SWIFT

Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date.  Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…

The US Consumer Financial Protection Bureau (CFPB) was formed in 2011 after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. Its function is to protect consumers from deceptive market practices. It released a report regarding remittance transfers under the Electronic Fund Transfer Act. The government agency noted in the report that it has been monitoring the nascent developments in the remittance market, which includes the growth of cryptocurrency asset firms such as Ripple. The report shows that…

Small and medium enterprises (SMEs)could soon find it easy to conclude their transactions. This follows global payments giant SWIFT's announcement that would make instant payments available to SMEs.  SWIFT, says it intends to be at the fore of global A2A and B2B transactions. The firm is taking on Visa, MasterCard, and emerging fintech ventures, for example, Ripple.  The decision to venture into space was arrived at in a last month's meeting of the firm’s Board and Executive. The decision is…