Financial Services/Finserv


Banks back Swift KYC Registry initiative

A group of major international banks have agreed to jointly develop and use the centralised Know Your Customer Registry announced by Swift at the start of the year.

Swift speeds client onboarding with standards testing service

Swift has announced the availability of a cloud-based application designed to eases the client onboarding process between financial institutions and their clients. First outlined at the Sibos 2012 event in Osaka, the MyStandards Readiness Portal, is backed by some big names in the business – HSBC, Citi and Clearstream spoke at a Standards Forum session […]

Banking on you – how wearable tech could change finance

Something big is happening to the internet (and, no, I am not talking about Bitcoin though that would be a fascinating topic for another time). In a nutshell, it’s changing into something you wear rather than go to, writes Aman Narain, global head of digital banking at Standard Chartered.

Raincoats, taxis and the future of banking

What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.

Barclays customer data debacle raises difficult questions

Revelations that Barclays customer data was being sold on the black market to corrupt City traders have caused the bank some embarrassment over the weekend– but the incident raises more questions than it answers, according to observers.

“Unbanked banks” suffer from tougher KYC rules

Senior transaction banking executives have called for a political discussion to resolve the issue of emerging market access to banking services caused by the reduction of the correspondent banking services network.

Getting personal: banks must brace for change

Major global banks need to grasp social networks, cloud computing, user-generated content, personalisation, contextual information and gamification if they are to maintain a competitive edge and stay connected with customers. But they also need to ensure their innovations are transmitted thoroughly to all employees, according to panellists at the BAFT IFSA conference in London on Monday.

Barclays fined again for “widespread” failure to keep records

Barclays has been fined $3.75 million by the US Financial Industry Regulatory Authority for its failure to keep electronic records, including emails and instant messages, which are required by law. The failure is the latest in a string of recent fines for the bank.

ECB to pick up post-migration SEPA issues with new retail board

The European Central Bank is to create a Euro Retail Payments Board to replace the Single Euro Payments Area Council and “help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union”.

The gift of plug and play technology

The technology that banks offer clients can be thought of as a true gift, enabling improvements that can reduce risk, increase efficiency and ultimately put firms on a surer footing. And it is the most advanced and newest platforms which grab everyone’s attention.

Commerzbank connects to Regis-TR ahead of EMIR

Germany’s Commerzbank has just signed up to Regis-TR, the European trade repository owned by German CSD Clearstream and Spanish CSD Iberclear, as part of the bank’s drive to ready itself for the EMIR legislation on OTC derivatives reporting.

Second IT glitch “unacceptable” says RBS

An IT problem that left customers of RBS and its Natwest and Ulster Bank subsidiaries unable to use their accounts yesterday evening was described as “unacceptable” by a bank spokeswoman. For three hours – on what was expected to by the largest online shopping day of the year, dubbed “Cyber Monday” – the banks’ customers […]

London calling to the Chinese renminbi

Standard Chartered and Agricultural Bank of China have launched renminbi-denominated clearing services in the UK in a deal that reflects the ongoing internationalisation of the currency.

HSBC and Lloyds losing in switching stakes

Santander, Nationwide and Halifax have gained the most from the UK’s account switching service, while traditional banking names Barclays, HSBC Lloyds & TSB and NatWest have lost out, according to new figures released by advisory firm TNS.

RBS commits to V.me by Visa mobile wallet as Nationwide beats it to roll-out

RBS has confirmed that it is to launch V.me by Visa, the digital wallet built by Visa Europe. The decision follows a pilot programme, and will mean that RBS follows in the footsteps of Nationwide Building Society, which has just become the first UK high street brand to roll out the wallet to its customers.

Don’t underestimate Turkey says HSBC

Most people have no idea how good Turkish wine is, according to Martin Spurling, chief executive of HSBC Turkey. With over 1.5 million acres of land devoted to vines, it is a little-known fact that the Mediterranean country is the world’s fourth producer of grapes. The same can be said for Turkey’s ambitious plans to develop Istanbul as a major international financial centre.

Metro Bank all about customer care, says Donaldson

Staff at Metro Bank don’t have sales targets – instead, they are incentivised to enhance the customer experience, says Craig Donaldson, chief executive at Metro Bank. The bank is hoping this approach will pay off as it continues its campaign to win over the UK high street with the launch of a new branch at Cheapside in the heart of London.

Standard Chartered Hong Kong rolls out digital branch

Standard Chartered Hong Kong has opened its first ‘digital’ branch, in which customers are greeted by giant screen TVs, the bank’s mobile apps in a special experience zone, and QR code scanning on an iWall, as well as e-signature pads and virtual queuing.

Looking to China’s Skipped Generation

China’s miraculous economic catch up since reform and opening up has created an unprecedented generation of consumers. The way this generation has adopted the on-line world in China is very different from that in the West.

HSBC rolls out mainland China corporate cash management solutions

HSBC Bank China has completed its first electronic tax payment for a corporate client in Shanghai, in a move that the bank says is the first among all foreign banks I the city. The new tax payment service deducts funds in real time and enables customers to complete tax reports and process payments on the government’s tax system terminal from any location.

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.

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.