Financial Services/Finserv


ISO 20022: we’ve reached the crossroads and need to act

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 launches cloud contingency payments with AccessPay

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.

Barclays opens startup accelerator programme in London

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.

GMEX signs Bank of America, prepares for launch

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.

Reinforcing supply chain links

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

Fintech startups head to London for Startupbootcamp 2015 final

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 continues card processing contract with Worldline

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 becomes CHAPS’ 22nd direct participant

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.

The new payments landscape: we need a new mind-set

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 […]

Banks could lose customer interaction role to new entrants

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.

HSBC sees boom in use of mobile among corporate customers

Corporate users are increasingly adopting mobile payments, according to figures from HSBC, which expects usage of its HSBCnet Mobile corporate banking platform to double over the next 18 months, reaching $100 billion in payments.

Apple Pay comes to UK next month

Apple Pay will be available in the UK from next month, with eight of the UK’s most established banks and the major credit and debit card networks supporting it – along with Transport for London.

Citi launches futures trading on Velocity

Citi has launched Futures trading functionality on Citi Velocity, the trading platform which provides clients with access to Citi’s research and liquidity across FX, Rates and Credit. Launched in January 2012, Velocity 2.0 is continuously upgraded to include new features and asset classes. It provides clients with an integrated trading suite enabling fastest possible execution […]

Deutsche Bank plans three new labs as part of €1 billion digital investment

Deutsche Bank plans to open three innovation labs as part of its €1 billion investment in digital initiatives over the next five years. The bank has partnered with different technology partners for each of the Deutsche Bank Labs and will be working Microsoft in Berlin, HCL in London and IBM in Silicon Valley.

The Irresistible Rise of Real-Time Payments

Whatever label you use, instant, immediate, faster or real-time payments have moved to the top of the agenda at every payments-related event so far this year and are sure to be high on the agenda when Swift’s annual Sibos event lands in Singapore in October. Nearing the halfway mark for 2015, here’s a roundup of the stories so far …

Industry bodies look to harmonise ISO 20022 real-time payment implementation

Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.

Citi Mobile Challenge demos ‘disruptive’ finalists in London

Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.

EC calls time on the broker crossing network – so what happens now?

Broker crossing networks will be heavily affected by upcoming European Commission rules on dark trading. But with 18 months to go until implementation, uncertainty still unnerves brokers and asset managers – prompting some market participants to re-examine whether they want to trade at all.

Santander launches ISA mobile app

Santander has launched the UK’s first standalone ISA mobile app , which was designed and developed with mobile specialist company Monitise.

Standard Chartered names Daimler man as CIO

Standard Chartered has named Michael Gorriz as group chief information officer, replacing Jan Verplancke, whose departure was announced earlier this year. Gorriz is currently vice president and CIO at Daimler.

An industry imperative: Swift FIN to ISO 20022 migration

As international regulators demand more detail from banks on payments to individuals and companies, the first order of business is to ensure compliance with mandates. Migrating Swift MT payment formats to ISO 20022 will allow the industry to shape the transformation of payment messaging standards rather than have others shape it – but there is a need to set timelines for implementation or cede control.

Don’t be the slowest zebra in the herd

At lunchtime on the African savannah, you needn’t be the fastest zebra to survive –you need to avoid being the slowest. You can only be sure you’re not the slowest zebra if you can see what the rest of the herd are up to. Efforts in software security to share information on attacks, responses, and best practices are important to understanding what the herd is doing …

Citi Mobile Challenge extends deadline

The Citi Mobile Challenge, which seeks to unearth innovation and developer talent in some of the most far flung reaches of globe in a bid to get the best talent to help change the way the world banks, has extended its registration deadline to allow more people to take part.

Taking stock in fixed income

Fixed income markets have historically been a bastion of high-touch trading, with manual processes, large tickets and little standardisation. But as recent years have seen inventory slashed and balance sheets cut in face of rising regulatory pressure, finding liquidity has become more of a challenge. A group of banks are hoping to reinvigorate the market though a standardised messaging system.

Citi Mobile Challenge comes to Europe, Middle East and Africa

Citi has opened the doors to entrants for its Citi Mobile Challenge in Europe, the Middle East and Africa, an annual competition that invites developers from around the world to build innovative financial services based on Citi’s digital platform.

New entrant Ipagoo targets businesses with pan-European current account

London-based Orwell Group, founded in 2005, has launched a pan-European current account called Ipagoo in the UK, France, Spain and Italy. The product aims to take on services provided by traditional banks, using open architecture software and promising consumers greater choice and less hassle.

Italian banks go global as Europe prepares for T2S

Italian banks are preparing for T2S, as Europe seeks to reform its cross-border trading infrastructure and bring down barriers between EU countries. The preparations are driving smaller regional banks to make deals with larger global banks as they prepare for implementation in June.

UK current account battle continues

Several of the UK’s major banking brands are losing customers to rivals such as Spanish bank Santander and building society Nationwide, according to figures released by the UK Payments Council – while competitor bank Nationwide continues to add customers.

RBS sees future in start-up partnerships

RBS’ global transaction services business is exploring collaboration with a number of startup companies as a way of combining its own services with the innovation provided by smaller companies, through API agreements. The move comes as banks around the globe increasingly seek to bring products to market faster and reap the rewards of innovation.

Standard Chartered loses CIO and CRO as reorganisation bites

Jan Verplancke is stepping down as chief information officer and group head of technology and operations at Standard Chartered, as is Richard Goulding, chief risk officer. The news of their departure comes as the banks announced further restructuring, including the closure of its institutional cash equities, equity research and equity capital markets businesses as part of a strategic plan to ditch “non-core or underperforming businesses”.

Orchestral manoeuvres

When first reports of an integrated communications project that had attracted a $66 million investment from a consortium of banks led by Goldman Sachs appeared last year, there was an element of cloak and dagger about the enterprise. The truth is both more prosaic and more interesting according to David Gurle, chief executive and founder of the company behind it.