The question of whether – and in what form – banks will survive in the future depends largely on how the forces of changing customer behaviour, technology and regulation will play out on different types of banks.
Financial technology has the potential to radically transform the securities industry. The fast pace of change could lead to disintermediation, according to an Iosco study.
The distributed ledger technology (DLT) firm Ripple has attracted attention on the opening day of this year’s Sibos with its cars outside the Metro Toronto Convention Centre (MTCC) ferrying people back and forth to its own rival Swell event downtown.
Top pics and captions from Swift’s Sibos 2017 conference in Toronto.
With myriad domestic instant and real-time payments systems being deployed internationally, is the next logical step cross-border, real-time payments? We asked some Sibos delegates what they think.
It took just half a year for the team of National Settlement Depository (NSD), Russia’s central securities depository, to find a solution for the challenge of maintaining confidentiality when verifying distributed ledger transactions.
Discussing the strategies banks can adopt to choose the right innovation partners.
We live in impatient times – everyone wants to be able to pay who they want when they want, instantly and regardless of location. The UK has had instant payments since 2008; Faster Payments volumes have exceeded all predictions and now exceed 135 million per month.
Escalating customer expectations, regulatory requirements and technological developments are fuelling the need for instant payments. Market providers agree that real-time payments will be the “new normal” and, it’s not a matter of if, it’s a matter of when.
The disruptive threats that banks face today are well documented: fintechs, decentralised cryptocurrencies, distributed ledger technology and now the tech giants like Amazon, Facebook and Apple, to name a few. These players are all now placing themselves between retail banks and their customers, meaning that banks are not just competing with other banks anymore.
“Our social and business communications are edited by tech,” Vladan Joler, director of Share Foundation, stated at the Sibos Innotribe panel, How does Facebook know you better than you know yourself?.
Welcome to Sibos 2017 in Toronto – bringing together 8,000+ delegates from 150 countries. And this year we have a new (or the vintage new?) theme: data. Not the “big data” though (that everyone was talking about a few Sibos conferences ago), but just data.
Oracle has unveiled its array of open banking solutions as it targets banks and pushing APIs into the mainstream.
UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform, powered by SAP HANA.
As part of its global payments innovation initiative, Swift and a group of banks have been trialling distributed ledger technology (DLT) in the reconciliation of nostro databases in real-time.
Many financial services industry firms are examining the potential of distributed ledger and artificial intelligence (AI) technologies. Is it too early for any meaningful deployment?
In an exclusive interview with trade finance specialist TradeIX, co-founder and CEO Robert Barnes explains how banks’ senior management is focusing on one goal and why product silos simply do not work.
Instant payments are set to be one of this year’s hot topics at Sibos. Last week, Swift and EBA Clearing announced that users of EBA’s instant payments system, RT1, will be able to access the platform via SwiftNet Instant, Swift’s instant payments messaging solution, from November 2018. Elsewhere, Australian consumers have been told they will be able to make instant payments from January next year.
Read our first Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
One of the first rules of basic economics is that incentives matter. Blockchain solutions company Ripple must be privy to this rule as it has unveiled a new accelerator programme and marketing incentives to promote bank interest.
Ohio-based Sutton Bank says it has “married old-fashioned wisdom with cutting-edge fintech” for US businesses and their employees. The resulting product is particularly relevant in today’s “gig economy”.
Nassau Educators Federal Credit Union (NEFCU), a 200,000-member institution in Long Island, US, has launched its Google Home Action and Google Assistant app. The solution is based on the Conversation.one platform.
The European Central Bank (ECB) has published a guide to assessments of fintech credit institution licence applications.
Microsoft and Amazon Web Services (AWS) have teamed up to launch an open-source, deep learning library called Gluon which will make machine learning (ML) more accessible to a wider range of developers, reports Telecoms.com (Banking Technology’s sister publication). That will be the key to winning the machine learning race. Not making the most complex and […]
I have had it with the stream of articles about what artificial intelligence (AI) can do. Yes, machine learning works. It is possible to analyse key words, correlate them with other key words, do a massive amount of statistics, and find out some stuff. People cannot do that and computers can. Is this AI?
The State Bank of Mauritius, SBM Group and SALT, creator of a blockchain-backed loan platform, have entered into an exploratory relationship to use blockchain assets as collateral for lending services. SALT, which stands for Secured Automated Lending Technology, says it offers risk mitigation software which allows financial entities, like SBM, to participate in this new […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Colorado-based P2Binvestor (P2Bi), a marketplace lending platform, has unveiled its bank partnership programme to let organisations access capital. Krista Morgan, CEO of P2Binvestor, says it’s “enabling banks to lend to businesses they otherwise wouldn’t be able to due to strict lending standards”. P2Bi’s strategy is to “build a lending relationship with banks at an earlier […]
Whether it’s prepaid card time or financial crime, the world of blockchain and Bitcoin is a lively one. This latest round-up features BitFlyer, Visa, Accuity, R3 and SIA. Tokyo-based Bitcoin exchange BitFlyer has unveiled a Visa prepaid card that can be charged with Bitcoin in yen and used throughout Japan. It can be charged via […]
Fintech start-ups are being invited to apply to Accenture’s sixth FinTech Innovation Lab London, a three-month programme offering mentoring and the chance to accelerate business development. Accenture says this year’s lab has introduced a new stream to help regtech start-ups, because banks are “being compelled to open up their customer data and ensure this data […]
Wunderbar! Deutsche Bank has completed internal proofs of concepts (PoCs) with IBM for the deployment of an artificial intelligence (AI) powered Watson cognitive system in the German language. The system will be used in the bank’s Artificial Intelligence Client Communication Centre (AI-C³), and Deutsche Bank says it will use Watson for the development of a […]
Eyes right. US start-up ShiftLeft has emerged from stealth and wants to shift enterprise cloud security strategy from reactive to preventative. Enterprise Cloud News (Banking Technology‘s sister publication) reports that ShiftLeft is an alternative to finding vulnerabilities and attacks as they crop up and defending against them. Instead, ShiftLeft’s service scans application and microservices source […]
How do you try and become one of the biggest and most influential technology companies in the world? Just move the $15 billion you have stashed away into the R&D business.
Innovative technologies are increasingly sparking enhancements to trade processes. BNY Mellon Treasury Services’ Dominic Broom, global head of trade business development, and Joon Kim, head of global trade product, discuss how the industry – with banks at the helm – can drive forward new capabilities and help to support trade growth through digitalisation.
Fintech firm Ovamba says it is working with Microsoft to create “the first African language driven chatbot designed to serve the millions of African SMEs who face exclusion from financial services due to the challenges of functional and business literacy”.
Salesforce is stepping up its internet of things (IoT) game, launching a low-code service to help enterprises get started using IoT to improve customer relationships.
Linux Foundation, along with its Hyperledger Project, are looking to increase the use of blockchain within the enterprise with the introduction of a training course and certification programme designed for those who want to use the technology.
Dell Technologies is looking to leverage the various parts of the company into a new internet of things (IoT) strategy that focuses on the edge of the network, hyperconverged infrastructure at the middle, cloud computing in the data centre, as well as the end points picking up all the data.
“We’re opening up the Lemonade platform to the world!” says Shai Wininger, co-founder of Lemonade, a US-based insurtech firm.
Microsoft Ventures has partnered with Madrona Venture Group to launch their Innovate.AI global start-up competition as they seek out machine learning and artificial intelligence (AI) firms. Madrona says the convergence of cloud computing, specialised chips for machine learning and new advances in algorithms has created a “unique opportunity for start-ups to build high value intelligent […]
