The Independent BankersBank in tech overhaul with Jack Henry
Texas-based TIB is moving from a proprietary 20-year-old core to a fully outsourced tech model.
Texas-based TIB is moving from a proprietary 20-year-old core to a fully outsourced tech model.
Volante and Aite address the importance of capitalising market opportunities in this free white paper.
Mashreq Bank is Israel-based ThetaRay’s first customer in the UAE.
Assessing the potential benefits of joining several digital platforms to form a “network of networks”.
“Traditional correspondent banking system” gets some competition.
“This acquisition increases our technological infrastructure.”
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
Read our fourth and final Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
JP Morgan, and Royal Bank of Canada (RBC) and Australia and New Zealand Banking Group (ANZ), have launched the Interbank Information Network (IIN) – using blockchain for the payments process. According to JP Morgan, processing global payments is very complex. Multiple layers of communication occur amongst payment participants to verify and process transactions. By using […]
Swift has launched Correspondent Banking Suite, a solution targeting small to medium sized correspondent banks that are seeking cost-effective access to the Swift network.
At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships. FSB also presented the results of a survey of more than 300 banks in 50 countries, supplemented by Swift payments data, which showed that the number of correspondent banking relationships continues to decline globally.
Correspondent banking relationships have reduced globally by 25%, despite the fact that global GDP per capita grew during the same period, following the 2008 financial crisis, according to research by Accuity. Henry Balani, global head of strategic affairs at Accuity, says: “The irony is that regulation designed to protect the global financial system is, in […]
In an increasingly globalised economy, payments have struggled to keep up and pressure is mounting on the traditional correspondent banking model.
Major global transaction banks are now live with Swift’s global payments innovation (gpi) initiative.
Christian Westerhaus, Global Head of Product & Strategy, Institutional Cash Management, Deutsche Bank, talks about the future of correspondent banking.
Correspondent banking enables banks to access products and services which might otherwise be unavailable. By enabling cross-border transactions and access to overseas products, correspondent banking plays an important role in the global payments landscape, states Swift.
More collaboration is required among members of the correspondent banking community, despite the progress that has been made through efforts such as the Global Payments Innovation (GPI) initiative.
Reports of the death of correspondent banking are highly exaggerated. But the business model is changing and Swift hopes its Global Payments Innovation Initiative will improve cross-border payments. Swift is often accused of moving slowly, yet the Global Payments Innovation Initiative (GPII) gives lie to that. First discussed at Sibos 2015 in Singapore, Swift will […]
De-risking, motivated by short-term risk-reward calculations, should not be allowed to kill off one of the cornerstones of the global financial system. Rather than abandon correspondent banking relationships, banks should be thinking about investing in and automating their risk controls, according to a new whitepaper by PwC.