Events listed in [BIS] Bank for International Settlements
Project Leap proves the viability of a quantum-safe financial system
ID 23562
The BIS Innovation Hub Eurosystem Centre, Banque de France, and Deutsche Bundesbank have collaborated on Project Leap to establish a quantum-safe communication channel for shielding financial data. This initiative addresses the vulnerability of current cryptographic algorithms and the confidentiality of financial data to the potential threat posed by quantum computers. Quantum computers have the capability to compromise the security of existing cryptographic protocols, which ...
BIS Innovation Hub publishes guide on offline CBDC use
ID 23217
The BIS Innovation Hub Nordic Centre has published its Project Polaris: Handbook for offline payments with CBDC, a handbook to guide central banks on implementing offline payments with CBDC. Offline payments are defined as transfers of CBDCs value between devices without ledger system connection. The handbook highlights the importance of providing offline payments with CBDCs, but emphasizes that there is no one-size-fits-all solution as ...
Basel Committee finds South Africa largely compliant with its Net Stable Funding ...
ID 22736
The BIS published two assessment reports on South Africa’s compliance with global standards set by the Basel Committee on Banking Supervision. The reports reveal that South Africa’s regulations on the NSFR and Basel LEX framework are largely compliant and compliant, respectively. These publications are part of the Committee’s RCAP, which aims to ensure regulatory consistency among member jurisdictions. On the one hand, the [**Regulatory ...
Various technical amendments and FAQs
ID 22560
The BCBS has issued a document addressing interpretative issues related to the Basel Framework, which includes proposals for technical amendments and FAQs. The BCBS regularly monitors and reviews the implementation of its standards to promote a consistent global implementation of the Basel Framework. Some implementation issues require an amendment to the text of the standard itself to be resolved unambiguously. Therefore, **the Committee has ...
BIS’s Project Nexus prototype successfully links Eurosystem, Malaysia and ...
ID 22440
The BIS Innovation Hub published a report on Project Nexus, an initiative that aims to improve instant cross-border payments. Indeed, cross-border payments are often slow, costly, and frustrating, with significant costs imposed on individuals and businesses. In contrast, domestic instant payment systems (IPS) in over 60 countries reach their destination in seconds at near-zero cost. **Nexus seeks to link up multiple instant payment systems ...
ISO 20022 harmonisation requirements for enhancing cross-border payments
ID 22077
The CPMI has released a consultative report proposing 15 requirements for harmonised use of ISO 20022 for cross-border payments. The CPMI has proposed requirements for the harmonized use of ISO 20022 for cross-border payments. The adoption of ISO 20022 as a common messaging standard presents an opportunity to improve cross-border payments, but its varying deployment globally could undermine its benefits. **The present CPMI report ...