BankingTech

Internet of things to shake up trade finance

Internet of things to shake up trade finance

Trade finance is one area of wholesale banking that is set to be transformed by the internet of things. At yesterday’s The internet of things and banks’ core platforms session most of the discussion was about the wider issues of banks’ digital transformation. But when the panellists were asked by Cathy Bessant, Bank of America Merrill Lynch’s chief operations and technology officer, where the concepts could be applied to wholesale banking, it was trade finance that was highlighted.

SmartStream adaptor automates TLM

SmartStream adaptor automates TLM

SmartStream has extended the capabilities of its Trade Lifecycle Management suite with the launch of an adaptor.  The adaptor will provide a full lifecycle of trading messages for the non-clearing OTC derivatives market and TLM Cash Management module for the front-office, which will provide a global real-time view of cash positions across all settlement channels […]

The millennial fulcrum proves to be the tipping point for ‘old’ #banking

The millennial fulcrum proves to be the tipping point for ‘old’ #banking

The financial crash has had many repercussions, but one unforeseen consequence has been that trust in banks and financial services among millennials – that’s anyone too young to remember a Sibos pre-2000 – is almost non-existent. And banks have to adapt if they are still to be relevant to the next generation of consumers.

Building a new risk architecture

It seems that at each Sibos, certainly since the financial crisis of 2008, a regulatory deadline is looming large. This year’s model is the Basel Committee on Banking Supervision’s (BCBS’) 11 principles for effective risk data aggregation and risk reporting (BCBS 239), with which globally systemically important banks (GSIBs) must comply by 1 January 2016. However, a report on the progress of adoption reveals a lack of preparedness.

Meeting the need for speed

Real-time payments systems and infrastructures are being rolled out globally. What impact will they have on financial institutions? How fast is too fast? Daily News at Sibos asked delegates where the trend is heading …

Banks face ‘death by a thousand cuts’

Banks face ‘death by a thousand cuts’

Oracle has launched the Oracle Banking Digital Experience, which it describes as the end result of a five-year project to build the ‘next generation’ of banking platform. Ashwin Goyal, group vice-president and general manager at Oracle Financial Services, said banks would not have to make “major changes” to their core systems as a result of the new platform.

Swift adds structure to unstructured data

Swift adds structure to unstructured data

Swift has launched an analytics service that provides users with a deeper analysis of their payments and letters of credit (LC) data over Swift. Watch Banking Analytics Premium is a part of the Watch for Banking services range, a set of online reporting and analytical tools that allow users to look into their institution’s message content to better understand the value behind messaging activity.

The instant catalyst

Immediate payments are acting as a catalyst for banks to add value and develop holistic payment solutions. In this extract from World Payments Report 2015, the impact of immediate payments on banks’ offerings is examined

Rearranging risk

Pushing more complex products towards mandatory central clearing may increase the risks to which CCPs and clearing members are exposed. Frances Faulds examines whether CCPs can continue pooling risks in a safe and efficient way

Keeping it real

Global interoperability of real-time payments systems will require harmonisation of market practices and standards.

Systemic risk a top priority, says DTCC

Systemic risk a top priority, says DTCC

The securities industry is beginning to “think more deeply” about the systemic risk associated with interconnectedness, said Michael Bodson, chief executive of the Depository Trust and Clearing Corporation (DTCC).

Securities forecast good, despite headwind

Securities forecast good, despite headwind

While the fundamentals for growth in the securities industry are good, market participants face challenges in taking advantage of these fundamentals, delegates heard yesterday. Speakers mulled the question of how regulated securities markets could return to growth, given the various headwinds they face.

JSE brings STP to bond confirmations

JSE brings STP to bond confirmations

In an effort to reduce operational risk, improve automation and straight through processing the Johannesburg Stock Exchange (JSE) has been engaging with the investment management community and Swift to automate the bond confirmation process. A collaborative effort has resulted in the implementation of MT515 messages over Swift on behalf of the respective bond brokers.

Ericsson to connect banks, telcos and the unbanked

Ericsson to connect banks, telcos and the unbanked

Using Sibos as a springboard into the wider financial services community, mobile technology giant Ericsson is hoping to persuade more banks to join Peru’s La Asociación de Bancos del Perú (Asbanc). The Association connects unbanked consumers, telcos and banks together to offer a full range of services across the globe.

D+H adopts Ripple distributed ledger to reduce costs

D+H adopts Ripple distributed ledger to reduce costs

Financial technology company D+H is to implement distributed ledger technology from Ripple into its global payment services hub Global Payplus, in a deal the firm says will reduce costs and improve liquidity. Under the agreement, financial institutions that use Global Payplus, such as global banks, will link to a secure distributed ledger accessible with permission […]

Credit set to be the next area for disruption

Credit set to be the next area for disruption

Credit – the single biggest revenue driver among financial institutions – is set to be the next area where financial institutions will be disrupted. Innovation is very likely in this area and it will affect banks, said Udayan Goyal, co-founder and co-managing partner of Apis Partners, a private equity asset manager.

Blockchain potential explored

Blockchain potential explored

Two major European central securities depositories (CSDs) are investigating the potential of distributed ledger technology for asset settlement and reference data applications. London-based Credits is working with the CSDs on a proof of concept (POC) for the use of distributed ledger technology.

Technology trends in financial services

Technology trends in financial services

Blockchain, data analytics and mobile payments are among the technologies having the greatest impact on financial services, panelists in yesterday’s technology trends session agreed. In terms of development, as Commerzbank chief information officer Stephan Mueller described it, mobile and data analytics are “already there”, while blockchain is still in the beginning.

Move over Silicon Valley, the Chinese are already here

Move over Silicon Valley, the Chinese are already here

China is leading the world in financial technology innovation, Piyush Gupta, chief executive of DBS Group said yesterday. In a pro-China, pro-Asia plenary speech, Gupta highlighted a number of technological advances and was also positive on the economic prospects for the region. “Jamie Dimon said in his annual report Silicon Valley is coming. I tell […]

Chips off the old blockchain

The distributed ledger is one of the hottest topics in financial services. Born out of the crypto-currency bitcoin, the blockchain concept has gone mainstream and the first area to feel the impact is likely to be payments.

Progress made on Sibos 2014 initiatives

Progress made on Sibos 2014 initiatives

A year on from Sibos 2014, several initiatives announced at that conference are making rapid progress, highlighting the increasing drive towards industry collaboration and the shift towards member-owned utilities in some key areas, including collateral management and client onboarding. They also highlight the continued rise of cloud-based connectivity, especially between banks and corporates.

Coming in from the cold

Fostering innovation in financial technology has become a much more collaborative affair: global banking giants are courting small technology start-ups in the hopes of gaining a competitive edge in financial services …

Infrastructures back Swift ISO 20022 harmonisation proposals

Major financial market infrastructures (FMIs) and central banks have thrown their weight behind a Swift initiative to prevent further fragmentation of the ISO 20022 messaging standard as its adoption grows by signing a charter backing principles to harmonise implementations.

Caught in the crossfire

Cyber attacks cost little to perpetrate, but plenty to prevent. A focus on external and internal factors will help financial institutions to mitigate the threat.

Europe’s unsettling times

T2S, Europe’s harmonised settlement platform, is live. With a series of migration waves scheduled up until full live operation in July 2017, the next few years are likely to be characterised by intense activity as market participants finalise their strategies …

PMPG endorses Swift messages for intraday liquidity reporting

The Payments Market Practice Group has endorsed the use of Swift messages for intraday liquidity reporting. The Swift message set for intraday liquidity reporting underpins a rulebook created by the Liquidity Implementation Task Force, an industry group of twenty five large clearing banks, custodian banks and global brokers, to support compliance with Basel Committee on Banking Supervision requirements.

Deutsche creates FX index based on Autbahn data

Deutsche creates FX index based on Autbahn data

Deutsche Bank’s Research unit is launching a new set of proprietary foreign exchange positioning indices based on data from its Autobahn FX trading platform. Called Corax – Categorised ORderflow from Autobahn FX – the indices will be published every Wednesday in the Corax Positioning Report.

Thomson Reuters opens Eikon with app studio

Thomson Reuters has launched an app studio for its Eikon financial desktop, which will allow third-party developers to create create apps that display as native applications on the Eikon screen, distributing them directly to Eikon users.

Fintech for corporates: partnering for success

Fintech for corporates: partnering for success

With global investment into the fintech arena growing at an astonishing rate, it is only a matter of time before the corporate sector begins to feel its true force. Fred DiCocco, head of market management, BNY Mellon Treasury Services, discusses how banks are adapting. Fintech is triggering a monumental shift in the payments space, with […]

Technology fragmentation imposes testing burden on banks

As banks increasingly digitalise and provide mobile services to user’s mobile devices they face the double-whammy of having to test software that has to run on multiple environments and doing it in an increasingly short time-scales as continuous release development cycles become the norm.

The dangers of digitisation without customer insight

In bygone days the bank manager knew each of his customers by name but could offer them only the narrowest range of products. Today the computer can tailor bespoke financial solutions in a mass market – but has no empathy with which to convey its expertise …

Cobol – do banks speak our language?

With banking IT failures happening on a seemingly weekly basis, we perhaps should be examining the language they speak more closely. Most of our banks are built on systems and programmed with languages that pre-date the birth of the internet, let alone the birth of mobile banking …

LSE/DTCC regulatory reporting tie-up shows the way for collaboration

London Stock Exchange and The Depository Trust & Clearing are partnering to provide clients with a connection to the LSE’s UnaVista Approved Reporting Mechanism. The service will allow DTCC clients to comply with the Markets in Financial Instruments Regulation through their current connection from DTCC’s Global Trade Repository.

Citihub and Excel IT ally for cloud data centre services

Citihub and Excel IT ally for cloud data centre services

Citihub Consulting, a global IT advisory firm, has partnered with IT services specialist Excel IT to offer a combined proposition covering infrastructure strategy and architecture through to migration logistics and ongoing support.

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