It’s often been said that the financial services industry is evolutionary rather than revolutionary, and in some instances this may have proved to be a safe bet. The industry is littered with systems that have grown out of cottage industry and ‘fitting square pegs into round hole, writes Paul Taylor, director global matching, Swift. However, we […]
By Jai Holtz, Sears Financial Services (Member of MCX) There’s no denying that years of hype around mobile payments is beginning to translate into real interest and action from retailers, but the trend has a lot less to do with the actual act of paying than is widely assumed. There are numerous benefits to being […]
With the newly formed LEI Foundation moving forward with establishing processes for issuing and managing the Legal Entity Identifier through its Regulatory Oversight Committee and the registration of seven pre-Local Operating Units, it is worth taking a step back to understand exactly why the industry is pushing forward with the LEI and what it could achieve.
News that two Argentine climbers are planning mobile banking exploits on the slopes of the world’s tallest mountain, Mount Everest in the Himalayas, reveals the lengths to which banks will go to gain publicity for mobile payments technology.
Good news for those with a need for real-time financial market data at their salty fingertips while making crossing the world’s oceans: Thomson Reuters and Bloomberg services have both been benchmarked aboard ship in a proper offshore passage. Brighton-based Beacon Electronic Trading Solutions stress-tested the Thomson Reuters Eikon and Bloomberg Anywhere products on board the […]
Financial institutions have owned the commercial payment space for centuries, but are now seeing a threat to their incumbency from new technologies that have opened up the industry to other business sectors. Mobile transactions in particular are shaking-up banking.
Protect your transactions! Protect your login! Protect your mobile channel! Protect your end users! A layered security architecture is now standard for most organisations. The problem, however, with many of today’s layered security solutions is that they do not correlate information between the various layers (security risks, suspicious events, fraud indicators etc.) and thus fail to see the big picture.
At first glance, the Basel Committee’s new Principles for stronger banking risk governance appear to represent another huge change management challenge for global institutions.
There were signs of spring Financial service jobs in London showed growth in the first quarter of the year, but March ended with a month-on-month drop.
As a rule of thumb, the fastest adopters of new technology are pornographers and criminals (two sets that often overlap). So it should come as no surprise that the latest thing to worry security specialists is 3-D printing. You’ll have seen the stories in the papers about how you can create real working guns with […]
A journalist, a politician and a banker walk into a bar … sounds like the beginning of a joke, doesn’t it? Feel free to submit a punchline: personally, I’m starting to think that it would be a very sour joke. With banker-bashing now an established national pastime, the press having spectacularly fouled their own nest […]
The announcement earlier this week by Transport for London that Londoners have paid for more than 700,000 bus fares using their contactless bank cards since the option for contactless payment was introduced three months ago is proof that contactless payment is finally here, says Bernhard Lachenmeier, head of products and marketing at SIX Payment Services. So why does it feel like this isn’t the case?
Fed Staff Interpretation of Reg. II Creates Precarious Limbo for Debit and Prepaid By Marilyn Bochicchio, CEO, and Brad Fauss, EVP and General Counsel, Brightwell Payments It’s April 3, two days past the effective date for the Durbin Amendment exclusivity routing rules for prepaid. And, many prepaid (and, likely, debit) executives in the United States […]
Asset finance has had a lower profile than other types of loan. But the overall squeeze on lending and higher business loan rejection rates have led to an increased demand for leasing arrangements by SMEs. As a result, asset finance is now the third most common source of finance for businesses.
By Lori Breitzke, E&S Consulting LLC In the initial installment of this article, we addressed how trends in EMV will impact the prepaid sector. But developments in near field communication (NFC) merit an equally close watch, as they, too, should have bearing on the prepaid market and how it plays out moving forward. Let’s start […]
By Lori Breitzke, E&S Consulting LLC In the initial installment of this article, we addressed how trends in EMV will impact the prepaid sector. But developments in near field communication (NFC) merit an equally close watch, as they, too, should have bearing on the prepaid market and how it plays out moving forward. Let’s start […]
They were never going to be happy in Switzerland about the US FATCA legislation that will be used to hunt down people avoiding US taxes, but it’s a surprise to hear that some Swiss burghers are feeling sorry for a group of US citizens who have become part of the fabric of society there.
In today’s multi-channel age, banks cannot afford to focus all their efforts on a single digital strategy any more than solely on the branch experience – the winners will be those that can see beyond channel-specific efforts and provide a truly integrated offering.
for a growing number of people, wary of the debasing of currencies through quantitative easing, alternatives such as Bitcoin are becoming more popular.
March 2013 By Sirpa Nordlund, Mobey Forum So, where were you in the last week of February? If, like me, you work in the mobile industry, there’s a fair chance you visited Barcelona for the GSMA Mobile World Congress. Over three days, 72,000 visitors from more than 200 countries and all corners of the mobile […]
Rising to the challenge of reconnecting with customers, rebuilding trust and renewing the banking experience, banks are starting to explore digital technologies and solutions.
With the January 2014 deadline looming on the horizon, financial organisations are realising that fast action is needed, and needed now, in order to be able to meet the first FATCA deadline for new account on-boarding.
Globally, there are many banks operating on multiple host systems, the result of cherry picking the best in class systems of the day to meet different needs or occasionally, merger and acquisition. Consequently, they have ended up with a legacy of disparate host or core systems, usually segmented by lines of business, such as deposits, retail loans, corporate loans, and trade finance.
The two specialists in an organization most likely to have strong opinions on mobile payments and the impact on the business—software developers and accountants—are unlikely to assign value the same way.
Blog: New Credit Card Surcharges Could Impact Prepaid Market February 2013 By Lori Breitzke, E&S Consulting LLC A proposed settlement agreement in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation—filed in 2005 on behalf of approximately 7 million merchants alleging, among other claims, that MasterCard and Visa had separately colluded […]
Today, maximising profit is harder than ever for banks. The large retail banks have been forced to sell off branches and their investment arms are under increasing scrutiny, writes Tim FitzGerald, finance & banking sales manager, Casewise. The need to change – be it adapting to newly-imposed regulatory frameworks, to differentiating yourself from the competition and […]
As the US Federal Reserve joins a growing list of financial institutions targeted by cyber criminals, reports of an organised campaign to recruit hackers for a large-scale malware attack, dubbed Project Blitzkrieg, has further highlighted the challenge facing the banking sector.
It has been clear for some time now that some of the regulations coming into force around the globe contain contradictions and inconsistencies. A large part of the work done by JWG, Banking Technology‘s partner for our regular RegTech coverage, has been in identifying these, working out their impact on systems and processes and what issues […]
February 2013 By Aleia Van Dyke, Javelin Strategy & Research The slow economic recovery from the Great Recession has forced young Americans to confront a dismal financial reality marked by unprecedented student loan debt and soaring unemployment. But the financial industry cannot afford to ignore Gen Y, the generation of consumers born from 1979 […]
In the history of bank robberies, the £30 million stolen by the Eurograbber attack in 2012 ranks as one of the all-time biggest, globally. And when you consider that this sum was stolen from more than 30,000 accounts across 30 banks in four European countries, using malware that affected both PCs and bank customers’ mobile […]
By Aleia Van Dyke, Javelin Strategy & Research The slow economic recovery from the Great Recession has forced young Americans to confront a dismal financial reality marked by unprecedented student loan debt and soaring unemployment. But the financial industry cannot afford to ignore Gen Y, the generation of consumers born from 1979 to 1999. By […]
On February 28, most of the approximately 70 registered swap dealers will stumble across the finishing line for the remaining asset classes of the CFTC implementation of Dodd-Frank trade reporting regulations. Some may be forgiven for breathing a sigh of relief.
Regulatory data collection tools have been refined, standardised identifiers nearly constructed and more frequent and granular reporting rolled into regulation. Now that regulators have this mass of data, what is the next step in linking it and putting it to use?
Hey! Mr Retail Banker, don’t get too worried about the new UK Account Switching regulation that comes into play in September – just offer your customers some money. About 100 quid should do it.
Technologists in financial services are the least loyal to their employers, even though they also have the worst perception of the economy and of their employment prospects.
Just a day after Osborne vowed to drag the UK payments systems into the 21st century by, er, improving cheque clearing times, a ceremony dating back to the 12th century was getting underway in the City of London.
February 2013 By Krish Mantripragada, First Data The busy holiday season may be over, but the work is just beginning for many merchants. The first few months of the year are a critical time for retailers to reflect on lessons learned and plan for 2013—and beyond. According to First Data’s SpendTrend holiday reports, consumer […]
As the UK Chancellor of the Exchequer gets ready to announce the electrification of the banking ring-fence, we can expect a flurry of commentators telling us that the banking system is ‘not fit for purpose’.
Hats off to Rising Sum, which has built a platform that identifies investment opportunities “using the acquisition criteria favoured by Berkshire Hathaway, Warren Buffet’s highly successful investment vehicle”.
Earlier this month, Banking Technology suffered a post-Mayan apocalypse shock. A weighty report landed on our desks, informing us that the global economy is likely finished, and that the end of civilisation is nigh.
