UK Payments Council sets September date for account switching
The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.
Europe
Azerbaijan mobile wallet makes debut
Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card.
Visa Europe hires Huss as new chief executive
Visa Europe has appointed Nicolas Huss as its new president and chief executive. Huss will join Visa Europe from investment management firm Apollo Group, where he is chief executive for credit card and customer servicing business Avant Spain and Ireland.
France’s railway network adopts mobile payments
French railway operator SNCF has adopted a mobile payments system from Californian tech firm VeriFone Systems, which allows customers to pay for railway tickets using a mobile device.
The Fine Line: collaboration vs. competition in mobile payments
Following the news that Polish banks will work together on establishing a common mobile payment infrastructure, Philippe Eschenmoser, head of business consulting at SIX Payment Services, explains why other European banks should learn from the Polish market.
Former UBS MTF chief Robert Barnes to join Turquoise
Robert Barnes, former chief executive of UBS MTF, is to take up a new role at Turquoise, the MTF owned by the London Stock Exchange. Barnes, who had been advising in a consultancy since he left UBS in February, will replace outgoing Turquoise chief Natan Tiefenbrun, who is understood to be leaving for his own reasons.
T+2: Moscow’s “biggest move in 20 years”
As the Moscow Exchange launches a new liquidity incentive promotion, Sergey Sinkevich, head of DMA at Russian broker Otkritie, argues that Russia’s move to adopt T+2 settlement is the most important development in the last 20 years for the country’s capital markets.
The new FCA – don’t have nightmares
Is there anything to fear about the new FCA? Well, possibly quite a lot, it would seem. A hundred or so days into the new era of the FCA and it would be hard for anyone in the wealth management or private banking sector to have missed the message that the regulation of the sector is going to be different from now on.
UK retail bank reform: a road to nowhere?
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Ukraine’s Ukrsotsbank turns to Fiserv for cash management
Ukraine’s UniCredit ‘Ukrsotsbank’ has chosen US technology firm Fiserv to provide its Integrated Currency Manager tool, which the bank will use to improve its supply chain management and make better use of its available resources.
Dutch regulator okays Amazon Web Services for financial sector
De Nederlandsche Bank (DNB), the Netherlands’ national banking regulator, has cleared Amazon Web Services for use in the country’s financial sector, clarifying key supervision criteria for Dutch organisations looking to move infrastructure or services to the AWS cloud.
Data protection compliance: the biggest hurdle facing the back office?
In an effort to improve the protection offered to consumers, and to harmonise data practices, the EU is currently in the process of passing two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR). Few people have given much thought to how these will align with international financial regulation.
Carrier billing gains traction among UK mobile phone operators
All of the UK’s mobile network operators have extended their carrier billing offerings by connecting to Gemalto’s direct billing platform, the mobile security solutions provider announced.
RBS prepares for SEPA with Canada’s CGI Group
The Royal Bank of Scotland has chosen Canadian IT firm CGI Group to help its corporate clients manage the transition to SEPA, the European Union project to simplify bank transfers denominated in euros.
CaixaBank targets Brazilian payments market
Spain’s CaixaBank is planning to target Brazil’s payments industry via a new joint venture with US transaction processing firm Global Payments that builds on the bank’s experience of digital channels its home market.
Put trust in the cloud says Islamic Bank of Britain COO
Banks should not be afraid to go further and faster in their adoption of cloud computing, says Mohamed Gamil, chief operating officer at Islamic Bank of Britain.
Here algo again: MiFID II will require your attention in 2014
For firms who remember MiFID I, and those that don’t, round two is almost upon us. This month, the Council of the EU agreed their general approach, meaning that the draft of MiFID II/MiFIR is free to advance to the European Parliament. If all goes according to the current plan, the new combined legislation will be with us in time for 2015 implementation.
SIA ramps up European expansion
Financial technology company SIA has acquired Italian telecoms firm Emmecom, as part of a plan to create a new technology infrastructure across Europe for merchants and banks.
House of Commons HFT tax proposal “not good for market”
Market participants have condemned a proposal in the UK House of Commons that calls for the UK government to consider implementing a tax on high-frequency trading activity in the country.
A road to nowhere?
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Euroclear moves France, Netherlands and Belgium to T+2 settlement
Securities trading in France, the Netherlands and Belgium is to move to T+2 settlement in October 2014, following a decision by Euroclear to pre-empt Europe-wide settlement reforms.
Kalixa NFC mobile wallet targets Europe
A mobile wallet offering built by Kalixa Group claims to be able to turn just about any phone – including the iPhone – into an NFC payment device. The toolkit has launched in the UK, marking the first step in the firm’s plans for Europe-wide NFC mobile payments.
Mobile payments deadlock begins to unravel as EE debuts Cash on Tap
Mobile operator EE is launching a UK mobile payments service called Cash on Tap, in a move that highlights recent efforts across Europe to make mobile payments a reality.
Barclays under fire for “outrageous” remittance closures
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
Deutsche Börse opens doors to ‘dark pool’ Liquidnet
German exchange Deutsche Börse is to launch a new block trading service in partnership with Liquidnet, the buy-side crossing network.
Slovakia shapes up as centre of excellence for mobile payments
The on-going turf wars that have held back the adoption of using mobile phones as a payment device at the point-of-sale will soon be a thing of the past if the progress made in Bratislava over the past year is any indication. The success of a project involving Visa Europe, Tatra Bank, Telefónica Slovakia’s O2 operation and a substantial number of retailers makes the Slovakian capital a showcase market for contactless technology.
LSE’s Luxembourg venture highlights regulator’s dilemma
The London Stock Exchange’s plans to establish a new central securities depository in Luxembourg reveal the way regulation can have unintended consequences – in this case a proliferation of CSDs.
European post-trade alliance targets repo market
Clearstream, Euroclear and Eurex Clearing have signed an agreement with the ICMA European Repo Council to create a joint project aimed at improving the efficiency of the repo market.
ESMA kicks off latest OTC derivatives clearing consultation with discussion paper
European securities regulator ESMA has started the latest round of consultation on OTC derivatives clearing with the release of a discussion paper on regulatory technical standards for the European Market Infrastructure regulation, the new pan-European rulebook.
BNP Paribas goes with Swift for T2S link
BNP Paribas Securities Services is to use Swift’s value added network service to connect to T2S, the single European settlement platform due to roll out in 2015-16.
KBC Bank Ireland turns to TSYS technology
KBC Bank Ireland has signed up payments technology company Tsys to help launch its debit card portfolio in Ireland.
Online payments on rise in Turkey
A partnership between German and Turkish payments specialists aims to take advantage of Turkey’s rising levels of online commerce, with the help of three Turkish banks.
Polish banks unveil mobile payments standard
Mobile payments looks set to receive a boost in Poland after six banks announced they will collaborate to create a new standard in the country.
New Turkish exchange embraces Nasdaq OMX technology
Turkey’s newly-merged Borsa Istanbul has formed a deal with Nasdaq OMX, under which the new Turkish market will take up Nasdaq trading, clearing, market surveillance and risk technology.
NYSE Euronext opens SME market in Netherlands
NYSE Euronext has launched EnterNext, a market for small- and medium-sized companies, in the Netherlands for the first time – a move the exchange says will help local SMEs to get the financing they need.
Deutsche Börse launches first public vendor-neutral cloud marketplace
German exchange group Deutsche Börse has announced what it claims to be the world’s first vendor-neutral marketplace for cloud services.
Licuos named Spain’s best startup at Next Bank Madrid
Spanish business to business payment platform Licuos has been named as the winner of Innotribe Startup Disrupt, a competition to find the most innovative financial services startups in the Spanish and Portuguese speaking world.
A pro-fund change? Good news for AIFs
The Alternative Investment Fund Managers Directive threatens to have a significant operational impact on the industry. Fund managers will soon be subject to a host of new requirements including increased KYC and due diligence, better risk and liquidity monitoring, and new reporting and disclosure requirements. However, in the UK the transition looks to be particularly […]
Spain’s Banco Sabadell offers mobile cash withdrawal
Spanish bank Sabadell has released a mobile app that lets consumers withdraw cash without a debit card.
Next Bank Madrid reveals Spain’s strongest startups
Next Bank Madrid has chosen the finalists for a competition that seeks to find the best financial services startup companies from the Spanish and Portuguese speaking world.
