JP Rangaswami has been appointed as chief data officer at Deutsche Bank, a newly-created role in which he will “play a key role in standardising the bank’s processes, tools and governance around information and in supporting its digital strategy”.
Earlier this month, the Ecuadorian Government announced its plans to introduce a digital currency, the first of its kind globally. In a country where 40% of citizens don’t have a bank account according to The Economist, this has the potential to transform banking and allow companies to gain access to those without a bank account for the first time
Standard Chartered and Clearstream have implemented a new service to help customers in Singapore make more efficient use of collateral, as tough new financial regulations drive investor fears of an impending collateral shortfall.
The challenger banks are coming of age. Aldermore, the UK’s fastest growing bank, is rumoured to be preparing for its IPO, just like OneSavings Bank, which was the first bank to list on the stock exchange since Bradford & Bingley in 2000.
The time is right for a new breed of digital-only banks to enter the market and steal away share from the established players, according to a new report by Monitise.
The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas. Cyber-security, big data, business intelligence and application development skills are all in demand.
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
Online payments provider Optimal Payments has launched a new online checkout page, designed to help e-commerce merchants with indemnified alternative payments.
ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.
Banks will be judged on how well they provide mobile services and social media interaction in the coming years. Instead of being just another channel, these forms will be the first point of contact for customers, according to a new report by analyst firm Celent.
Banks need to stop trying to exploit customers and start actually helping people, according to Brett King, chief executive at Moven. Instead of getting people to max out their credit card, a progressive bank should use smartphones and Big Data to help the consumer with the little things.
The Singapore challenge Singapore is an advanced economy that employs a variety of clearing and settlement systems. It needed to transform its payments infrastructure to offer instant interbank transfers. The core technology VocaLink could deliver a practical solution, Immediate Payments (IPS), and also offer practical support during the implementation and beyond. BCS could embed IPS […]
Cross-border low-value payments service provider Earthport, has opened a new payment route into China to support trade payments into the region.
Controversy over Sharia Law reached Hollywood recently as protesters boycotted the glamorous Beverly Hills Hotel over a tough new code introduced by the hotel’s owner, the Sheikh of Brunei. More prosaically, bankers remain divided over how best to respond to demand for Sharia-compliant banking.
Yantra Financial Technologies, an electronic payment systems developer, has integrated its latest system for risk scoring of payments with the Ripple real-time settlement protocol. The integration means that institutions using the Ripple protocol can analyse transactions in seconds, including what other payments the customer recently made and potential concerns regarding a specific transaction. Risk levels can be assigned to certain transactions based on pre-determined criteria.
Currency site XE.com and money transfer business Currency Cloud plan to launch a new international payments service called XE Money Transfers before the end of this year, which they claim will make foreign exchange transactions more transparent.
Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.
Banks in fast growing and rapidly developing markets have greater ambition to innovate and invest more in research and development on customer experience than those in mature markets, though all are increasing their investments.
Do banks still need branches, or does the smartphone make a physical presence obsolete? Panellists disagreed during a spirited debate hosted by ATM maker Wincor Nixdorf in Istanbul last week.
Banks are pioneering advanced technologies in Turkey, giving the country a headstart over many of its European counterparts. In Istanbul, Garanti Bank explained how it pays for its customers to get mobile internet access – and how it is using social media to attract and keep customers.
The regulatory spotlight is shining on high frequency traders and dark pools, but the technological changes that have driven down trading costs for everyone will not be reversed. With market making increasingly the preserve of profit maximising algorithmic traders, there is a growing responsibility on institutions to control where their trades are going and how they are being executed. Those that do not are writing checks to HFTs with clients’ money
Dramatic reforms to the post-trade environment in Spain are poised to change the way trades are settled, as one of Europe’s top five markets prepares to open an equities CCP for the first time next year.
IFINTEC Finance Technologies Conference and Exhibition will be held on 14-16 April 2015 in Istanbul, Turkey at Istanbul Congress Center which is the biggest convention center in Turkey. IFINTEC is a dedicated conference focusing on technology solutions for finance industry. IFINTEC Conference serves a perfect platform to introduce and demonstrate platform, system, hardware, software, consultancy, […]
RBS has confirmed that it has hired Marion King, formerly president of UK and Ireland at MasterCard, in the newly created role of director of payments in the New Year.
Banks in Italy and beyond must find new ways to connect with consumers, or risk going out of business. But how to achieve a successful transformation exercised the minds of senior bank representatives at the SIA Expo in Milan this week.
As banks develop new retail styles, they face new security challenges as the changing use of space in-store means surveillance and alarm systems must evolve in tandem.
Italian payment processing specialist SIA has released a new P2P payments service that allows users to send and receive funds on their smartphone using their phone contacts. Called Jiffy, the app has been welcomed by Italian retail banks – but SIA’s ambitious plan calls for the service to be rolled out to 400 million European current account holders.
Corporate treasurers are increasingly looking beyond traditional of finance to a wider range of alternative funding options that support their working capital requirements, including supply chain finance, trade receivable securitisation and factoring.
The social contract between the banking system and society is fundamentally broken. We deserve a financial system that we can all be proud of, one that is fairer and more sustainable than the current iteration.
The European Commission has introduced new rules designed to encourage investment and trigger liquidity – including the use of “high quality” securitisation. The move has been welcomed cautiously by experts, despite the controversial role of securitisation in the financial crisis.
CaixaBank, one of Spain’s largest banks, has moved into the wearable payment technology space with the launch of an NFC-enabled wristband capable of making contactless payments. Security vendor Gemalto has supplied its Optelio Contactless MiniTag, which links the wristband to the user’s existing payment card.
While a great deal of attention has been given to Lloyds Banking Group’s retail operations as its various elements are split up, less has been given to its activities in transaction banking, where it is “one year into a three-year journey” to transform itself and its customer offerings to create“the best global transaction bank in this region”.
It is essential for banks to ensure they have the right strategies and technology in place now, if they are to retain their position as market-leading payment providers in the future, writes Saket Sharma,chief information officer, treasury services, BNY Mellon.
The introduction of T+2 settlement in 27 European markets this week could be having some interesting indirect effects on securities trading – including an increase in securities lending, and uncertainty over the status of OTC trades, according to senior financial market observers.
Banks and other financial institutions are finally spending more on growing new products in areas such as mobile and data analytics rather than maintaining legacy systems, according to a new report by Capgemini.
Financial market participants have criticised plans for the New York Stock Exchange to begin monitoring itself through its non-profit division, NYSE Regulation, describing the move as a “retrograde step” that will never work in practice. NYSE is currently monitored by FINRA, an independent organisation.
Banks and brokers in Europe are bracing themselves for ‘double witching day’ on Wednesday, in which two days’ worth of trades are expected to settle on a single day, as 25 European nations move to T+2 settlement for the first time.
UK financial services firms are increasing their spending on IT but may still not be doing enough to fend off competition, according to the latest survey of the sector from the Confederation of British Industry and PwC.
There is a high risk of another financial crisis within the next 15-20 years, according to a poll of Sibos delegates yesterday. Those attending the regulatory reform session voted 74 per cent to 26 per cent that another financial crisis within that period was a high risk.
Direct connectivity to the Target2-Securities settlement platform will give participants the opportunity to build new business models, access new markets more easily and deliver new services to clients, said a white paper, Taking the Direct Route to T2S: the industry view, released this week by Swift. Ten representatives of organisations that have decided to become directly connected parties (DCPs) were interviewed by Swift about their decisions to become DCPs and their plans for T2S participation.
