It’s that time again where alliances are formed and friendships are made in our latest co-operative filled round-up. Featuring the Monetary Authority of Singapore, Abu Dhabi Global Market, Dubai Financial Services Authority, Australian Securities and Investments Commission, and Iran and Malaysia planning to establish banking ties.
From major crimes to KYC times. Our latest blockchain and Bitcoin round-up features Tether, Metal, Deutsche Bank and IBM. Digital currency firm Tether is feeling under the weather as it has reported that “funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker”. The amount is a rather large […]
Fenergo says its flagship Client Lifecycle Management (CLM) solution has been selected by BNP Paribas “as part of its global transformation project”.
We’re live streaming from RiskMinds International 2017!
It pays to pay attention to the pacey payments precinct. Our latest round-up comprises Glint’s golden launch, BillPro’s licence and QR codes in Singapore. Glint, an electronic payment system that enables gold to be used as a currency, has launched its account and app based technology in the UK. Jason Cozens, CEO, Glint, says: “Everyone […]
On the surface Handel or Shostakovich seem a world away from the world of finance. Yet, strange as it may seem, the similarities are there. This is because both the mechanics behind music and the technology underpinning the digital transformation are – unless you’ve had first-hand experience of either – pretty abstract concepts to understand.
Following on from yesterday’s (16 November) fintech funding fun, here’s another summary. Features Flender, Tipigo Ventures, India Accelerator, Kuants, Sumeru and a handy $2 billion in Singapore. Return to Flender. Address known. As reported in May, peer-to-peer lending start-up Flender was seeking to get €1 million in funding and is targeting a UK launch after […]
Coming straight after yesterday’s (15 November) action, here’s our latest blockchain and Bitcoin round-up. Features Mastercard in a patent place, ING Bank opening up, and another warning from the UK’s Financial Conduct Authority. Let’s start with yet another patent. Mastercard has jumped on the blockchain payments bandwagon by filing “Method and System for Instantaneous Payment […]
Since the global financial crisis the banking industry has witnessed three mega-trends: slow growth, digitisation and new regulation. None of these trends look likely to abate any time soon and in fact, it appears that all of them are set to intensify in the short to medium term.
Following on from yesterday’s (14 November) news, here’s our latest blockchain and Bitcoin round-up. Featuring Trustology, Accenture, Monetary Authority of Singapore, Association of Banks in Singapore, Square and London Block Exchange. Another day, another new firm. Trustology has emerged from stealth and revealed it is building a peer-to-peer network of smart contract compute services. Trusted […]
Pension, insurance and investment management firm Aegon is replacing its local risk systems with Wolters Kluwer’s OneSumX for operational risk management. Charles Garthwaite, global head of operational and conduct risk at Aegon, says his company needed “a global solution” that could “comprehensively manage Aegon’s requirements”. Following local implementations in the UK and within its asset […]
While the fintech industry is no stranger to initial coin offerings (ICO) as a method of sourcing capital for start-ups, a firm is offering a novel way to make money via cryptocurrency trading.
Watching the recent of smartphone launches, I am taken aback by just how much smartphone manufacturers have led to the normalisation and acceptance of biometrics by consumers.
Clearing houses and central clearing counterparties (CCPs) play a pivotal role in managing collateral and counterparty risk, in increasing standardisation and transparency of financial markets, and in the credit enhancement process for clearing banks. For such systemically critical functions, how appropriate are innovative new technologies such as distributed ledger technology (DLT)?
We are happy to announce the 2017 Banking Technology Awards shortlisted candidates!
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
Christian Westerhaus, Global Head of Clearing Products, Cash Management, Deutsche Bank, talks about the impact of regulations on the correspondent banking business.
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.
Turbocharge high-frequency trading, fraud prevention and real-time regulatory compliance with in-memory computing.
Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session yesterday (18 October) at Sibos.
The cross-border, centralised nature of the world wide web is “absolutely in the balance” right now, warned Sir Tim Berners-Lee, its inventor, yesterday (17 October) at the Sibos conference in Toronto.
Ensuring security on Swift’s network doesn’t have to be rocket science. Getting the basics right will help individual institutions and Swift’s community.
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
The Banking Industry Architecture Network (BIAN), a not-for-profit fintech industry body, has launched its latest release of its service landscape. Termed SL 6.0, the framework is designed to provide a “globally standardised and simplified” banking architecture structure, using a service-based architecture.
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Financial technology has the potential to radically transform the securities industry. The fast pace of change could lead to disintermediation, according to an Iosco study.
Read our second 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!
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
With myriad domestic instant and real-time payments systems being deployed internationally, is the next logical step cross-border, real-time payments? We asked some Sibos delegates what they think.
Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
Innovate Finance, a UK-based fintech membership association, is seeking start-ups for its latest Pitch360 competition. The contest is open to any start-up in the following sectors: Distributed ledger technology (DLT) Financial inclusion Cybersecurity Cross-border payments Peer-to-peer and alternative funding Regtech Personal finance management and robo-advice Artificial intelligence (AI) and machine learning Sandboxes The winner will […]
Blockchain funding, Pubcoin blockchain rewards programme, network and technology sharing and platform test launching. Our latest blockchain and Bitcoin round-up features Anryze, Leanpub, MicroMoney, Karma and Zilliqa.
This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilising force for the UK economy, inspiring others in the world of central banking.
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
Following the recent appointment of CEO Paul Horlock, the UK’s new payment system operator has named its first five board members.
Through the last decades of the twentieth century and into the twenty-first, data was largely a medium for bottom-line accounting: making sure that the books were balanced, the rules were followed, and the right numbers could be rolled up for executive decision-making. Attitudes toward data have changed radically in the past decade, as new people, […]
More than 40 percent of U.S. adults struggle to make ends meet, according to new data from the CFPB. While not great news on its own, the findings could help financial services providers design products directed at improving financial well-being.
What will make or break bank risk management? Victoria Chatterton, strategic director of RiskMinds, gives the lowdown.
SunTec has unveiled its out-of-the-box open banking solution, offering preset configurations and definitions, through its Xelerate billing system. With the rise of open banking, SunTec wants to join the throng looking to prosper in a very competitive and crowded market. The firm says banks can use the layer to get business value from their APIs […]
