Banking is too important to be left to banks – can governments do any better Also in this issue: Profile: Grand designs – Arun Jain, founder of Polaris Financial Technologies Same day, same settlement: same day payments are being adopted worldwide. What does that mean for D+1 settlement in Europe? Riding the OTC rollercoaster: new […]
As tough new rules requiring the collateralisation of OTC derivatives take hold in Europe and the US, Citi has retooled its OpenInvestor investment services to include segregated collateral custody accounts – a move the bank says will help mitigate counterparty risk and improve collateral efficiency.
Arun Jain, chairman and chief executive of Polaris Financial Technology, is a great believer in the power of design to transcend ordinary development work and deliver superior results – results that pay. Banking Technology caught up with him at the opening of the firm’s new design centre in Chennai.
Swift’s Innotribe project has announced the fifteen semi-finalists for its startup challenge, which aims to help innovative new companies in financial services to get started.
Despite its potential, the vast majority of financial services firms have still not implemented big data tools, according to new research conducted in North America by analyst firm Celent.
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
As new rules for OTC derivatives take hold in Europe and in the US, banks and asset managers face a complex cocktail of mandatory clearing, reporting and increased collateral requirements.
Australian alternative trading system Chi-X Australia has appointed John Fildes as its new chief executive, taking over from Peter Fowler on 1 May.
Technology company NCR has introduced contactless ATMs in Poland that allow customers to withdraw cash without inserting a card, through a joint project with MasterCard and ING Bank Slaski.
Nasdaq OMX Group is to acquire bond platform eSpeed from BCG for $750 million in a move that highlights the increasing tendency for large stock exchanges to diversify as capital markets revenues from equity trading continue to decrease.
A new generation of ATMs that offer customers more personalised services will provide a core tool for increasing levels of banking competition, according to a new report by business consultancy Navigant.
Personal financial management tools have spluttered in and out of fashion, but a combination of mobile, tablet and internet banking uptake may mean their time has come, Recent years have seen the emergence of a plethora of PFM tools, each of which purports to be the best way to keep track of your finances.
Enterprise data management vendor GoldenSource has added support for the ISO 17442 Legal Entity Identifier standard to its systems
Barclays has appointed Yera Hagopian as global head of liquidity product within its cash management team. Hagopian joins Barclays from JP Morgan where she was EMEA head of liquidity.
Asset finance has had a lower profile than other types of loan. But the overall squeeze on lending and higher business loan rejection rates have led to an increased demand for leasing arrangements by SMEs. As a result, asset finance is now the third most common source of finance for businesses.
US derivatives giant CME Group and OTC trade processing service MarkitServ have connected to support clearing for OTC FX transactions, ahead of new regulations in the US and Europe on the central clearing of OTC contracts.
Banks in the UK and Ireland need to adjust to changing consumer behaviour as customers cut back on the amount of time they spend banking online and visiting bank branches, according to new research by Accenture.
The JP Morgan Task Force Report into its Chief Investment Office’s $6 billion-plus loss found the bank’s Value at Risk was being calculated with an Excel spreadsheet that “required time-consuming manual inputs to entries and formulas, which increased the potential for errors”.
Danish bank Ringkjøbing Landbobank has adopted a corporate actions tool from SmartStream Technologies, which it says should increase levels of automation and lead to a more efficient service for customers.
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
In today’s multi-channel age, banks cannot afford to focus all their efforts on a single digital strategy any more than solely on the branch experience – the winners will be those that can see beyond channel-specific efforts and provide a truly integrated offering.
Banks, asset managers and hedge funds will have to increase their IT budgets in 2013 to take account of weak market growth and a raft of oncoming financial regulation, according to new research by Ovum.
New rules and regulations for financial benchmarks following the Libor scandal will come into effect next Monday, says the Financial Services Authority, and will follow the recommendations of the Wheatley Review.
Following a period of equity market consolidation, the time is right for a new entrant to step forward and transform the exchange business, according to Alasdair Haynes, chief executive of startup trading venue Aquis Exchange.
As Europe’s new EMIR derivatives regulation takes hold, senior buy-side representatives have warned that new rules including EMIR and Basel III might actually exacerbate risks rather than reduce them.
Polaris Financial Technology has today opened a $10 million financial application design centre at its headquarters in Chennai, India, where customers will be able to work collaboratively with the vendor’s development teams on applications and systems.
As tough new collateral requirements bring ever greater pressure to bear on banks and financial market participants, the union of European clearing houses EMCF and EuroCCP into a new combined entity will help make clearing and settlement more efficient, according to Diana Chan, chief executive at EuroCCP.
As one of the world’s leading financial centres, geographically well-positioned between America and the Far East, London is very much a global city. It is perhaps unsurprising then that it also attracts businesses looking to provide financial services worldwide.
Market data vendor Interactive Data has responded to the introduction of Financial Transaction Taxes in France and Italy with a new service that supports the identification of instruments that are likely to be subject to them.
PKO Bank Polski has added a mobile payment service that covers all payment situations using the Mobile Everywhere platform from Stockholm-based Accumulate.
The Royal Bank of Scotland has announced a new product intended to help clients migrate to mandatory SEPA standards. Called the RBS SEPA Accelerator, the product has a feature that allows a corporate implementing the SEPA XML file format to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can self-test its SEPA readiness.
Yorkshire Building Society is to offer online personal financial management capabilities through a multi-year agreement with eWise.
The Bombay Stock Exchange has become the latest exchange to sign up for Deutsche Börse’s Eurex platform, with the announcement of a long-term technology alliance under which BSE will join the Eurex technology roadmap and deploy Deutsche Börse Group’s trading architecture. As a first step, BSE will replace its derivatives market platform in the course […]
Almost 200 million mobile users will be making bill payments via their mobile by 2017, according to research. According to Juniper Research, there is a growing user acceptance of ‘push’ mobile banking and a sharp rise in tablet adoption that will drive users of transactional tablet banking services. The report also finds that, adoption of […]
The Depository Trust & Clearing Corporation will start operating a Japanese over-the-counter derivatives trade repository this month, flowing approval by the Financial Services Agency of Japan.
The good news is that 63% of corporate executives are “highly satisfied” with the service they get from their core banking partners; the bad news is less than half of them are confident that their banks are stable and operating securely within their risk parameters. This is making them increasingly interested in the stability of […]
While laudable in intention, reforms to Europe’s OTC derivatives markets may be in danger of inadvertently adding so much cost for participants that the original purpose is undermined, according to Anthony Belchambers, chief executive officer at the Futures and Options Association.
Rising to the challenge of reconnecting with customers, rebuilding trust and renewing the banking experience, banks are starting to explore digital technologies and solutions.
SEPA solutions specialist Sentenial has completed its planned investment in the Benelux Region with the opening of a fully-supported operational office in Amsterdam and the relocation and expansion of its Brussels office.
Infrastructure reforms are intended to turn Moscow into an international financial centre. There is still a long way to go. Also in this issue: Interview: MPowa’s Dan Wagner – closing the m-commerce gap Mixing up the pieces: will seven-day account switching really bring more competition to the UK retail banking market? SEPA readiness: evidence is […]
