Swift has committed to help its members combat the cyber threat “in challenging times”, delegates heard during yesterday’s opening plenary session. Security will be a feature every day of the conference because “the cyber threat is here to stay”, said Swift chief executive, Gottfried Leibbrandt.
The nitty-gritty work has been done with IS0 20022, but new technology and regulations mean that institutions will have to standardise their workflows as well.
The payments industry faces a perfect storm with immediate, open and context-based changes emanating from new technology, regulation and infrastructures set to “transform the landscape”.
Blockchain technology is far from mature and there is a danger that regulation could crush innovation and competition. Professor Michael Mainelli and Simon Mills argue that a more measured approach to the technology would be to develop voluntary standards.
The opportunity for traditional banking processes to be transformed that is presented by innovative financial technology (fintech) developers is at risk of being squandered in many cases because of cultural differences between large inflexible enterprise culture and the enthusiastic approach of the start-up developer world.
Banif Bank in Malta has selected the Pelican Transaction Banking platform. The solution will provide end to end automation of both Swift and single euro payments area payments, including integration with over the counter instructions, Banif’s internet banking system and back office.
The European Central Bank has outlined its plans to consolidate the Target2 and Target2Securities (T2S) platforms, introduce a new European-wide instant payments platform by November 2017 and develop a new collateral management system. The Eurosystem’s “Vision 2020” plans were outlined by Yves Mersch, a member of the executive board at the ECB, at Sibos 2016.
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 […]
Udayan Goyal’s vision for the future of money revolves around seamless, instant micropayments being made continuously between autonomous apps and services all triggered by thoughts and actions of humans as they go about their daily lives.
A FinTech Technical Advisory Group has been established by the International Standards Organisation (ISO) TC68 Financial Services Committee. ISO has also just recently approved a new blockchain committee.
Italy’s TAS Group and targit GmbH Austria have signed a deal to collaborate on bringing a Software-as-a-Service (SaaS) model for liquidity risk management and reporting within reach of tier two and three banks throughout Central and Eastern Europe, including Austria and Germany.
A central securities depositories (CSDs) consortium has been founded to help emerging market CSDs investigate and take advantage of new technologies such as blockchain. Led by Russia’s CSD, National Settlement Depository (NSD) and South Africa’s Strate, the consortium will initially focus on working with CSDs in Africa, the Middle East and Eurasia.
Digital innovation has the potential to radically transform the payments arena, through solutions that enhance end-to-end speed, efficiency, transparency, security and cost effectiveness. Anthony Brady, global head of business strategy and market solutions, treasury services at BNY Mellon, discusses how banks are being spurred to drive forward new technology initiatives – with collaboration at their core – to deliver an enriched global real-time payments experience to clients.
Read our first Daily News at Sibos edition of the Sibos 2016 conference in Geneva – all the latest news and analysis from Swift’s premier event of the year.
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
Start-up Form3 Financial Cloud will offer payment and core banking solutions through a Software-as-a-Service (SaaS) delivery model. These are the Dovetail payments system and a new core banking system recently launched by Thought Machine.
Momentum is building behind the T2S securities settlement system as it gains critical mass. While expected benefits and outcomes have not fully materialised, the unexpected benefits have captured the imagination of the post-trade industry.
Payments software vendor Dovetail is one of the very few independent fintech beacons in the industry, having not fallen into the hands of a large tech conglomerate. The company pioneered the concept of a “payment services hub” – before analysts coined the term – and has maintained double digit growth over the last decade. So what’s next? Banking Technology talks to Martin Coen, Dovetail’s CEO.
Regulation is likely to be a hot topic at Sibos, both inside and outside of conference sessions. We assesses the main regulatory themes for this year’s event.
The threat of cybercrime shows no sign of diminishing any time soon, but to what extent can market infrastructures and financial institutions protect themselves against hacking attacks?
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
The tectonic plates of the banking sector are shifting faster than ever. High street banks are under stress from the massive competitive threats generated by their leaner, technology-driven fintech rivals and challenger banks. These fintech companies are finding success simply by being more efficient or by taking advantage of emerging and highly effective technologies such […]
Apple Pay, Google Wallet, voice payment, payment in messaging apps, Bitcoin, merchant-led solutions, bank-owned solutions. Payment options — driven by a whirlwind of new technology and shifting consumer preferences — are changing. And banking executives are faced with sorting out if and how to respond with a mobile payment strategy that aligns to their banks […]
Nordic payments firm Nets has successfully IPO-ed on Nasdaq Copenhagen Exchange the tune of DKK 30 billion ($4.5 billion).
National Australia Bank (NAB) says it has successfully transferred AU$10 ($7.6) – using Ripple’s blockchain tech – from Australia to Canada. It took ten seconds to process.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Harrods Bank in search of new core banking system EXCLUSIVE. The FIS Profile project is dead. Long live a new project! Deutsche Bank GTB builds new payments platform EXCLUSIVE. Dovetail to deliver? Misys unveils Platform-as-a-Service strategy Opens up […]
Sibos 2016 will be held in Geneva on 26-29 September. What to do in the city, where to eat and drink, and, importantly, how to get to and from the airport and around Geneva – Banking Technology has it all summed up for you. Useful links, contact details and to-the-point reviews. See you there! A conventional city […]
The number of branches operated by major banking groups in the UK has halved over the last 20 years. In fact, Britain’s banks closed more than 600 branches across the UK between April 2015 and April 2016. This is hardly surprising as more and more people move online, often mobile-first, to complete most of their […]
We are pleased to unveil our Readers’ Choice Awards shortlist, as voted by our broad international audience of bankers and financial services professionals.
The technology era has come with its new aesthetic, economic models and philosophy about the meaning of value. It is not going away. And the people who thought economics was theirs to define and aesthetic and values were “hobbies” have a lot of catching up to do. That catching up is your hottest technology trend of 2017.
34 microfinance entities in Nepal have joined forces to set up a fintech company – Nepal Finsoft – to build and maintain a shared core banking platform.
A Dutch international cash management services specialist, Bank Mendes Gans (BMG), is implementing a new cash and liquidity management system, SmartStream’s Corona. It will go live in Q4 2016, managing BMG’s 500,000 transactions per month.
Following the launch of Misys’ applications in the cloud – FinCloud – earlier this year, the banking software vendor has unveiled its new Platform-as-a-Service (PaaS) strategy, FusionFabric.cloud. It will be commercially available next year.
Most people have heard of the headline-making achievements in artificial intelligence (AI); systems winning quiz shows and beating world champions in chess. These are the poster children of the discipline but there is a quieter revolution taking in shape in other areas, including regulatory compliance in financial services. Writing for Banking Technology, Mike MacDonagh, London-based […]
The Bank of England (BoE) has published a consultation paper on the next generation real-time gross settlement (RTGS) service. On the way out is the bank’s legacy 20-year old platform. The BoE is calling on the payments industry specialists to get in touch.
A new open ecosystem – where banks can enable third parties to develop mobile banking apps and cash management solutions for them – has many advantages over the previous closed world, where everybody tried to do everything themselves. The key to successful “opening up” is to provide a standard interface, such as a smart phone to a bank account, that is accessible to third parties whilst retaining the necessary control.
Having gone through an unprecedented number of high-quality entries for our Tech Leadership and IT Team of the Year Awards, and for our newly-launched Woman In Technology (W.I.T.) Award, we are pleased to unveil the shortlists.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Online search is a vital source of traffic generating around 14% of traffic to global banking sites, according to digital market intelligence agency SimilarWeb. So what are the most searched keywords in the global online banking industry and who is winning this important traffic?
Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.
