Re: For information: BIS/CPMI report on fast payments

Thanks Jurgen!

For me the thing that stands out is the South African system. It has been
in place for a decade and if you read that report you'd think all retail
payments in South Africa are probably done in real time, but you'd be wrong.

For me the report illustrates how the technical solution is only halve of
the challenge.

Real time clearing has been technically possible between the major banks
for 10 years but the way it is priced and positioned relative to regular
EFT (which clears in T+1) has meant that very few people use it and it
certainly hasn't had the massive impact on innovation that the report
suggest it should have.

For the majority of South Africans that wish to make a payment to someone
or some company they'll use regular EFT (often free) and request that their
sending bank send a proof of payment to the payee. For many payees this is
sufficient proof that they can deliver goods or the like even if the funds
have not cleared in their account yet.

I am also skeptical about the grid that suggests payees can be addressed by
their mobile number. That is not interoperable between banks in SA. Each
bank has a solution and if you send to an account holder at another bank
they usually have to cash that out at the sending bank's ATM.

On 9 November 2016 at 14:32, j.j.spaanderman@dnb.nl <j.j.spaanderman@dnb.nl>
wrote:

> For your information: the BIS Committee on Payments and Market
> Infrastructure delivered a report on fast(er) payments, describing the
> central bankers view. See http://www.bis.org/press/p161108.htm
>
>
>
> Best regards,
>
> Jurgen
>
>
>
>
>
>
>
> Jurgen Spaanderman
> Senior Policy Adviser
>
> [image: cid:1__=4EBBF473DFD433BF8f9e8a93df93869091@local]
>
> Division
>
> Cash and Payment Systems
>
> Market Infrastructure Policy
>
> T +31 20 524 5716
> M +31 6 524 96653
> E  Jurgen.Spaanderman@dnb.nl
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