries, adapting to technological advancements, regulatory changes, and global economic shifts. #NostroAccount #InternationalBanking #FinancialHistory #BankingEvolution #GlobalTrade #FinancialRegulations

Here's my 2024 LinkedIn Rewind, by Coauthor.studio: 2024: Where Regulatory Evolution Meets Technological Innovation The AML Package and MICAR regulations didn't just change banking rules - they redefined how financial institutions must approach digital transformation and compliance. My journey from retail banking specialist to Expert at Banca d'Italia - Eurosistema reflects this broader industry shift towards sophisticated regulatory understanding and technological adaptation. Key Professional Milestones: • Appointed Expert at Banca d'Italia, focusing on emerging financial technologies and regulatory frameworks • Developed deep expertise in EU regulatory implementations, including detailed analysis of MICAR and AML Package • Generated significant professional network engagement through targeted regulatory insights Three Posts That Defined My Professional Perspective: 1. "Activation of Systemic Risk Capital Reserve for Italian Banks" Analysis of Banca d'Italia's strategic capital buffer implementation https://lnkd.in/dMKEhRy8 2. "AML Package Publication in EU Official Journal" Comprehensive breakdown of new anti-money laundering regulatory framework https://lnkd.in/dFbJ_jjn 3. "Digital Euro: Central Bank Progress Report" Critical examination of digital currency technological and regulatory challenges https://lnkd.in/duf9d9FE Looking ahead to 2025, I'm committed to advancing our understanding of how emerging technologies intersect with robust regulatory frameworks. My focus remains on contributing to the Eurosystem's strategic vision of maintaining financial stability while embracing digital innovation. The most powerful insights emerge not from resisting change, but from understanding its complex regulatory implications. #BankingRegulation #EURegulation #FinancialTechnology #CentralBanking #LinkedInRewind #Coauthor #2024wrapped

Bank for International Settlements – BIS Settlements, “Linking fast payment systems across borders: governance and oversight” This report on governance and oversight for cross-border FPS interlinking arrangements should support operators and overseers involved in discussions, projects and operational FPS interlinking arrangements. It discusses the main decisions to be taken and reviews how these decisions may be affected by differences in the two prevalent interlinking models, bilateral links and hub and spoke arrangements. This report aims to support authorities in their approach to overseeing interlinking arrangements by examining the main elements that overseers could consider when first defining their approach and ultimately deciding on the related activities. In doing so, the report also informs operators by helping them to understand potential oversight expectations towards interlinking arrangements. ——— #dataaccess #datainteroperability #FMI #globalsupplychain #crossboarderpayments #securefinancing #fraudprevention #tradefinance #openbanking #fintechdataplatform #tradematters #sustainability #digitaltrade #globaltrade #FinancialMarketInfrastructure #technology #LEI #digitalidentity #C4DTI #paperless #digitalidentities   #innovation  #digitalisation #paperlesstrade #digitaltransformation   #digitaltradechampion #digitaltradeevangelist #openfinance #internationaltrade #digital #crossbordertrade #smartdata #cbdc #regtech #suptech #payments #innovation #banks #digitalrevenueimpact #risk #regulations #digital #m2mi #cybersecurity #risk #banking #embeddedfinance #openbanking #sustainablefinance #iot #money #bankofengland #digitaleconomy #fintech #multicurrency #privacy #artificialintelligence

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