In the digital age, banks must adapt to new processes and customer expectations quickly. Yet many banks still operate legacy batch systems and have not yet transformed their ITO infrastructure. In association with SAP, Banking Technology is conducting a survey of the number of different systems banks have, and how long it takes for various transactions to occur.
The European Bank for Reconstruction and Development is in talks to acquire a 10% stake in Borsa Istanbul to support Turkey’s efforts to reshape its capital markets.
Swift is extending its Know Your Customer compliance service into the securities area, making it available to fund distributors and custodians.
Deutsche Börse plans a joint venture with the Shanghai Stock Exchange and China Financial Futures Exchange to develop and market Chinese-based financial instruments to investors outside mainland China.
According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.
The UK’s Financial Conduct Authority’s study into competition in investment and corporate banking will focus on choice, transparency, bundling and cross-subsidisation in debt and equity capital markets, mergers and acquisitions and acquisition financing. It will also consider links between competition in these primary market services and related activities such as corporate lending and broking, and ancillary services.
Improve your customer’s experience with Hybrid IT Banks must compete fiercely for new customers and to hold onto the ones they have. That means consistently meeting customer expectations, which is no easy task given the speed with which those expectations are evolving, particularly in terms of Internet and mobile interactions. Banks need to deploy technology […]
Leeds Building Society is to revamp its customer engagement tools through a ten-year deal with HP Enterprise Services, which will encompass a number of independent software vendors working on different parts of the business. The deal builds on the earlier deal between the two firms in 2013, which focused on the building society’s core banking platform.
Japanese investment bank Daiwa Securities has transferred its Hong Kong business onto a new post-trade processing platform built by specialist vendor Torstone. The bank says the move is part of a long-term plan to revamp its back-office technology in the city, as Hong Kong steps up its role in the integration of China’s capital markets into the global mainstream.
The Banking industry is at a digital crossroad as it faces both a wave of technology companies poised to disaggregate every facet of the business and a changing consumer that is increasingly demanding that banks products match the state-of-the-art digital services they are receiving from other industries
Three-quarters of market participants use the FIX protocol for confirmation and affirmation of their transactions, according to a new survey released by financial industry standards body the FIX Trading Community.
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 …
Concerns over a growing skills gap and lack of future talent are the biggest worries among financial firms’ recruiters, leading to a renewed focus on graduate hiring.
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
Regulation has the potential to accelerate the payments innovation sparked by the evolution of internet and mobile technologies. By giving customers the reassurance that payments can be made safely and efficiently, regulation allows providers to develop new and exciting ways to serve customers
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.
Financial services firms have always faced market volatility, but new challenges are forcing most to rethink their traditional operating models in favor of outsourcing. The expanded use of outsourcing models will help improve revenue and create new business opportunities
UK consumers are spending more on their payment cards than ever before, with over a billion transactions in February, according to newly-released figures provided by the UK Cards Association.
Revolution Retail How consumer behaviour is changing banking The next frontier for digital banking As real-time payment systems proliferate around the world, attention is turning to the issues of cross-border payments Destined to fail IT services suppliers need to understand the peculiarities of bank procurement processes. A former insider spills the beans Conference reports News and views […]
UK retail bank Halifax reports that two-thirds of its customers are now using mobile to login, doubling the number of mobile banking sessions compared to a year ago.
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.
The Innotribe Start-up Challenge attendees selected the five finalists from the African leg of the Start-up Challenge to compete at Sibos Singapore in October. The showcase was held yesterday alongside Swift’s African Regional Conference.
EMV card usage is increasing almost everywhere in the world as a billion new EMV cards enter circulation – but the US continues to lag behind, despite the fact that liability shifts to the retailer from 15 October this year.
Can the right combination of self-service device management, cash management and end-to-end transaction monitoring enable banks to embrace enterprise-wide performance awareness, and take a holistic approach to managing their multi-channel banking environments?
A decade ago, one of the driving factors behind outsourcing was reducing cost and headcount. However, with the growing regulatory and compliance burden, firms are increasingly becoming more cautious about outsourcing.
Visa Europe says that it will roll out its V.me by Visa in the UK this year, having secured commitment from 55% of the UK’s card issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers. It will now be commercially available to the majority of internet shoppers in the UK before the end of 2015.
Digital innovation is disrupting the retail banking industry worldwide. Many perceive the trailblazers to be the hot start-ups – creative, legacy-free, pioneering the latest digital and analytics technologies. But established ‘traditional’ banks have the opportunity to reinvent or reinvigorate their brands in the digital world – with an already captive audience and decades of transactional […]
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves
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.
At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
ABN Amro plans to implement the Temenos WealthSuite integrated wealth management platform for its international private banking business. It will also be able to extend the use of the T24 core system to its private banking and diamond & jewellery business, giving it one platform with one operating model across multiple business lines.
Exchange technology vendor Cinnober has invited financial IT companies to participate in a new Financial IT Quality Assessment initiative, which is intended to generate a public, industry-wide framework for quality assessment of financial software. The initiative is an attempt to restore shaken confidence in the sector and avoid further regulatory pressure.
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
Open APIs offer the promise of a better, more efficient and more inclusive financial services world. But delegates at the Swift Business Forum in London voiced frustration about the speed and direction of progress being made during a session on the topic.
Real time payments ‘innovation’ is in fact simply capitalising on advances that first appeared four decades ago, according to panellists at the Swift Business Forum this week. Since then, progress has been glacial in many places. So why has it taken so long to get real time payments?
New trade reporting requirements that would require banks and other capital markets participants to demonstrate best execution through data will impose massive costs and will not provide an equal level of benefit, according to senior executives speaking at the Swift Business Forum in London this week.
European banks and CSDs will be forced to change their business models under relentless pressure from Basel III, CSDR and T2S. That may involve consolidating services, as well as considering opportunities for collaboration, according to Henri Bergström, head of global post trade solutions at Nasdaq.
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
