With ten years in fintech under my belt, I have seen the creation of the word itself. I have also seen the rise of various hypes, adoption of buzzwords, sky-high funding rounds, epic failures and a surprising knowledge gap in what is the world’s biggest industry.
The uncertainty produced by the Brexit vote – and the turbulent negotiations since – has led some to question whether the UK can maintain its status as a global fintech capital. But for London as much as for its rivals in the US, China and beyond, the key may lie in capitalising on the next competitive edge for fintech centres.
Watching the recent of smartphone launches, I am taken aback by just how much smartphone manufacturers have led to the normalisation and acceptance of biometrics by consumers.
There is a misconception about blockchain in the industry surrounding the belief that it is a solution to making faster and securer payments. There are some issues around the blockchain that explain why, in its present form, it isn’t an ideal replacement.
Over the past few weeks, we’ve been sharing some extracts from a new crime thriller, Trading Down, by Stephen Norman, long serving CIO/CTO of RBS Global Markets. Here, in the third and final extract, we return to the action at the Hamilton Datacentre crisis.
Cyber risks have evolved significantly over the last couple of years across industry sectors. The financial services industry, in particular, has become the target of choice with malicious actors exploring every avenue they can in order to identify areas of vulnerability.
Clearing houses and central clearing counterparties (CCPs) play a pivotal role in managing collateral and counterparty risk, in increasing standardisation and transparency of financial markets, and in the credit enhancement process for clearing banks. For such systemically critical functions, how appropriate are innovative new technologies such as distributed ledger technology (DLT)?
Trick or treat! It’s Halloween and brands everywhere are using spooky season as a way to have some fun with customers. However, any ghoulish behaviour belongs firmly in the land of fun, and should not creep into everyday customer interactions
Here’s a second extract from Trading Down, by Stephen Norman, which continues the drama in the Hamilton Datacentre.
Banks need to innovate to stay competitive, here’s how.
Building loyalty means delivering convenience. But this means more than just delivering more sophisticated digital services. It means delivering a superior customer experience in every way the consumer interacts with your business.
Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.
A sneak preview of a debut novel by Stephen Norman, long serving CIO/CTO of RBS Global Markets and previously Merrill Lynch. A fast-paced crime thriller – published on 9 November 2017.
Prepaid International Forum (PIF) recently interviewed Suresh Vaghjiani, Managing Director of Global Processing Services (GPS), about the current state of the fintech sector.
Few ideas have captivated the modern payments and financial services industries like blockchain. Since Bitcoin officially launched in 2008, the noise around the potential of distributed ledgers and blockchain in particular has been incessant, particularly in the last two years.
Swift’s global payments innovation (gpi) has taken giant steps towards solving many of the challenges corporates have faced with cross-border payments.
Amid the hype around distributed ledger technology and blockchain it can seem they are technologies looking for solutions. In the heavily paper-based business of trade finance, such technology looks promising and progress is being made elsewhere.
The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.
Carlo Palmers, market infrastructures market manager, Swift, talks to Daily News at Sibos editor Heather McKenzie.
Ensuring security on Swift’s network doesn’t have to be rocket science. Getting the basics right will help individual institutions and Swift’s community.
With new banking reform on the horizon, Amit Dua, president of Suntec Business Solutions, assesses why customers will improve their financial and life circumstances if heritage banks and young fintech firms find a way to combine their strengths.
As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.
Financial technology has the potential to radically transform the securities industry. The fast pace of change could lead to disintermediation, according to an Iosco study.
Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?
With myriad domestic instant and real-time payments systems being deployed internationally, is the next logical step cross-border, real-time payments? We asked some Sibos delegates what they think.
Discussing the strategies banks can adopt to choose the right innovation partners.
Escalating customer expectations, regulatory requirements and technological developments are fuelling the need for instant payments. Market providers agree that real-time payments will be the “new normal” and, it’s not a matter of if, it’s a matter of when.
As part of its global payments innovation initiative, Swift and a group of banks have been trialling distributed ledger technology (DLT) in the reconciliation of nostro databases in real-time.
Many financial services industry firms are examining the potential of distributed ledger and artificial intelligence (AI) technologies. Is it too early for any meaningful deployment?
In an exclusive interview with trade finance specialist TradeIX, co-founder and CEO Robert Barnes explains how banks’ senior management is focusing on one goal and why product silos simply do not work.
Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.
Ahead of Money2020 and the busiest shopping season of the year, Paybefore spoke with Blackhawk Network’s Chief Marketing Officer, Teri Llach, about connecting with consumers in every channel.
I have had it with the stream of articles about what artificial intelligence (AI) can do. Yes, machine learning works. It is possible to analyse key words, correlate them with other key words, do a massive amount of statistics, and find out some stuff. People cannot do that and computers can. Is this AI?
Innovative technologies are increasingly sparking enhancements to trade processes. BNY Mellon Treasury Services’ Dominic Broom, global head of trade business development, and Joon Kim, head of global trade product, discuss how the industry – with banks at the helm – can drive forward new capabilities and help to support trade growth through digitalisation.
Know this feeling when you are asked by a check-in clerk where you’d like to sit on a plane? A torrent of thoughts rushes through your head: being able to see the actual seat map with available options would make your choice much easier. Otherwise it’s kind of like a child describing his/her favourite movie.
Michael Parlotto, VP, Emerging Technologies, InComm, gives the lowdown to Paybefore on the evolution of prepaid and what the future might hold for the industry.
Much of the focus for correspondent bankers at this year’s Sibos will again be Swift’s global payments innovation (gpi) initiative. More than 110 transactions banks from Europe, Asia Pacific, Africa and the Americas have signed up to the initiative, which opened for live payments in January 2017.
Recent business surveys together with published industry trends suggest that ATMs aren’t going to disappear from the landscape quite yet even as the rate of bank branch closures will not take place as rapidly as could have been expected just a short time ago. What’s happening?
This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilising force for the UK economy, inspiring others in the world of central banking.
In trying to balance its budget, the Illinois legislature has taken aim at the wallets of the poor. Two changes by the state government will make it harder for low-income people to manage their financial lives by reducing the usefulness of prepaid cards and increasing the expense of cashing a check.
