Despite predictions over the last few years that banks were just a heartbeat away from adopting cloud technology, only 1% of banks are actually running core processing in the cloud today, according to a new report by Temenos.
Santander has launched a competition to support startups using distributed ledger technology in financial services. Through its subsidiary InnoVentures, the bank hopes to promote distributed ledger tools that could improve banking processes.
Standard Chartered is to invest $3 billion in “strategic opportunities” and its technology infrastructure as part of a wholesale reorganisation of the bank in the wake of a $139 million third-quarter loss. The restructuring will see 15,000 jobs – 17% of its workforce – go over the next three years.
Deutsche Bank is to shed 9,000 full-time staff and 6,000 external contractor jobs in its global technology and operations infrastructure as it sets out to “modernise its outdated and fragmented IT architecture” and improve control systems.
Cashfac Technologies, a specialist market leader in bank-to-corporate cash management solutions has launched Cashfac Analytics, a real-time data analysis and reporting module that enables banks and corporates to better understand their cash movements.
Banks should not kid themselves that they can simply appoint a ‘chief innovation officer’ and that will be enough to combat the threat posed by new technologies and the non-bank companies that are using them to steal business, warned panellists at the BBA conference in London on Thursday.
Hasty unilateral moves by individual countries could undermine the ability of financial institutions and markets to benefit from new regulations and weaken efforts to improve financial stability, delegates at the BBA conference in London heard yesterday.
Banks in the UK are increasingly shifting jobs away from London, with the result that while the overall number of banking jobs fell 0.5% between 2013-14, 77 local authorities in the UK saw the number of banking jobs grow faster than in London.
SIBOS Interview: Benoit Desserre, Global Head, Payments and Cash Management, Societe Generale
Erik Zingmark, Deputy Head of Transaction Products, and Head of Cash Management, Nordea
Bruno Prigent , Head of Securities Services and Mathieu Maurier, Global Head, Sales Management at Societe Generale
The London Stock Exchange Group is planning to launch a new interest rate derivatives venture called CurveGlobal, which initially aims to offer short term interest rate futures. Backed by several banks including Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs, JP Morgan and Société Générale, the new venture is part of the exchange’s long-held ambition to gain traction in the derivatives markets, which have historically been dominated by rivals in continental Europe.
Immediate payments are acting as a catalyst for banks to add value and develop holistic payment solutions. In this extract from World Payments Report 2015, the impact of immediate payments on banks’ offerings is examined
The distributed ledger is one of the hottest topics in financial services. Born out of the crypto-currency bitcoin, the blockchain concept has gone mainstream and the first area to feel the impact is likely to be payments.
Deutsche Bank’s Research unit is launching a new set of proprietary foreign exchange positioning indices based on data from its Autobahn FX trading platform. Called Corax – Categorised ORderflow from Autobahn FX – the indices will be published every Wednesday in the Corax Positioning Report.
Standard Chartered Bank, has opened a Global Collective Intelligence and Command Centre at Technology Park Malaysia, which aims to develop new technology to improve banking services. The centre is staffed with software engineers, operations specialists and service partners, co-located in a 33,000 square feet fully-digitised and secured environment. “Defining and implementing our digital aspiration is a […]
Goldman Sachs, JP Morgan and Morgan Stanley are building a reference data utility with SmartStream, which they say will provide data normalisation and validation for all asset classes. The project aims to reduce costs for consumers of data in capital markets by economies of scale.
With global investment into the fintech arena growing at an astonishing rate, it is only a matter of time before the corporate sector begins to feel its true force. Fred DiCocco, head of market management, BNY Mellon Treasury Services, discusses how banks are adapting. Fintech is triggering a monumental shift in the payments space, with […]
Nine major global investment banks have formed a partnership to explore the potential of distributed ledger technology in financial markets. The project, led by financial technology company R3, aims to create early standards for the emerging technology that will make it easier and more efficient as it grows.
Pascal Augé, head of global transaction and payment services, Société Générale speaks to Daily News at Sibos about the growing importance of transaction banking for corporate customers
Last year, the ISO 20022 standard celebrated its 10th birthday, and consequently it may seem a bit odd to say that after more than a decade since its inception, the financial community really should start taking assertive action. Since 2004, the ISO 20022 standard has, thankfully, witnessed substantial adoption but it has been what could be termed an “uncontrolled adoption”. So why is action so critical now?
Barclays has launched a cloud-based contingency payment service for corporates, which the bank says will help corporates to make payments even if they are unable to use their primary channel, for example during an internet outage. The deal comes as financial institutions and corporates increase their focus on risk mitigation.
As the SEPA deadline has come and gone, what will be built upon its advances towards digitisation and standardisation?
BNY Mellon expects to have its SunGard InvestOne system back to normal today following testing over the weekend and the US Labor Day holiday and have caught up on the generation of net asset values for clients.
Digitally enabled supplier finance networks and alternative lenders now pose a significant threat to every part of the commercial lending business, with 84% of banks seeing pressure on the pricing of loan products as a challenge.
Equifax, the consumer and business information specialist, has launched a new service providing real-time, integrated data on companies and the individuals who own and run them.
Kuala Lumpur-based Hong Leong Bank Berhad has selected the Intellect Global Transaction Banking platform as the basis for a digital transformation of its wholesale banking services.
Barclays and startup accelerator company Techstars have opened the application process for the third cohort of their Accelerator programme in London, which will give ten businesses a chance to “shape the future” of financial services, the bank has said.
International derivatives market GMEX is due to go live on Friday after more than two years of development. Created by co-founders Hirander Misra and Vj Angelo, the new exchange has just signed Bank of America Merrill Lynch and will start by offering futures contracts backed by German derivatives giant Eurex.
Santander has launched a group money management app called KiTTI, which is a virtual ‘cash kitty’ that allows groups of people to create a collective pot of money using a mobile app and a prepaid contactless MasterCard.
Despite the squeeze on capital created by the increased global regulatory burden, treasurers must still provide ample working capital for daily commercial flows, with minimum damage to their balance sheets. At the same time, the continuing rise in cross-border trade – frequently with relatively unknown and distant markets – increases exposure to geo-political and environmental risks. In such an environment, and particularly in light of post-crisis sensibilities, liquidity is more of a concern than ever, both to lubricate the daily machinations of trade and to act as a buffer for potential financial or supply-related shocks
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Ten financial services startups have been chosen by startup accelerator Startupbootcamp FinTech to participate in its annual London program, which seeks to find the best new companies in financial services and bring them to market. Notable themes among the finalists include Bitcoin and the blockchain, big data, algorithms, cloud computing and social networking.
Commerzbank has extended its existing credit card processing contract with Worldline for a further seven years. Since 1998 Wordline has provided the bank with an end-to-end processing service that includes complete processing of all the bank’s issued Visa and MasterCard cards.
BNP Paribas has become a direct participant in CHAPS, the UK’s same day high-value electronic payment system, the 22nd bank to join in this role. More are expected to join by the end of 2016. As a direct participant, the bank can directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.
Apple Pay has launched in the UK without the participation of HSBC and Barclays, two of the UK’s largest retail banks.
The ‘digitisation’ of banking provides an opportunity for banks to improve their treasury service offerings as they face a second wave of digital expectations from key corporate customers, according to a report from analyst firm Celent.
Popmoney, Dwolla, Square Cash, Funding Circle, Venmo, Nutmeg, Transferwise, Stellar, Kabbage … this is not a list of the latest box office hits or some weird shopping list, but a handful of the emergent FinTech companies that are sprouting up everywhere like wild mushrooms. These companies are, to a certain extent, beginning to reshape and […]
Talking used to be a positive thing. For many years, BT reminded us that it was “good to talk”; whilst in the 1980s the Midland Bank (since acquired by HSBC) promoted itself extensively as “the listening bank”. Now, there is a new breed of bank coming to the UK; one that doesn’t have branches or want a ‘physical’ interaction with its customers
If children trust Google more than they trust a bank, tomorrow’s customers may well hold their money with digital companies instead of traditional banks. That thought worries senior banking industry speakers speaking at the BBA conference in London on Thursday.
