Worrying want for working capital
Working capital and supply chain finance topped the list of concerns for corporate treasurers in an audience poll at The future of corporate banking session yesterday.
BankingTech
Need for fintech innovation
Regulatory pressures, millennial customers demanding different services and the impact of digital giants such as Google and Amazon are making innovation an imperative for banks and financial services organisations. But banks are not very innovative on their own, being risk averse and focused on their balance sheets.
From tiny acorns …
From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.
Real-time payments can fight disruption …
The rise of real-time payment infrastructures in the UK, Singapore, Poland, Australia and elsewhere in the world can help banks fight the disruption they face from alternative payment service providers (PSPs) and financial technology newcomers
SIBOS Interview: Chrisol Correia, Head of Global Anti-Money Laundering Solutions, LexisNexis Risk Solutions
Chrisol Correia, Head of Global Anti-Money Laundering Solutions, LexisNexis Risk Solutions
SIBOS INTERVIEW: Paul Francis Walvik-Joynt, Engagement Director, NETS Group
SIBOS INTERVIEW: Paul Francis Walvik-Joynt, Engagement Director, NETS Group
SIBOS INTERVIEW: Tom Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions
Tom Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions
Sibos Interview: Niraj Singhal, Dell Services
Sibos Interview: Niraj Singhal, Dell Services
The value of utility
Compliance obligations are increasing for financial institutions. A utility approach to the issue is gaining favour …
Finding the right fit
Trade finance plays an important role in helping to grease the wheels of the global economy. A largely paper-based process, effort is being put into finding ways to automate and improve processes for banks and corporates.
Regulation and costs see big banks spurn smaller players
Larger banks are turning away payments business from smaller banks as regulatory and cost pressures bite. More than two-thirds of delegates in yesterday’s compliance session, Big Banks and Small Banks, said they had been victims of de-risking by larger banks; 68 per cent said larger banks had withdrawn from doing business with smaller banks. In addition the audience poll found that 67 per cent of respondents had experienced reduced services from their larger correspondent banks during the past three years.
Evolution set to drive correspondent banking
Correspondent banking business models will continue as they are but adapt to changes in customer needs rather than replace existing infrastructures with new technologies such as blockchain.
Real-time payments shift a gear to corporate level
There is no longer an issue of whether to offer real-time payments but rather how to offer them, according to the panellists in yesterday’s Real time: how fast is too fast? session. And now the demand has stepped up a gear from peer to peer payments to the corporate world.
Innovation needs infrastructures, say panellists
Despite the hype proclaiming that the blockchain will solve everything including the common cold, the reality is more prosaic, according to panellists at the Securities market infrastructure innovation: the next frontier session yesterday. Instead, the reality may be that capital markets innovation can only really take flight when the market infrastructure gets involved.
Internet of things to shake up trade finance
Trade finance is one area of wholesale banking that is set to be transformed by the internet of things. At yesterday’s The internet of things and banks’ core platforms session most of the discussion was about the wider issues of banks’ digital transformation. But when the panellists were asked by Cathy Bessant, Bank of America Merrill Lynch’s chief operations and technology officer, where the concepts could be applied to wholesale banking, it was trade finance that was highlighted.
SmartStream adaptor automates TLM
SmartStream has extended the capabilities of its Trade Lifecycle Management suite with the launch of an adaptor. The adaptor will provide a full lifecycle of trading messages for the non-clearing OTC derivatives market and TLM Cash Management module for the front-office, which will provide a global real-time view of cash positions across all settlement channels […]
The millennial fulcrum proves to be the tipping point for ‘old’ #banking
The financial crash has had many repercussions, but one unforeseen consequence has been that trust in banks and financial services among millennials – that’s anyone too young to remember a Sibos pre-2000 – is almost non-existent. And banks have to adapt if they are still to be relevant to the next generation of consumers.
Building a new risk architecture
It seems that at each Sibos, certainly since the financial crisis of 2008, a regulatory deadline is looming large. This year’s model is the Basel Committee on Banking Supervision’s (BCBS’) 11 principles for effective risk data aggregation and risk reporting (BCBS 239), with which globally systemically important banks (GSIBs) must comply by 1 January 2016. However, a report on the progress of adoption reveals a lack of preparedness.
Meeting the need for speed
Real-time payments systems and infrastructures are being rolled out globally. What impact will they have on financial institutions? How fast is too fast? Daily News at Sibos asked delegates where the trend is heading …
Banks face ‘death by a thousand cuts’
Oracle has launched the Oracle Banking Digital Experience, which it describes as the end result of a five-year project to build the ‘next generation’ of banking platform. Ashwin Goyal, group vice-president and general manager at Oracle Financial Services, said banks would not have to make “major changes” to their core systems as a result of the new platform.
Swift adds structure to unstructured data
Swift has launched an analytics service that provides users with a deeper analysis of their payments and letters of credit (LC) data over Swift. Watch Banking Analytics Premium is a part of the Watch for Banking services range, a set of online reporting and analytical tools that allow users to look into their institution’s message content to better understand the value behind messaging activity.
The instant catalyst
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
Rearranging risk
Pushing more complex products towards mandatory central clearing may increase the risks to which CCPs and clearing members are exposed. Frances Faulds examines whether CCPs can continue pooling risks in a safe and efficient way
Keeping it real
Global interoperability of real-time payments systems will require harmonisation of market practices and standards.
Systemic risk a top priority, says DTCC
The securities industry is beginning to “think more deeply” about the systemic risk associated with interconnectedness, said Michael Bodson, chief executive of the Depository Trust and Clearing Corporation (DTCC).
Securities forecast good, despite headwind
While the fundamentals for growth in the securities industry are good, market participants face challenges in taking advantage of these fundamentals, delegates heard yesterday. Speakers mulled the question of how regulated securities markets could return to growth, given the various headwinds they face.
JSE brings STP to bond confirmations
In an effort to reduce operational risk, improve automation and straight through processing the Johannesburg Stock Exchange (JSE) has been engaging with the investment management community and Swift to automate the bond confirmation process. A collaborative effort has resulted in the implementation of MT515 messages over Swift on behalf of the respective bond brokers.
Ericsson to connect banks, telcos and the unbanked
Using Sibos as a springboard into the wider financial services community, mobile technology giant Ericsson is hoping to persuade more banks to join Peru’s La Asociación de Bancos del Perú (Asbanc). The Association connects unbanked consumers, telcos and banks together to offer a full range of services across the globe.
D+H adopts Ripple distributed ledger to reduce costs
Financial technology company D+H is to implement distributed ledger technology from Ripple into its global payment services hub Global Payplus, in a deal the firm says will reduce costs and improve liquidity. Under the agreement, financial institutions that use Global Payplus, such as global banks, will link to a secure distributed ledger accessible with permission […]
Credit set to be the next area for disruption
Credit – the single biggest revenue driver among financial institutions – is set to be the next area where financial institutions will be disrupted. Innovation is very likely in this area and it will affect banks, said Udayan Goyal, co-founder and co-managing partner of Apis Partners, a private equity asset manager.
Blockchain potential explored
Two major European central securities depositories (CSDs) are investigating the potential of distributed ledger technology for asset settlement and reference data applications. London-based Credits is working with the CSDs on a proof of concept (POC) for the use of distributed ledger technology.
Technology trends in financial services
Blockchain, data analytics and mobile payments are among the technologies having the greatest impact on financial services, panelists in yesterday’s technology trends session agreed. In terms of development, as Commerzbank chief information officer Stephan Mueller described it, mobile and data analytics are “already there”, while blockchain is still in the beginning.
Move over Silicon Valley, the Chinese are already here
China is leading the world in financial technology innovation, Piyush Gupta, chief executive of DBS Group said yesterday. In a pro-China, pro-Asia plenary speech, Gupta highlighted a number of technological advances and was also positive on the economic prospects for the region. “Jamie Dimon said in his annual report Silicon Valley is coming. I tell […]
Chips off the old blockchain
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.
SETL breaks through 1 billion transactions per day on blockchain
SETL, the institutional payment and settlement infrastructure based on blockchain technology, claims to have which has broken the 1 billion transactions-per-day capacity barrier for blockchain movements in a test network.
Progress made on Sibos 2014 initiatives
A year on from Sibos 2014, several initiatives announced at that conference are making rapid progress, highlighting the increasing drive towards industry collaboration and the shift towards member-owned utilities in some key areas, including collateral management and client onboarding. They also highlight the continued rise of cloud-based connectivity, especially between banks and corporates.
Coming in from the cold
Fostering innovation in financial technology has become a much more collaborative affair: global banking giants are courting small technology start-ups in the hopes of gaining a competitive edge in financial services …
