SIBOS Interview: RegTech in an increasingly digital world
Guy Wakeley, Chief Executive Officer of Equiniti Group talks to Daily News at Sibos about the benefits of RegTech in an increasingly digital world.
RegTech
FTR 2015 – EU regulation with global impact
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
Russell Investments selects Qumram for digital record-keeping
Russell Investments, a US-based asset management firm, has chosen Qumram to provide compliant digital record-keeping. Qumram, a digital interaction audit solutions provider, says it mitigates risk at Russell Investments by recording and retaining all digital interactions on the firm’s corporate website in real-time, in accordance with global regulatory requirements. Qumram says that “increasingly, regulation is […]
Banking Technology Awards 2016 – shortlist unveiled
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
Investments for real-time payment systems and migration to ISO 20022
Traditionally there weren’t any obligations for financial institutions to provide complete information on all parties in a payment process. Today, it is quite a different story. The initiator and receiver are responsible for reporting account numbers, names and addresses of remitters. There are even cases now where regulators may prevent banks from processing transactions when […]
White paper: digital onboarding and regtech – wowing customers, simplifying compliance
This free white paper outlines the main reasons for digitizing identity verification processes and grow your revenue in a streamlined and compliant way.
Kyc.com and Dow Jones team up for compliance drive
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
Interview: Rivi Varghese, CEO of CustomerXPs Software
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Elliptic and LexisNexis team up for Bitcoin risk management
Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]
New report lifts the lid on regtech sales performance globally
The Regtech Supplier Performance Report 2016, published by Market Fintech Limited and supported by Banking Technology, estimates that more 189 global financial institutions have deployed a range of new regulatory technology (regtech) solutions from 20+ specialist suppliers in just a couple of years.
CECL: introducing another project for banking IT departments
There was some big news for bank’s risk and finance technology departments last month. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Notably, this standard introduces a new impairment model, commonly known as the CECL (current […]
Top fintech stories this week – 22 July 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Openfunds launches global standard for fund data interchange
Zurich-based non-profit organisation, openfunds, has created a global standard for the characterisation of investment funds. The goal of the new standard is to improve efficiency, transparency and reliability by eliminating potential sources of error and ambiguity during fund data interchange. Openfunds is now calling for a global adoption of the standard. The standard is published […]
Industry players unite for MiFID II implementation with Project Sentinel
Project Sentinel, a collaborative initiative by a group of banks to mutualise the cost of MiFID II implementation in the OTC front office, has announced the creation of a normalised regulatory data model that assists investment firms to meet their MiFID II OTC sales and trading requirements. Etrading Software, which has the project management office […]
Regtech: from regulatory compliance to competitive advantage
Subas Roy, director in EY’s financial services practice, explains how regtech can help and how to avoid the pitfalls. Most of the business leaders that I interact with these days often use two terms, “digital innovation” and “regulatory compliance”. I wonder if they are intrinsically linked? Indeed, successfully addressing multitude of regulatory risks can be […]
The regulatory fintech sandboxes: are they really useful?
This truly has been the time of regulators announcing fintech sandboxes – what better thing to write about on my first fintech column here, than the ways regulators and fintechs can work together! There were three announcements in the past couple of weeks around regulatory sandboxes – the Australian Securities and Investment Commission (ASIC) announced […]
FIX Trading Community releases standards for MiFID II transaction and trade reporting
FIX Trading Community, the non-profit standards body for the global financial trading industry, has unveiled the FIX Protocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs). Under MiFID II, all investment firms (including certain buy-side institutions) executing transactions in financial instruments are required to report details of their transactions to […]
The banking balance: technology and informed risk decision making
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
Infographics: FATCA and CRS – how ready are you?
As we enter a new era in global tax reporting with increasing regulations around tax transparency, Banking Technology and Thomson Reuters have gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance […]
Experian unveils CrossCore platform for fraud and identity services
Experian, the information services company, has launched its CrossCore platform for fraud and identity services. CrossCore has “plug-and-play” capability and lets companies connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. Steve Platt, global EVP, fraud and identity, Experian, says: “New fraud threats, updates […]
Two years to comply: how must FIs adapt to incoming data privacy regulation?
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
How a regulatory enterprise risk management system can help you
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
Pimco picks Kyc.com and Markit regulatory and compliance system
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements. Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”. Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), […]
ICAP profit and revenue fall, plans name change to NEX
ICAP, a UK-based financial services firm, has revealed profit and revenue loss for the year ended 31 March 2016; and a new name following the sale of its global hybrid voice broking and information business. Revenue, trading operating profit, trading profit before tax and profit before tax were all down for year ended 31 March […]
Bloomberg applies to join global LEI system
Bloomberg has applied to the Global Legal Entity Identifier Foundation (GLEIF) to become a local operating unit (LOU) of the Global LEI System (GLEIS). By submitting this application, Bloomberg moves to the candidate stage of the LOU accreditation process and joins an existing network of LOU’s monitored by GLEIF. Peter Warms, senior manager of fixed […]
European Banking Federation pushing for global policy on cybersecurity
The European Banking Federation (EBF), the Global Financial Markets Association (GFMA) and the International Swaps and Derivatives Association (ISDA) are planning global policy measures on cybersecurity, data and technology through a new set of common principles. In its paper, “International Cybersecurity, Data and Technology Principles”, the organisations want to create a “starting point for dialogue […]
Sapient releases RegRecon for reconciliation and regulatory reporting
Sapient Global Markets, a technology and consulting services firm, has launched RegRecon for reconciliation and regulatory reporting accuracy. RegRecon offers automated trade matching and reconciliation, break management and resolution workflow. It is available as a standalone solution and managed service, or within Sapient’s CMRS (compliance management reporting system) platform. Arun Karur, vice-president at Sapient, says […]
How do MARket participants justify surveillance spend in an era of cost cutting?
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
Capgemini joins forces with FICO for risk and fraud services
FICO, an analytics and decision management software provider, and tech consultancy firm Capgemini have teamed up to provide analytic solutions in financial services. The alliance will provide FICO’s risk and fraud management products through Capgemini’s consulting and integration services in North America. Anirban Bose, global head of banking and financial services, Capgemini, says “many of […]
Swissquote signs with NetGuardians for data confidentiality solution
Swiss banking technology vendor NetGuardians has signed Swissquote Bank for its RiskGuardian solution. It will ensure data confidentiality compliance. RiskGuardian includes the NGScreener enterprise software platform along with predefined controls for specific regulations, such as the FINMA 2008/21 Appendix III regulation related to client confidentiality. Like with many of NetGuardians’ clients, Swissquote is a Tememos’ […]
Reporting under Basel III: avoiding past mistakes
In a world where prudential regulatory rules are interlinked the old temptation to explore one regulatory development at a time is damaging. Regulatory reporting, and the technological systems behind it, need to adapt if we are to avoid past mistakes, writes Selwyn Blair-Ford, head of global regulatory policy at Wolters Kluwer. Here’s a scenario that […]
Payments UK launches new support service, signs Faster Payments as the first taker
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 message guidelines approved and published
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
Top fintech stories this week – 15 April 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
Bolivia’s banking community adopts Swift’s KYC
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
PDQ ATS picks Eventus platform for risk surveillance
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed PDQ ATS for its flagship Validus risk and surveillance platform. PDQ ATS, an independent alternative trading system for equity market participants, will use Eventus’ Validus platform for a centralised look at trading, operations, surveillance, compliance and risk management information for both buy- […]
Swift to launch new payments data quality service
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
NICE Actimize launches AML Essentials for mid-sized FIs
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
Banking Technology April 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Oracle and Lombard Risk partner for regulatory reporting solution
Lombard Risk Management and Oracle Financial Services have teamed up to deliver a global regulatory reporting solution. Called Oracle Financial Services Regulatory Reporting Solution (OFSRRS), it automates the end-to-end process and integrates Oracle’s Financial Services Data Foundation (FSDF) compute engines with Lombard Risk’s regulatory reporting solution AgileReporter. AgileReporter is the latest version of Lombard Risk’s […]
