Five years on from the Dodd-Frank Act being signed into law in the US, a number of outstanding issues for derivatives reform need to be resolved, according to a new paper by the International Swaps and Derivatives Association.
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Some of the top banking industry associations may be joined together, amalgamated or otherwise merged, following the publication of the Financial Services Trade Association Review this month. The move poses both risks and potential benefits.
Nearly half of UK consumers say that faster payments are a factor in their choice of back account provider, with 45% saying that the offer of faster electronic payments would encourage them to switch their bank account provider.
Recent studies suggest that banks in the UK are rebuilding their reputation among consumers and investments in mobile and digital are at least in part responsible –though trust remains fragile and other studies highlight concerns over pricing and transparency. Customer satisfaction across all sectors in the UK has flat-lined over the past six months, but some that regularly attract scrutiny – including banking – have shown signs of improvement,
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.
UK banks rank bottom in a nine-country survey of how well banks match up to customer expectations in terms of rewarding customer loyalty and helping them manage their finance. Overall, the UK banks rank third, behind the US and Germany.
A ‘Babel Fish’ for financial messaging has been launched by Volante Technologies with the intention of simplifying corporate-to-bank integration and removing obstacles to on-boarding. Like the fictional universal translator from Hitchhikers’ Guide to the Galaxy, the system translates incoming message formats into something that the receiver can understand.
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
Apple Pay has launched in the UK without the participation of HSBC and Barclays, two of the UK’s largest retail banks.
The ‘digitisation’ of banking provides an opportunity for banks to improve their treasury service offerings as they face a second wave of digital expectations from key corporate customers, according to a report from analyst firm Celent.
Boat Services now supports the post trade publication of Russian OTC trading, by including stocks listed on the Moscow Exchange. The addition covers more than 300 Russian security instruments, including common and preferred stocks.
Swift has restructured its management team, increasing the number of direct reports to chief executive Gottfried Leibbrandt, following board approval of its 2020 strategy proposals.
iPhone devices account for more than one in three mobile transactions, and are used for 10% of all global online transactions, according to new figures published by payment specialist Adyen.
Since the financial crash retail banks are faced with more regulatory and financial restrictions than could have been envisioned. This is coupled with increased levels of competition and much reduced consumer trust. Intelligent analytics may offer part of the solution.
ICAP has become the first UK institution to implement a range of enterprise data governance systems from Oracle, replacing a legacy process involving manual spreadsheet maintenance and frequent e-mail exchanges.
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 […]
Financial systems vendor Infosys is setting aside $10 million for Irish start-ups in the wake of being selected as a strategic partner by the Allied Irish Banks financial services group. Infosys will also set up a facility in Dublin to house up to 200 staff, including some transferring from AIB.
It seems not a day goes by without seeing those three little letters and five numbers – ISO 20022 – appearing in headlines or articles. But hang on a minute, what’s all the commotion about? It’s just another message format that I need to make sure my systems can handle, right?
Velocimetrics, a developer of real-time business flow performance monitoring and analysis solutions, has expanded into the payments area with a new system developed from a custom solution built for a client.
Western Union is to install self-service kiosks in 300 of UK retailer WH Smith’s stores later this year. The kiosks allow customers to enter the details of money transfer transactions and then use the retailer’s self-checkout to pay.
Post-trade market infrastructure the Depository Trust & Clearing Corporation has launched a new centralised data provisioning service, DTCC Data Products and expanded its exchange traded funds and ISO 20022 corporate actions data offerings.
EBA Clearing has published a blueprint document spelling out high-level business requirements for the pan-European instant payment infrastructure it hopes to start piloting in 2017 following consultation with a task force composed of more than 20 representatives of EBA Clearing service users.
Cloud-based technologies are spreading rapidly through the business world: the research firm IDC expects the cloud software market to be worth more than $100 billion by 2018, implying compound annual growth of more than 21%, roughly five times faster than traditional packaged software. It is clear that cloud computing is on course to become an […]
BBVA Group has entered a multi-year agreement with Broadridge Financial Solutions) for a post-trade managed service to support its institutional fixed income business in the US. Under the agreement, Broadridge will provide an integrated managed service to support fixed income and repurchase agreement processing, international clearance and settlement and investor communications services
New payments options are springing up all over the place – except for the underlying infrastructure where current arrangement for access and governance may be a hinderance to innovation, according to the head of the UK’s Payment Systems Regulator.
The global financial crisis devastated the reputation of the UK banking industry and it is not hard to understand why public trust in banks is at a low ebb. Since 2008, there have been at least five major scandals involving one or more banks operating in the UK, writes Peter Duffy Along with the reputational damage […]
Talking used to be a positive thing. For many years, BT reminded us that it was “good to talk”; whilst in the 1980s the Midland Bank (since acquired by HSBC) promoted itself extensively as “the listening bank”. Now, there is a new breed of bank coming to the UK; one that doesn’t have branches or want a ‘physical’ interaction with its customers
The Chinese renminbi continues to gain ground internationally as more banks adopt the currency, propelling its position into the top five global payment currencies worldwide, according to the latest batch of data from Swift.
Challenger UK retail bank Atom has received its licence from the Bank of England, meaning it will now be able to go ahead with plans to launch later this year. The bank will add competition to the UK retail banking sector, which until 2010 had not seen a single new entrant for 150 years.
There is a nuclear revolution going on in banking and payments with new digital challenger banks like Atom and Starling seeking to displace established banks that are themselves turning to real-time payment infrastructures to retain customers and under regulatory pressure to open up to FinTech competition from mobile players and payment service providers (PSPs). Crypto-currencies, cyber-security and other tech challenges were also addressed at the Banking Technology Forum 2015
Target2-Securities, the European Central Bank project to harmonise Europe’s post trade infrastructure, has finally gone live after nine years of preparation. Italy’s Monte Titoli was not part of the first wave.
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.
Swift has brought the management of its Americas, UK, Ireland and Nordics units under one head following the decision of Chris Church, chief executive of Swift Americas and global head of securities, to leave after seven years with the industry consortium.
London has been selected as the host city for Sibos 2019 following a successful bid by ExCeL London and London & Partners, the official promotional company for the city.
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.
Banking by mobile phone and tablet has become the primary way UK customers manage their finance, according to new research published by the British Bankers Association.
TABB Group forecasts global compliance spending among capital markets firms will some increase 7.5% to 8% in 2015, reaching $2.592 billion , and growing at a similar pace for 2016, driven by global regulations that require institutions to expand coverage, enhance existing capabilities and standardise compliance solutions and processes.
For the new banks now is the chance to disrupt the banking industry. No legacy systems or existing processes or old thinking – they can jump straight to the new. Except, of course, those new banks that are being spun out of existing banks, where that infrastructure, IT and operations are supported by the current systems of the existing bank …
Regulators should not define how markets are structured when it comes to innovation and open access to clearing. Instead, it should be left up to the market to define how services are provided, according to speakers at the IDX FIA Europe conference in Europe this week.
