LCH. Clearnet appoints new chief executive
LCH.Clearnet, the clearing house subsidiary of the London Stock Exchange, has appointed Suneel Bakhshi as its new chief executive. He will take up his new role in early 2014.
Banking
KPMG calls time on the universal banking model
Geopolitical shifts and increasing protectionism among nations will mean that the universal banking model is no longer sustainable – and there is little that anyone can do, according to Bill Michael, EMA head of financial services at KPMG. “The future shape of banking is beyond the control of boards, individual regulators or countries alone,” Michael […]
Citi builds out global eBAM service and cross-border payments
Citi has expanded its electronic bank account management service to 55 countries, in a move that the bank says will help corporate treasurers to better manage risk. The bank also expanded its cross-border WorldLink payment service into new emerging markets.
Markit masses support for open messaging service
Financial information services company Markit is aiming to create the largest financial markets messaging community and remove barriers to cross-market communication through its open messaging initiative and supporting technology, Markit Collaboration Services.
The challenges of paying Asia faster
Slowly but steadily, financial institutions and their corporate clients are beginning to talk about growth again. Markets are gradually shifting from a purely defensive position; the Fed has spoken about tapering its quantitative easing programme; and many companies are putting expansion back on the agenda in response, writes Greg Murray.
Making ‘social’ communication pay
Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.
Research firm aims to identify winners and losers in High Street struggle
A new monthly index that measures UK current account switching has been launched by research firm TNS, providing a snapshot of changing consumer behaviour as the UK Payments Council’s switching service begins to take effect.
UniCredit plans mobile payments play with First Data
European commercial bank UniCredit has chosen payment processing company First Data Corporation to help it pursue its mobile payments plans.
Nationwide reports rise in UK account switching – but critics remain unconvinced
Nationwide has reported a significant increase in the number of customers switching their main current account to the building society, following the introduction of the new seven day account switching service on 16 September – but not everyone is convinced.
Mobile wallets face uphill struggle in UK
Less than one in ten UK consumers has used a mobile wallet, despite the widespread availability of the technology, a new study has found.
Global regulation emerges as Sibos key theme
Dissatisfaction with global regulators has been expressed during the entire Sibos week, with the topic being raised in sessions across the board.
Lloyds partnership marks start of overseas extension
Lloyds Banking Group’s partnership with Standard Chartered Bank, announced this week, is likely to be the first of a series of such deals intended to allow the UK-focused bank to extend its client services overseas.
NDAB-Deutsche Bank deal will ease dollar flow
The National Bank of Abu Dhabi (NBAD) has signed a deal with Deutsche Bank to use its Guaranteed US Plus payment solution, which it promises will improve price transparency for clients with individual US dollar flows into the US.
Trade: adjusting to a new direction of travel
As trade flows shift across regions and economic headwinds blow, the trade finance business is facing challenges. Anne Queree examines how correspondent banking networks are adapting
Operational risk: Hell is other people
As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls
Innovation: there is a better way
Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.
Payments: the final push
For those involved in European payments, the final months of this year are likely to be characterised by a frenzy of activity as the deadline for migration to single euro payments area instruments looms.
Deutsche Bank signs wealth of global deals
Deutsche Bank has signed deals with Dubai Islamic Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China and China Merchant Bank to use its products and services in Europe, the Middle East and Asia.
Securities settlement: the guessing game
With implementation of Europe’s Target2-Securities beginning in 2015, financial institutions are still defining their strategies and business models. Some questions remain to be answered.
Barclays builds on Pingit head start
Barclays is making a determined effort to capitalise on the two-year lead it has built up with its Pingit mobile payments application with two new applications intended to allow retailers to integrate mobile payments into their services.
Standard Chartered backs mobile wallets
Standard Chartered has launched a mobile wallet service targeted at corporate clients in Kenya. The service has been developed in partnership with Safaricom, which operates the mobile money transfer service M-Pesa. The bank hopes the deal will herald the start of a major drive to open up financial inclusion in emerging markets.
BAML builds single data repository
Bank of America Merrill Lynch (BAML) has completed consolidation of client transaction banking data from multiple systems into a single centralised data repository. The service will provide corporate clients with up to 14 months of data online or in file format.
Millions prepare to switch banks as UK switching service launches
Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.
Brave new worlds
International financial centres can play an important role in easing companies’ participation in new markets. Heather McKenzie looks at the elements needed to build a successful financial centre
Zapp zeroes in on UK banks as mobile banking competition builds
Mobile payments specialist Zapp is expecting to sign up five of the six major UK banks within the next few weeks, following a deal with acquirer WorldPay, announced this week. However, the platform still has a long way to go to catch-up with rival Barclay’s Pingit, which has a significant head-start, having launched in February 2012.
Commerzbank and Clearstream to launch OTC derivatives support service
Germany’s Commerzbank and Benelux-based Clearstream are planning to launch a new service designed to help customers in the G20 nations gear up for central clearing of OTC derivatives.
UK account switching rising – but still below par
Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.
Goldman Sachs trading error is “a warning to all”
Financial industry analysts have warned that investors should be careful about how they approach automated trading, following news that a trading error at Goldman Sachs lost the firm $100 million on Tuesday.
UK retail bank reform: a road to nowhere?
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Ukraine’s Ukrsotsbank turns to Fiserv for cash management
Ukraine’s UniCredit ‘Ukrsotsbank’ has chosen US technology firm Fiserv to provide its Integrated Currency Manager tool, which the bank will use to improve its supply chain management and make better use of its available resources.
RBS prepares for SEPA with Canada’s CGI Group
The Royal Bank of Scotland has chosen Canadian IT firm CGI Group to help its corporate clients manage the transition to SEPA, the European Union project to simplify bank transfers denominated in euros.
A road to nowhere?
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Barclays under fire for “outrageous” remittance closures
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
UniCredit to form joint venture with IBM for cloud services
UniCredit and IBM are to form a joint venture company that will offer IT infrastructure services to other financial institutions as part of a “multi-billion dollar”, 10-year agreement.
LSE’s Luxembourg venture highlights regulator’s dilemma
The London Stock Exchange’s plans to establish a new central securities depository in Luxembourg reveal the way regulation can have unintended consequences – in this case a proliferation of CSDs.
BNP Paribas goes with Swift for T2S link
BNP Paribas Securities Services is to use Swift’s value added network service to connect to T2S, the single European settlement platform due to roll out in 2015-16.
BAML boosts Boussuge to head GTS in EMEA
Bank of America Merrill Lynch has appointed Jennifer Boussuge as head of Global Transaction Services for EMEA. Boussuge has been with the company for more than 19 years, during which time she has held a number of leadership roles, most recently as head of global sales for GTS.
BNP Paribas creates Collateral Access umbrella for buy- and sell-side clients
BNP Paribas Securities Services has added Collateral Access, an integrated and comprehensive collateral management system for both buy-side and sell-side clients.
Embrace the internet to determine the future of banking
The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.
RBS poaches Berndt from BAML to head global transaction services
RBS has hired Carole Berndt as global head of transaction services. Berndt has been EMEA head of transaction banking at Bank of America Merrill Lynch for the past three years. She will be based in London and report to John Owen, chief executive, International Banking, at RBS, who said: “I am delighted to welcome Carole […]
