The annual transaction value of online, mobile and contactless payments will nearly double over the next four years, reaching $4.7 trillion by 2019, up from just over $2.5 trillion this year, with contactless payments primarily driven by card purchases rather than mobile.
In April, US post-trade utility the DTCC called for the US settlement cycle to be moved to T+2, to bring it into line with what’s happening in the rest of the world, which is converging on T+2 settlement cycles – at different speeds.
Combining development and operational deployment of software into a more integrated cycle can greatly improve time to market and improve efficiencies giving “10 times faster software driven innovation”, delegates at the annual SifmaTech trading systems conference and exhibition in New York were told.
Banks are paying lip-service to the concept of customer service and are years behind on innovation – and unless they literally get their act together by collaboratively embracing open software libraries and sharing applications and data, they will not survive.
With the US markets heading in the same direction as Europe and elsewhere, the world is converging on T+2 settlement, albeit at different speeds.
Collateral management as it is currently known will no longer exist within a few years as increased regulatory demands, rising levels of automation and growth of industry tools to optimise collateral transform the industry, according to a new survey and report by Sapient Global Markets.
Across the financial services sector, the question is now less about where cloud technology is being used, and more about where it isn’t used. Where do financial institutions draw the line when it comes to deciding whether to keep a process or IT-related service in-house or outsource it to specialists such as Amazon Web Services, SAP and many others?
The speed at which the mobile market evolves is staggering. Just as we started to look at mobile first, where banks need to align their services and strategies to cater for mobile before desktop or other traditional channels, the notion of mobile-only is now creeping to the fore.
BIAN – the Bank Industry Architecture Network – has made further progress in its efforts to promote banking system standards internationally with the US First Niagara Bank and Computer Sciences Corporation and Japan’s Nomura joining as members.
Core banking system replacement projects are notoriously difficult and disaster-prone, but successful legacy migration and systems modernisation can be shown to improve profitability, at least for smaller banks.
Regulators want banks to modernise their IT systems to remove risk, but despite evidence that this will also improve profitability, few are making the leap.
As contactless and mobile payment methods continue to grow, building societies and other financial institutions need to avoid being complacent about new technology, according to senior delegates speaking at the BSA annual conference in Manchester this week.
In one of the highest-profile tech hire in recent years, Barclays has poached Commonwealth Bank’s Michael Harte as chief operations and technology officer, filling the gap left by the surprise departure of Shaygan Kheradpir last autumn.
Confusion and concern over security is cited over and over again as the biggest barrier to widespread consumer uptake of mobile payments. And no wonder – confidence in the protection of sensitive cardholder data lies at the heart of trust in this technology. An EMV card as a physical asset is cryptographically secure. How can we emulate this security with something that is virtual?
Payment services provider Adyen has reported that one in five payments made on its network are now being made using a mobile device – a finding that reflects the rise of mobile payments worldwide, according to the firm.
Standards consortium BIAN has released a new version of its industry standard framework containing more than 180 business scenarios including back-office, trade finance and sales.
Balázs Vinnai, now with Misys, talks about changing banking and payments technology needs.
Intraday liquidity reporting becomes mandatory next January. It might just provide an opportunity to reassess the way banks approach risk.
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
US financial institutions are spending more on risk mitigation than ever before, according to a new study by post-trade services utility the DTCC.
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
IT spending in financial markets is on the rise and is set to reach $100 billion in capital markets, corporate banking and asset management by 2018, according to new research by analyst firm Ovum.
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
Ken Harvey, the erstwhile HSBC group chief technology and services officer and group chief information officer, is to become chairman of CLS Group Holdings and CLS Bank International, succeeding Gerard Hartsink who will retire in October.
Bitcoin, gamification and Personal Financial Management are “generating more heat than light” in debates about the future of retail banking and banks should not be distracted from other major challenges including digital channels and legacy transformation.
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies and reaping the benefits.
Swift has announced the availability of a cloud-based application designed to eases the client onboarding process between financial institutions and their clients. First outlined at the Sibos 2012 event in Osaka, the MyStandards Readiness Portal, is backed by some big names in the business – HSBC, Citi and Clearstream spoke at a Standards Forum session […]
MasterCard has partnered with mobile technology specialist Syniverse under an audacious plan that aims at nothing less than “bringing mobile financial services to every single mobile user on the planet”.
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
Global IT spending by banks will grow 4.4% to $188.0 billion this year, and will continue to do so for the next few years, according to research firm Celent.
The acquisition of digital banking specialist IND Group will give Misys access to parts of its rivals’ customer base that it intends to exploit as it develops its offerings in the digital banking channel, while the closer integration of the IND capabilities will also shore up Misys’ defences against encroachment of its own ageing user base.
A nominal six-month delay in the need to migrate to SEPA-compatible formats hasn’t slowed down the rush to convert clients
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
Trading system monitoring specialist ITRS Group has added a module to its Geneos system for the Murex cross-asset trading and risk management platform.
There are two sides to every coin, but with Bitcoin those sides simply could not be farther apart. Its promise is extraordinary: for those afraid of inflation, it is gold redux, while for those who hate exchange rates, it is a way to pay internationally. For merchants it is a way of avoiding high transaction fees and for former Presidential hopeful Ron Paul, it is the destruction of the US Dollar.
