At a gala event in London last night, industry luminaries gathered for an evening of entertainment and excitement as the winners of the 2014 Banking Technology Awards and Readers’ Choice Awards were announced.
As Europe and the US seek to reform the non-equity asset classes under the MiFID II, EMIR and Dodd Frank regulations, significant challenges remain to ensure harmonisation and transparency for investors.
Fintech innovation gets a lot of press, but there is a lack of co-ordination. Innovate Finance’s Claire Cockerton tells David Bannister how her organisation aims to change that
Capital markets firms often have little idea how much they are spending on technology and even less control, according to a new report by Tabb Group and Thomson Reuters. The report’s authors call for greater emphasis on data, which could help to save the half a million dollars per front office employee spent on technology every year.
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”.
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.
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.
Biometric identity verification mechanisms were prominent among the raft of new product announcements at the Money20/20 event in Las Vegas, which opened this week.
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 […]
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.
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
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, […]
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.
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.
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.
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.
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.
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.
Warsaw-based Polish central securities depository (CSD), KDPW, has launched a negotiated securities lending and borrowing system in co-operation with KDPW CCP, the country’s central clearing counterparty. The system is designed to prevent or eliminate suspension of settlement of transactions and ensure the return of securities loaned in the automatic lending system.
New York, NY– October 1, 2014 – marcus evans, the world’s largest event management group, will host the Economic Capital Modeling and Management in Insurance 2014 Forum on November 18-19, 2014 in New York, NY. As risk assessment strategies become more aligned with business objectives and regulators grow increasingly interested in that integration, risk management executives and actuarial professionals alike have been tasked with designing frameworks capable of holistically managing enterprise risk.
The Depository Trust & Clearing Corporation (DTCC) and Euroclear have taken the first steps towards the creation of a global collateral processing utility with the announcement that they plan to create a UK-based joint venture, DTCC-Euroclear Global Collateral.
Argentina’s Banco Macro will use the Mambu cloud as the basis for a new business unit, which will offer loans to micro-enterprises and small businesses. The aim is to provide a lifeline to areas that have historically lacked access to financial services.
Global financial markets are experiencing a paradigm shift as governments, regulators and participants recalibrate the processes and structures underpinning global finance. The challenge is to repair and remedy where needed, with dialogue between central banks, regulators and participants, but also to avoid creating fragmented markets or worse, unintentionally reintroducing risk.
Change is a theme at this year’s Sibos. But what type of change? A cross-section of delegates discuss what they think will be the main disruptive forces in their part of the business.
Banks from as far afield as Brazil, New Zealand and Singapore are among the candidates on the shortlist for the Banking Technology 2014 Awards, announced today, showing the continuing competitive edge regional institutions are gaining over the large international players through technology.
India’s ICICI Bank has launched four new mobile banking apps, as part of a drive to adopt digital channels and spread into India’s vast rural hinterland.
Enabling rapid growth and agility with creaking IT systems poses a major challenge to UK financial services companies where the IT infrastructure, as in many other industries, has evolved over time and features a wide variety of solutions.
Citi has launched a global mobile challenge that it says will help to inspire technology developers to reimagine mobile banking and payments. The bank plans to host a series of events in Miami, New York and Silicon Valley in November, after which finalists will get the chance to bring their product to market with help from Citi.
As SunGard’s first ever chief technology officer, Steven Silberstein knows a thing or two about financial technology. In a past life, he was global head of prime brokerage at Lehman Brothers. He later became chief information officer at Chi-X Global, before joining SunGard in a newly-created position two years ago.
All banks, whatever their size rely on data to make decisions. With that in mind getting that data in a timely manner and in a format that can be digested easily is critical. So why can this be so difficult? We are all used to receiving reports from our systems and even the most rudimentary examples will utilise some form of analytics, however simple. We might be getting the reports and be used to the status quo, but is your analytics platform getting the better of you?
Citi has launched an equity trading app called Total Touch, which it says will help make it easier for investors to execute block trades in the European market.
Hong Kong has become the second jurisdiction to sign up to use Swift’s Market Infrastructure Resiliency Service to improve operation of its real-time gross settlement system.
