Payments

The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.

Payments News

FSB: Stablecoin drawbacks outweigh potential benefits

Jul 24, 2024 | NewsWatch Today
The Financial Stability Board said that even if a stablecoin is properly designed and well-regulated, “it may not necessarily have a positive impact on cross-border payments as the drawbacks could outweigh any potential benefits.”
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Basel Committee releases final crypto framework with ICBA-backed exclusion

Jul 18, 2024 | NewsWatch Today
The Basel Committee on Banking Supervision published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment, which included an exclusion that ICBA strongly backed.
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IRS reports problems with crypto tax enforcement

Jul 17, 2024 | NewsWatch Today
Digital asset seizure values have grown exponentially, topping $7 billion in 2022, but compliance enforcement with virtual currency is difficult, according to a new Treasury Department report.
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