Goldilocks' Comments and Global Economic News Saturday Afternoon 6-14-24

Jun 15

Good Evening Dinar Recaps,

Project Meridian FX: Joint project by the Eurosystem and London Centres, and the Bank of England, to test synchronised settlement in FX | BIS | Project Meridian

Project Meridian Announcement:

"The Eurosystem and London Centres of the BIS Innovation Hub, together with the Bank of England, have launched Project Meridian FX, to build on the findings of Project Meridian by focusing on foreign exchange (FX) transactions."

Meridian FX has completed testing of the usability regarding standing orders for various types of assets and technologies ie foreign currency exchange.

It is expected to take the lead on innovations regarding real-time gross settlement (RTGS) systems operated by central banks.

By focusing on FX transactions, Project Meridian is expected to settle FX trade issues, such as costs, risks, and time involved in cross-border transactions. BIS | Project Meridian

© Goldilocks

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Project Meridian | Youtube

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Why It’s Time for Corporates to Jump on the ISO 20022 Bandwagon | Pymnts | Investopedia

“Now with the CHIPS ISO 20022 migration completed, the entire industry is clearly one step closer to realizing the benefits together,” Lee told PYMNTS recently."

She goes on to emphasize that the potential for ISO 20022 cannot be complete without involvement with banks, corporates, and financial institutions.

Clearing House Interbank Payments System (CHIPS) is well on its way in interfacing ISO on the QFS several financial institutions that are still in process of completing this launch.

"CHIPS is a private-sector, bank-owned system for electronic payments in US dollars. CHIPS is the largest US dollar-based money transfer system in the US and is used for large interbank transactions."

CHIPS is the preferred method of payment for large transfers. Over 95% of USD cross-border payments utilize this service for its completion.

© Goldilocks

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What is Clearing House Inter bank Payment System (CHIPS)? Urdu / Hindi | Youtube

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