The role of the central bank in maintaining the stability of a nation’s financial system is paramount at all times, but especially during a crisis of the magnitude of COVID-19. Around the world, policymakers have intentionally shut down their economies for the greater good of public health. What specific emergency measures have the world’s top central banks taken to confront this truly unique peril to both physical and financial well-being?
2020 has proved to be an eventful year for ISO 20022, with SWIFT (Society for Worldwide Interbank Financial Telecommunication) and other major market infrastructures opting to postpone the implementation of the new standard. Any assumptions that these delays will provide participants with a respite are unfounded; testing times still lie ahead, and internal project work should reflect this.
At its most recent monetary-policy meeting in late July, the Federal Open Market Committee (FOMC) discussed implementing a number of monetary-policy tools to allay concerns regarding the economic outlook for the United States. And while the FOMC had already taken numerous emergency measures
ISO 20022, the ISO standard for the interchange of electronic data between financial institutions, has arrived and is shaking up the payment sector worldwide. Migrating to the new system is voluntary, but the advantages of lower cost, greater fraud protection, increased customer satisfaction are quickly winning over banks and businesses alike, making its blanket adoption inevitable. What do bank managers need to do to prepare for this payment-processing overhaul?