BIS invites comments on ISO 20022 harmonisation proposals

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News Date: March 2, 2023

With most of the world's payment systems adopting the ISO 20022 messaging standard by 2025, the coming years will be crucial for converging on its harmonized use to fully leverage its full potential to make cross-border payments faster, cheaper, and more transparent.
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has worked with financial industry representatives to facilitate a harmonized adoption and use of ISO 20022 for cross-border payments.
The CPMI invites comments on this consultative report.
Source: bis.org

International banking alliance using Ripple

National Australia Bank (NAB) has signed agreements with two leading global financial institutions:
- Israel's Bank Leumi;
- The Canadian Imperial Bank of Commerce (CIBC);
- to form an international banking innovation alliance.
It is partnering with the alliance using Ripple's blockchain network technology.
NAB is one of Australia's major 4 banks and forms an international bank innovation network.
Source: news.nab.com.au

China is emerging as IMF competitor

China gave tens of billions in secretive 'emergency loans' to vulnerable nations, emerging as world's major creditor and IMF competitor.
China has shelled out tens of billions in opaque 'emergency loans' for at-risk nations, indicating a shift to providing short-term emergency lending rather than longer-term infrastructure loans.
Source: fortune.com

Gold & Silver Will Be Unstoppable

The escape from failing fiat will lead to rising nominal interest rates, with all the consequences which that entails. The inevitable outcome is a flight to commodities, including gold and silver, despite rising interest rates for fiat money.
The gold standard of the nineteenth century and is easily explained: within a confined money total such as that of monetary gold, an increase in the quantity of goods and services taking place can only be accommodated by a decline in the general level of prices. Put another way, the purchasing power of sound money, a money whose quantity is not inflated, always rises over time.
Sources:kingworldnews.com

BRICS to promote the monetary reset

According to Chinese President Xi Jinping, the BRICS countries must promote a reform of the international monetary and financial system.
Additionally, he thinks that everyone should write international laws rather than distinct groups establishing international law for the entire world.
"It is necessary to give full play to the role of the New Development Bank, facilitate the form of the international monetary and financial system and strengthen the representation and the voice of developing countries," he stated.

UN Urges Debt Relief for Developing Nations

The United Nations Development Programme (UNDP) warns that the debt crisis in developing nations has reached unprecedented levels, with debt servicing consuming an increasing share of national revenues at the expense of development.
A new policy brief, released ahead of the G20 finance ministers meeting in Cape Town, highlights that 56 developing countries now spend over 10% of their revenue on interest payments, with 17 exceeding 20%, heightening default risks.
Total external public debt for the 31 poorest nations at risk of debt distress is estimated at $205 billion, while global debt servicing reached a record $1.4 trillion in 2023.
UNDP urges immediate reforms, including a more effective debt restructuring framework, systemic relief initiatives, and reduced borrowing costs to prevent a lost decade of development.
The upcoming Financing for Development conference in June will be a key platform for addressing these urgent issues.