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Pan-African Payment And Settlement System
The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area (AfCFTA) with further future planned rollout in the Caribbean region by end of 2024. History of PAPSS PAPSS was first mentioned on the 7 July 2019 at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA. It started as a pilot project among the 6 countries in the West African Monetary Zone (WAMZ) before it became publicly available. In 2023 several nations of the Caribbean Community began to implement a pilot framework for using the Pan-African Payment and Settlement System to facilitate trade between the Caribbean and Africa. The move coi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-African
Pan-Africanism is a worldwide movement that aims to encourage and strengthen bonds of solidarity between all Indigenous and diaspora peoples of African ancestry. Based on a common goal dating back to the Atlantic slave trade, the movement extends beyond continental Africans with a substantial support base among the African diaspora in the Americas and Europe. Pan-Africanism can be said to have its origins in the struggles of the African people against enslavement and colonization and this struggle may be traced back to the first resistance on slave ships—rebellions and suicides—through the constant plantation and colonial uprisings and the "Back to Africa" movements of the 19th century. Based on the belief that unity is vital to economic, social, and political progress and aims to "unify and uplift" people of African ancestry. At its core, pan-Africanism is a belief that "African people, both on the continent and in the diaspora, share not merely a common history, but a c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Djibouti
The Central Bank of Djibouti (french: Banque Centrale de Djibouti) is the monetary authority of Djibouti. It is responsible for managing the country's currency, the Djiboutian franc, as well as the national foreign exchange position and accounting. Duties Objectives of the Central Bank of Djibouti include: * To issue and redeem notes and coins * To supervise, regulate and inspect any financial institution which operates in and from within Djibouti * To promote the financial stability and soundness of financial institutions * To supervise, regulate or approve the issue of financial instruments by financial institutions or by residents * To assist with the detection and prevention of financial crime * To foster close relations between financial institutions themselves and between the financial institutions and the Government * To manage exchange control and regulate transactions in foreign currency or gold on behalf of the Government * To advise and assist the Government and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Systems
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7 A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross (economics), gross" basis. Settlement (finance), Settlement in "real time" means a payment Financial transaction, transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or net settlement, netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWIFT Ban Against Russian Banks
The SWIFT ban against some Russian banks is one of several international sanctions against the Russian regime imposed by the European Union and other western countries as a result of its invasion of Ukraine, aimed at weakening the country's economy to end the invasion by hindering Russian access to the SWIFT financial transaction processing system. Background SWIFT is used by thousands of financial institutions in more than 200 countries, previously including Russia, and provides a secure messaging system to facilitate cross-border money transfers. According to the Russian National SWIFT Association, around 300 banks use SWIFT in Russia, with more than half of Russian credit institutions represented in SWIFT. Russia has the second highest userbase after the United States. If Russia were to be excluded from SWIFT, its interbank payment transactions will become significantly more complex, and the country's ability to trade goods and exchange currencies would be significantly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWIFT
Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, an international organization facilitating transactions between banks * Swift Engineering, an American engineering firm * Swift & Company, a meat processing company * Swifts (aerobatic team), a Russian aerobatic team Transportation companies * Swift Cooper, a British racing car manufacturer * Swift Leisure, a British manufacturer of caravans * Swift Motor Company, of Coventry, England * Swift Transportation, a US trucking company Places * River Swift, a river in England * Swift, Illinois, an unincorporated community in northeastern Illinois * Swift County, Minnesota, a county in west-central Minnesota * Swift, Minnesota, an unincorporated community in northern Minnesota * Swift, Missouri, a ghost town in southeastern Missouri As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Financial Regulatory Authorities By Country
The following is an incomplete list of financial regulatory authorities by country. List A-B * Afghanistan - Da Afghanistan Bank (DAB) * Albania - Albanian Financial Supervisory Authority (FSA) * Algeria - Commission d'Organisation et de Surveillance des Opérations de Bourse (COSOB) * Andorra - Andorran Financial Authority (AFA) * Anguilla - Anguilla Financial Services Commission * Antigua & Barbuda - Financial Services Regulatory Commission * Argentina - (CNV) * Armenia - Central Bank of Armenia (CBA) * Australia: ** Reserve Bank of Australia ** Australian Prudential Regulation Authority (APRA) ** Australian Securities and Investments Commission (ASIC) ** Australian Takeovers Panel *Foreign Investments Review Board (FIRB) *Australian Transaction Reports and Analysis Centre (AUSTRAC) * Austria: ** Financial Market Authority (FMA, ''Finanzmarktaufsichtsbehörde'' in German) ** Oesterreichische Nationalbank ** Austrian Takeover Commission (''Übernahmekommissio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structured Financial Messaging System
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT (Society for World-wide Interbank Financial Telecommunications) which is the international messaging system used for financial messaging globally. SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at IDRBT. It allows the definition of message structures, message formats, and authorization of the same for usage by the financial community. SFMS has a number of features and it is a modularized and web enabled software, with a flexible architecture facilitating centralized or distributed deployment. The access control is through Smart Card based user access and messages are secured by means of standard encryption and authentication services conforming to ISO standards. The intra-bank part of SFMS is used by banks to take full ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mir (payment System)
Mir (russian: Мир, ; ) is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system was developed by Belgian digital payments company OpenWay and is operated by the ', a wholly owned subsidiary of the Central Bank of Russia. Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers. The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard, which were blocked in Russia at the time. History Mir, as an idea, was born out of a series of joint initiatives between the Central Bank of Russia and the World Bank in the mid-2000s that aimed to create a framework of an autonomous paymen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fedwire
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, name and dollar amount being transferred. This information is submitted to the Federal Reserve via the Fedwire system. Once the instructions are received and processed, the Fed will debit the funds from the sending bank's reserve account and credit the receiving bank's account. Wire transfers sent via Fedwire are completed the same business day, with many being completed instantly. In conjunction with Clearing House Interbank Payments System (CHIPS), operated by The Clearing House Paym ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems. Format The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. The format of the IFS Code is shown below. Lists of IFS Codes Bank-wise lists of IFS Codes are available with all the bank-branches participating in inter bank electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their IFS ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-Border Inter-Bank Payments System
The Cross-Border Interbank Payment System (CIPS) is a payment system which offers clearing and settlement services for its participants in cross-border RMB payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalise RMB use. CIPS also counts several foreign banks as shareholders including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group and BNP Paribas. In 2021, CIPS processed around 80 trillion yuan ($12.68 trillion), with about 1280 financial institutions in 103 countries and regions having connected to the system. History In 2012, the PBOC launched the construction of CIPS (phase 1). On October 8, 2015, CIPS (phase 1) was put into operation, with 19 direct participants and 176 indirect participants from 50 countries and regions all over 6 continents. The launch of CIPS was another milestone in the construction of China's financial market infrastructure, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
