Podcasts about settlement systems

April 6, 2023 Hoover Institution | Stanford University A Hoover History Working Group Seminar with Sir Paul Tucker. Paul Tucker will be sharing his new book, Global Discord: Values and Power in a Fractured World Order, which considers the geopolitics and legitimacy of the international economic and legal system. The book develops an analysis of the history and future of the international order from the perspective of incentives-values compatibility, that is, the connection between self-enforcing equilibria and history-dependent legitimation principles. Using this framework, the book identifies vulnerabilities and design flaws in today's international monetary order, trade system, investment order, and international financial system. April 6, 2023 Hoover Institution | Stanford University A Hoover History Working Group Seminar with Sir Paul Tucker. Paul Tucker will be sharing his new book, Global Discord: Values and Power in a Fractured World Order, which considers the geopolitics and legitimacy of the international economic and legal system. The book develops an analysis of the history and future of the international order from the perspective of incentives-values compatibility, that is, the connection between self-enforcing equilibria and history-dependent legitimation principles. Using this framework, the book identifies vulnerabilities and design flaws in today's international monetary order, trade system, investment order, and international financial system. ABOUT THE SPEAKER Sir Paul Tucker is a Research Fellow of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. He was formerly the Deputy Governor of the Bank of England, sitting on its monetary policy, financial stability, and prudential policy committees. Internationally, he was a member of the G20 Financial Stability Board, chairing its group on resolving too-big-to-fail groups; and a director of the Bank for International Settlements, chairing its Committee on Payment and Settlement Systems. He was knighted in 2014. He is the author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State (2018), which charts how the extraordinary power of unelected central bankers and regulators needs to be structured and checked in the interest of democratic legitimacy. His other activities include being a director at Swiss Re, president of the UK's National Institute for Economic and Social Research, a senior fellow at the Minda de Gunzburg Center for European Studies at Harvard, a member of the advisory board of the Yale Program on Financial Stability, and a governor of the Ditchley Foundation.

Sir Paul Tucker, research fellow at The Harvard Kennedy School and former deputy governor of The Bank of England, joins Forward Guidance to discuss ideas from his latest book, “Global Discord: Values And Power In A Fractured World Order.”  Tucker tells Jack Farley that China's growing economic might and rejection of liberal values poses a challenge to the U.S.' role as global hegemon, and he details ways to reinvigorate international cooperation during the current period of geopolitical strife. Tucker shares his views on the recent turmoil in the banking system, weighing on Silicon Valley Bank, Credit Suisse, and the acute need for bank resolution that can maintain financial stability while winding down ailing banks. Tucker and Farley also discuss concepts such as the Triffin Dilemma, the offshore (“Eurodollar”) dollar system, and central banks' role as lenders of last resort.  __ “Global Discord” from Princeton Press: https://press.princeton.edu/books/hardcover/9780691229317/global-discord Global Discord on Amazon: https://www.amazon.com/Global-Discord-Values-Power-Fractured/dp/0691229317 __ About Paul Tucker: http://paultucker.me/resources/ About Tucker's work at The Harvard Kennedy School: https://www.hks.harvard.edu/centers/mrcbg/about/fellows/research-fellows#sir_paul_tucker More about today's guest: For over thirty years, Sir Paul Tucker was a central banker, and a member of the Bank of England's Monetary Policy Committee from 2002. He was Deputy Governor from 2009 to late 2013, including serving on the Financial Policy Committee (vice chair) and Prudential Regulatory Authority Board (vice chair). He was knighted by Britain in 2014 for his services to central banking. Internationally, he was a member of the steering committee of the G20 Financial Stability Board, and chaired its Committee on the Resolution of Cross-Border Banks to solve “too big to fail”. Tucker was a member of the board of directors of the Bank for International Settlements, and was chair of the Basel Committee for Payment and Settlement Systems from April 2012. After leaving central banking, Tucker was chair of the Systemic Risk Council from December 2015 to August 2021. He now writes at the intersection of political economy and political philosophy as research fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government. In addition to “Global Discord,” Tucker is also the author of “ Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State” (2018). __ Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Timestamps: (00:00) Intro (00:55) The Rise Of China Will Have Immense Consequences On A Global Scale (04:44) Shortcomings of Trade Policy and Enforcement (10:41) Downsides of U.S.' Trade Deficit (20:18) The Bretton Woods Regime (21:59) The Triffin Dilemma (26:32) The Eurodollar System (27:31) The Fed's Swap Lines In 2008 (28:49) Importance of Multi-Disciplinary Understanding For Policymakers (31:17) The Debt Ceiling (21:27) Thucydides' Trap (25:57) The Contest Between China and The U.S. Is "Everywhere" (39:26) Document 9 of The Chinese Communist Party (45:29) Inflation (49:37) Regional Bank Failure In The U.S. (55:43) The Takeover Of Credit Suisse By UBS (01:02:49) Defining A "Bailout" As A Use Of Taxpayer Money (01:07:09) Bagehot's Dictum (01:15:31) Credit Suisse Contingent Convertible ("CoCo") Bonds (01:17:55) Tying Geopolitical And Banking Together __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Late last month, the RBI came out with a circular that effectively barred non-bank issuers of prepaid payment instruments (PPI) from loading these instruments with credit. If you have a digital wallet, for example, you could only load it using the balance in your bank account or credit card. Non-bank providers will not be allowed to add funds that function as loans to you. This has created a flutter in the fintech industry whose captains feel the regulation may stifle financial reach and innovation. To help us with some perspectives today, we have with us Mr. G. Padmanabhan, former Executive Director at the Reserve Bank of India. In his capacity as Executive Director, he was in charge of the Departments of Information and Technology, Payment and Settlement Systems and Foreign Exchange. He was also later chairman at Bank of India. 

Five Digital Currency Questions for 2020 Part 1 - Taxonomy of Digital Currencies and the Impact on Payments and Settlements Today's FNA Talk is dedicated to one of the most prominent FinTech themes of 2020. Together with Daniel Heller from Fnality International, we discuss Digital Currencies and their impact and implications. In the first part of the episode, we focus on the Taxonomy of Digital Currencies and their Impact on Payment and Settlement Systems and Infrastructures. Index 00:00 - Introduction 01:31 - Taxonomy: How to distinguish between various types of Digital Currencies? 05:55 - Central Banks' response to the non-bank providers of money 08:21 - How are digital currencies changing traditional payment and settlement systems and infrastructures? 11:57 - How to ensure that the benefits of Digital Currencies are not outweighed by their risks?

The General Manager of Mobile Money Limited, a subsidiary of MTN Ghana, Eli Hini, says the role of the Ghana Interbank Payment and Settlement Systems, GhiPSS in the country’s payment system has to be properly defined. According to Mr. Hini, there is a lack of clarity regarding what functions GhIPSS performs especially with the passage of the Payment Systems and Services Act, which is to regulate the activities of payment services providers among others. Mr. Hini argued that, when clarity is provided, it will help the industry’s development. He said that Just like we have defined Electronic Money Issuers and what they can do, financial technology companies etc. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Podcast, Glenn Tasky, SEACEN’s Director of Financial Stability and Supervision / Payment and Settlement Systems, interviews Stephen Scott and Jeff Kupfer of Starling Trust Sciences, LLC. Starling is a behavioural sciences company that utilizes technology to assist in the evaluation of culture of organizations, including banks and other financial institutions. These evaluations can reveal deficiencies in a bank’s culture that may point to heightened misconduct risk. The Starling executives discuss the most prominent and most recent banking scandals, and emphasize that culture within a bank (or any firm) is contagious, and both executives and employees take their cues from their peers – not necessarily from laws, regulations, and best practices – in deciding on a course of action.

Het bestaande verrekensysteem voor vliegtickets 'Billing and Settle Plan' van IATA wordt gemoderniseerd. Van de zomer wordt een nieuw verrekensysteem uitgerold onder de naam 'New Generation of IATA Settlement Systems'. Deze uitrol heeft gevolgen voor de TMC's maar ook voor diens klanten.

Mr. Bill Dudley succeeded Tim Geithner as the New York Fed’s president in 2009 after the financial crisis. He has since then become a forceful advocate for cultural change at large financial institutions and argued for keeping a tight rein on banking activities. Mr. Dudley retired from the position after a 10-year term but still actively voices his opinions on the financial sector and will be teaching in Princeton this upcoming fall. In this long conversation, Mr. Dudley talks about his early career after completing an economics Ph.D. in UC Berkeley, a mission-focusing approach to financial regulations, thoughts on the risks of recession and the next big crisis, and the toughest moment in his career among many other topics. Mr. Dudley is certainly the most influential monetary policy maker to ever come on Policy Punchline, but he is so personable and friendly that Tiger called him “a chill guy” during the interview… Make sure you don’t miss out on this interview with this visionary policy maker. A few punchlines? Unlikely to have a recession soon. Banking sector is very healthy. Beware of cyber risks. Live a frugal life. Official bio: William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he served as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983. Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the board of directors of the BIS.

Dr Ole Rummel interviews Glenn Tasky, Director of the Financial Stability and Supervision/Payment and Settlement Systems pillar of the Centre about issues in Cybersecurity and Central Banking. This is part 1of 2 podcasts which lead up to the SEACEN Centre's Annual Policy Summit to be held in Kuala Lumpur, Malaysia, on 13 and 14 June 2019.

Payment Innovation Moves to the Core When we conduct our Glenbrook Payments Boot Camp, our first graphic illustrates the three essential steps in every transaction - initiation, funding, and completion. When looked at through the lens of of the past decade most innovation has been in initiation. Consider: Apple Pay, Google Pay, Venmo, QR codes. The list is long of ways to kick off a transaction. Funding is all about where the money comes from. Usually a bank account, often a wallet holding money. Some innovation there but not a great deal. There are only so many ways to store funds. Completion, the last step, is the most important to many participants as it’s when the transaction completes with the final movement of money. Five years ago, in those boot camps, I said that completion, also called settlement, is the innovation-resistant phase of a transaction. Today, everything has changed. In the U.S., we have new services such as Zelle and Venmo that appear to the end parties to deliver instant settlement. They may use card rails or bank rails like ACH to complete the transaction.  Two Forms of Settlement In this discussion with Glenbrook’s Carol Coye Benson, we look at two forms of settlement: end party settlement - for example, an employer paying an employee - and then Carol focuses on the nuanced world of interbank settlement. If you’ve heard the terms net settlement, gross settlement, or RTGS and wondered what they mean, take a listen.  Faster Payments and Settlement We also talk about the phenomenon of faster payments and the settlement techniques these systems employ. 40 countries around the world are in one stage or another of deploying faster payment systems that push money from bank account to bank account. It's already in the US via the Real Time Payments Network from The Clearing House and, perhaps, a competing service from the Federal Reserve. (To get an update on the Real Time Payment Network, listen to Episode 81 of Payments on Fire). These faster payment systems vary in their capabilities. Speed and data carrying capacity are just two variables. But we have seen that when a new payment system enters a market innovative offerings can flourish, provided access to that system is encouraged by rule, regulation, or both. However, that level of openness is not guaranteed. As Glenbrook have seen in our work around the world, some systems are essentially closed by market power or operating rules. These constraints limit the network effect's benefits of ubiquity, convenience and, often, cost. This is an ongoing challenge. In this age of fintech, banks are under pressure to innovate. As owners or participants in new systems, some may choose to limit access to their fancy new rails in an attempt to forestall competitive market entrants. Others will be “encouraged” by regulators to open up. Of course, end party choices will play a big role, provided there’s a choice available. The New Game Settlement has traditionally been led by major commercial banks or the central bank of each country. That model still holds. In some markets, including the U.S., we expect a push and pull for control between those two entities. Christine Lagarde, Managing Director of the International Monetary Fund, suggests such tensions may justify  the issuance by a nation's central bank of a fiat digital currency as a counterweight to the alternative control over payments by a concentrated set of banks and processors. Settlement innovation has created a competitive environment that did not exist before. It will be the interplay of rules, regulations, technical capabilities, end party value proposition, and market power that will determine the evolution of each country's settlement platform. In some, regulators will shape the outcome. In others, system access for fintechs and the "open banking" model will be a determinant. For all, cost effective access for end parties is critical. So much for thoughts of a static payments ecosystem. If you think of yourself as a payments geek or just want to get under the hood of how money really moves, Carol is a terrific guide.

Watch accompanying talk at the Watson Institute at Brown University: [https://youtu.be/R-Dxrs7dj0w] Central bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. Unelected Power [https://press.princeton.edu/titles/11240.html] lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens. Paul Tucker [https://ces.fas.harvard.edu/people/001970-paul-tucker] draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union. Blending economics, political theory, and public law, Tucker explores the necessary conditions for delegated but politically insulated power to be legitimate in the eyes of constitutional democracy and the rule of law. He explains why the solution must fit with how real-world government is structured, and why technocrats and their political overseers need incentives to make the system work as intended. Tucker explains how the regulatory state need not be a fourth branch of government free to steer by its own lights, and how central bankers can emulate the best of judicial self-restraint and become models of dispersed power. Like it or not, unelected power has become a hallmark of modern government. This critically important book shows how to harness it to the people's purposes. Sir Paul Tucker is chair of the Systemic Risk Council. He is a research fellow at the Harvard Kennedy School, and the author of Unelected Power, published in 2018 by Princeton University Press. Previously, he was Deputy Governor at the Bank of England, sitting on its monetary policy, financial stability, and prudential policy committees. Internationally, he was a member of the G20 Financial Stability Board, leading its work on too big to fail; a director of the Bank for International Settlements, and chair of its Committee for Payment and Settlement Systems. His other activities include being a director at Swiss Re, a senior fellow at the Harvard Center for European Studies, a Visiting Fellow of Nuffield College Oxford, and a Governor of the Ditchley Foundation. You can read a transcript of this episode here: [https://drive.google.com/file/d/17pQ8eWNLgLgqqowwVhrXCuIRmLal9JQd/view?usp=sharing]

In the third episode of our series on financial technology, we sat down with Shuhei Aoki, Executive Strategist at Hitachi and advisor to the President of Hitachi’s Information and Telecommunications Systems Company. Before joining Hitachi, Shuhei served as the Director General of Payment and Settlement Systems at the Bank of Japan. He is also an Associate Professor at Shinshu University, where he teaches and conducts research on resource allocation and macroeconomic productivity. Hitachi is one of Japan’s leading industrial conglomerates, manufacturing everything from TVs to tanks and quite likely some of the electronics that power the device you are using to listen today. What Hitachi is not necessarily known for is financial services, but earlier this year they established a Financial Innovation Lab here in the Bay Area. We invited Shuhei to speak with us about the reason non-financial companies are getting involved in FinTech and how the space is impacting Asia and places like Hitachi’s home market of Japan. Our chat covers a number of interesting topics, including the role of cash in an increasingly digital world, how banks view the rise of fintech, and the Bank of Japan’s early consideration of a virtual national currency not unlike Bitcoin. The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.

William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983. Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He is a member of the board of directors of the BIS and chairman of the Economic Club of New York. June 5, 2015