The ‘digitisation’ of banking provides an opportunity for banks to improve their treasury service offerings as they face a second wave of digital expectations from key corporate customers, according to a report from analyst firm Celent.
Swift has restructured its management team, increasing the number of direct reports to chief executive Gottfried Leibbrandt, following board approval of its 2020 strategy proposals.
iPhone devices account for more than one in three mobile transactions, and are used for 10% of all global online transactions, according to new figures published by payment specialist Adyen.
Since the financial crash retail banks are faced with more regulatory and financial restrictions than could have been envisioned. This is coupled with increased levels of competition and much reduced consumer trust. Intelligent analytics may offer part of the solution.
ICAP has become the first UK institution to implement a range of enterprise data governance systems from Oracle, replacing a legacy process involving manual spreadsheet maintenance and frequent e-mail exchanges.
Popmoney, Dwolla, Square Cash, Funding Circle, Venmo, Nutmeg, Transferwise, Stellar, Kabbage … this is not a list of the latest box office hits or some weird shopping list, but a handful of the emergent FinTech companies that are sprouting up everywhere like wild mushrooms. These companies are, to a certain extent, beginning to reshape and […]
It seems not a day goes by without seeing those three little letters and five numbers – ISO 20022 – appearing in headlines or articles. But hang on a minute, what’s all the commotion about? It’s just another message format that I need to make sure my systems can handle, right?
Velocimetrics, a developer of real-time business flow performance monitoring and analysis solutions, has expanded into the payments area with a new system developed from a custom solution built for a client.
Post-trade market infrastructure the Depository Trust & Clearing Corporation has launched a new centralised data provisioning service, DTCC Data Products and expanded its exchange traded funds and ISO 20022 corporate actions data offerings.
Cloud-based technologies are spreading rapidly through the business world: the research firm IDC expects the cloud software market to be worth more than $100 billion by 2018, implying compound annual growth of more than 21%, roughly five times faster than traditional packaged software. It is clear that cloud computing is on course to become an […]
Swift has brought the management of its Americas, UK, Ireland and Nordics units under one head following the decision of Chris Church, chief executive of Swift Americas and global head of securities, to leave after seven years with the industry consortium.
Corporate users are increasingly adopting mobile payments, according to figures from HSBC, which expects usage of its HSBCnet Mobile corporate banking platform to double over the next 18 months, reaching $100 billion in payments.
TABB Group forecasts global compliance spending among capital markets firms will some increase 7.5% to 8% in 2015, reaching $2.592 billion , and growing at a similar pace for 2016, driven by global regulations that require institutions to expand coverage, enhance existing capabilities and standardise compliance solutions and processes.
For the new banks now is the chance to disrupt the banking industry. No legacy systems or existing processes or old thinking – they can jump straight to the new. Except, of course, those new banks that are being spun out of existing banks, where that infrastructure, IT and operations are supported by the current systems of the existing bank …
Citizens Bank is moving its back-end technology infrastructure to a managed services environment following the signing of a five-year IT services agreement with IBM.
Financial services has come under huge pressure in recent years particularly since the financial crisis. Competition, silo’d business units, efficiency in operation, compliance are just a few key issues being raised. With efficiency and competitiveness hand-in-hand and customer service as a bi-product of this, business process management (BPM), has shown just how this solution has driven cost efficiencies and overall resource efficiencies down.
Swift has formally launched a new business intelligence solution for securities market participants following the completion of an early adopter programme. Watch for Securities is “ready for full scale use” by local and global custodians, investment banks, asset managers and broker/dealers, allowing them to monitor and gain business insights from their network traffic.
Karla McKenna has been named head of standards at the Global Legal Entity Identifier Foundation on a year’s secondment from Citi, where she is director of market practice and standards.
Irish bank Permanent TSB has chosen a regulatory reporting platform from Wolters Kluwer as part of its measures to cope with Basel III. Belgian bank Banca Monte Paschi Belgio, the Belgian branch of Italy’s Banca Monte dei Paschi di Siena, has also chosen the same OneSumX regulatory reporting solution.
The increasing dependence of financial services on technology provides huge opportunity for IT vendors, but it also increases the supplier risk that these firms will carry, so it would be reasonable to expect the procurement process to become more rigorous.
What does this mean for vendors trying to sell into banks and other financial services businesses?
Treasury and capital markets software specialist Calypso Technology has developed “an industrialised blueprint for reducing complexity and cost in banks”. The Calypso Bank-in-a-Box was developed in collaboration with a group of global banks to consolidate and document their processes and systems in the face of market and regulatory changes.
Nearly half of smartphone users do not want to use their device to make contactless payments, mostly over fears about security, according to a survey.
Financial information company Markit has agreed to acquire Information Mosaic, a software provider for corporate actions and post trade securities processing. Information Mosaic’s enterprise software will allow Markit to extend its corporate actions service to support the full corporate actions trade lifecycle and enhance Markit’s asset servicing solutions. Michele Trogni, managing director, cohead of Solutions […]
In the digital age, banks must adapt to new processes and customer expectations quickly. Yet many banks still operate legacy batch systems and have not yet transformed their ITO infrastructure. In association with SAP, Banking Technology is conducting a survey of the number of different systems banks have, and how long it takes for various transactions to occur.
Swift is extending its Know Your Customer compliance service into the securities area, making it available to fund distributors and custodians.
According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.
Improve your customer’s experience with Hybrid IT Banks must compete fiercely for new customers and to hold onto the ones they have. That means consistently meeting customer expectations, which is no easy task given the speed with which those expectations are evolving, particularly in terms of Internet and mobile interactions. Banks need to deploy technology […]
Three-quarters of market participants use the FIX protocol for confirmation and affirmation of their transactions, according to a new survey released by financial industry standards body the FIX Trading Community.
Whatever label you use, instant, immediate, faster or real-time payments have moved to the top of the agenda at every payments-related event so far this year and are sure to be high on the agenda when Swift’s annual Sibos event lands in Singapore in October. Nearing the halfway mark for 2015, here’s a roundup of the stories so far …
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
Regulation has the potential to accelerate the payments innovation sparked by the evolution of internet and mobile technologies. By giving customers the reassurance that payments can be made safely and efficiently, regulation allows providers to develop new and exciting ways to serve customers
Financial services firms have always faced market volatility, but new challenges are forcing most to rethink their traditional operating models in favor of outsourcing. The expanded use of outsourcing models will help improve revenue and create new business opportunities
Revolution Retail How consumer behaviour is changing banking The next frontier for digital banking As real-time payment systems proliferate around the world, attention is turning to the issues of cross-border payments Destined to fail IT services suppliers need to understand the peculiarities of bank procurement processes. A former insider spills the beans Conference reports News and views […]
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
EMV card usage is increasing almost everywhere in the world as a billion new EMV cards enter circulation – but the US continues to lag behind, despite the fact that liability shifts to the retailer from 15 October this year.
A decade ago, one of the driving factors behind outsourcing was reducing cost and headcount. However, with the growing regulatory and compliance burden, firms are increasingly becoming more cautious about outsourcing.
http://d36omcu95vpmg5.cloudfront.net/webinars/2015/Misys_May2015.mp4 Digital innovation is disrupting the retail banking industry worldwide. Many perceive the trailblazers to be the hot start-ups – creative, legacy-free, pioneering the latest digital and analytics technologies. But established ‘traditional’ banks have the opportunity to reinvent or reinvigorate their brands in the digital world – with an already captive audience and decades […]
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves
At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
