Goldilocks’ Comments and Global Economic News Wednesday Evening 10-4-23
Good afternoon,
“TIME IS RUNNING OUT: 100 DAYS LEFT UNTIL CESOP”
January 1st of 2024, payment service providers are going to have to record electronically cross-border payments to the Federal Central Tax Office (BZSt) on a quarterly basis.
Central Electronic System of Payment Information (CESOP) will require Traditional Banks, Savings Banks, Credit Unions, eMoney Institutions, and Markets to begin reporting their daily electronic payments.
They have noted in this article that no postponement of this date will be accepted. It is important to have accurate records for tax purposes and accounting references to recording payments.
Card payments, SEPA credit transfers, and many other payment transaction products will be recorded. The Government records data on everything.
It helps in preparing tax audits, supports companies in processing their data, and formulates new protocols for the road ahead through Artificial Intelligence.
© Goldilocks
Twitter Link
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“Unresolved WTO disputes pile up amid growing disregard for trade rules”
We have a growing concern over disputes between countries regarding lack of clarity in new regulatory protocols.
There are so many changes that are going on around the world from a World Reserve Currency movement to trading in local currencies, new rules and regulations that are changing the landscape of payment systems electronically, and more.
The World Trade Organization (WTO) is currently going through reforms to deal with these inconsistencies brought on by Covid-19 restrictions in the shipping industry to where we are now.
Protocol 20 brings in global connections to Quantum Technologies/digital networks around the world. Hopefully, these new upgrades we are currently going through will provide much-needed direction for the WTO.
© Goldilocks
Daily Sabah Link
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New Satellite Track and Trace Solution for Logistics Industry is on the Way – Via Satellite
“WISeKey, a global cybersecurity company, is teaming up with WISeSAT, Fossa Systems, and BA Lab the technology division of Bernardino Abad SL has come together to create this new solution targeting smart containers. The partnership agreement was announced Oct. 2.”
Several companies have joined forces to bring in a new track-and-trace solution for the logistics industry. This solution is achieved through the use of satellite technology.
The logistics industry is going through digital reform integrations. This Track and Trace solution for companies will give guidance and direction on the receiving and shipment of goods and services.
It will provide what and who is needed for pickup and delivery across the globe through artificial intelligence making the efficiency of global trade faster and run with greater adherence to elimination of waste in payment resources.
© Goldilocks
Satellite Today Link
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Why Banks Can’t Ignore ISO 20022: A Perspective From Fintech Expert Rishi Munjal
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BIS completes CBDC cross-border trading and settlement test with three central banks
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UBS goes live on Broadridge’s New Distributed Ledger Sponsored Repo Solution
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B2B Payments Market Size to Surpass USD 3,795.34 Billion Growth by 2032, Exhibit a CAGR of 9.38% | Expansion of International Trade
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Recently, the Federal Deposit Insurance Corporation (“FDIC”) released its annual Summary of Deposits (“SOD”) data, as of June 2023 (available here).
The annual SOD data is the result of the FDIC’s annual survey of branch office deposits for all FDIC‐insured institutions, and “provides deposit totals for each of the more than 77,000 domestic offices operated by more than 4,600 FDIC‐insured commercial and savings banks, savings associations, and U.S. branches of foreign banks.”
The SOD data plays a crucial role in the competitive analysis of bank mergers, as it is the SOD data that underlies the market share information and Herfindahl‐Hirschman Index (“HHI”) calculations considered by the regulators in any given banking market.
As we have been discussing for about the last year and a half, both the banking agencies and the DOJ are considering updates to their respective merger guidelines. This latest batch of SOD data is likely to be part of what the DOJ and the banking agencies will look at in their deliberations.
https://www.jdsupra.com/legalnews/fdic-releases-sod-data-2974202/
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Do you see the number of Quantum Technologies going live as we speak?
The articles shared in this room today bear witness to a new Technological World ahead of us that will change the landscape of business forever.
Protocol 20 will bring these Technologies together and formulate pathways into the future through Artificial Intelligence.
If you have not been keeping up with where we are in this upgrade into Protocol 20 on the Stellar Network, here is a link that will allow you to watch it move us from an old banking systematic set of protocols to new digital procedures.
© Goldilocks
https://dashboard.stellar.org/
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💥ISO 20022 LEAD TO GLOBAL SHOCK💥XRP XDC XLM & MORE – INVEST IN THE FUTURE NOW
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CBDC frameworks must guard user privacy, monetary freedom — BIS chief
Coin Telegraph Link
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SEC can’t appeal judge’s Ripple decision
Banking Dive
Goldilocks pointed at this one!
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