The instant catalyst
Immediate payments are acting as a catalyst for banks to add value and develop holistic payment solutions. In this extract from World Payments Report 2015, the impact of immediate payments on banks’ offerings is examined
Banking
Chips off the old blockchain
The distributed ledger is one of the hottest topics in financial services. Born out of the crypto-currency bitcoin, the blockchain concept has gone mainstream and the first area to feel the impact is likely to be payments.
Deutsche creates FX index based on Autbahn data
Deutsche Bank’s Research unit is launching a new set of proprietary foreign exchange positioning indices based on data from its Autobahn FX trading platform. Called Corax – Categorised ORderflow from Autobahn FX – the indices will be published every Wednesday in the Corax Positioning Report.
Standard Chartered opens new Malaysian office
Standard Chartered Bank, has opened a Global Collective Intelligence and Command Centre at Technology Park Malaysia, which aims to develop new technology to improve banking services. The centre is staffed with software engineers, operations specialists and service partners, co-located in a 33,000 square feet fully-digitised and secured environment. “Defining and implementing our digital aspiration is a […]
Goldmans, JPM and Morgan Stanley plan reference data utility
Goldman Sachs, JP Morgan and Morgan Stanley are building a reference data utility with SmartStream, which they say will provide data normalisation and validation for all asset classes. The project aims to reduce costs for consumers of data in capital markets by economies of scale.
Fintech for corporates: partnering for success
With global investment into the fintech arena growing at an astonishing rate, it is only a matter of time before the corporate sector begins to feel its true force. Fred DiCocco, head of market management, BNY Mellon Treasury Services, discusses how banks are adapting. Fintech is triggering a monumental shift in the payments space, with […]
Top-tier banks rally round R3 distributed ledger project
Nine major global investment banks have formed a partnership to explore the potential of distributed ledger technology in financial markets. The project, led by financial technology company R3, aims to create early standards for the emerging technology that will make it easier and more efficient as it grows.
Reshaping the future of corporate banking
Pascal Augé, head of global transaction and payment services, Société Générale speaks to Daily News at Sibos about the growing importance of transaction banking for corporate customers
ISO 20022: we’ve reached the crossroads and need to act
Last year, the ISO 20022 standard celebrated its 10th birthday, and consequently it may seem a bit odd to say that after more than a decade since its inception, the financial community really should start taking assertive action. Since 2004, the ISO 20022 standard has, thankfully, witnessed substantial adoption but it has been what could be termed an “uncontrolled adoption”. So why is action so critical now?
Barclays launches cloud contingency payments with AccessPay
Barclays has launched a cloud-based contingency payment service for corporates, which the bank says will help corporates to make payments even if they are unable to use their primary channel, for example during an internet outage. The deal comes as financial institutions and corporates increase their focus on risk mitigation.
On solid foundations: building on SEPA’s groundwork
As the SEPA deadline has come and gone, what will be built upon its advances towards digitisation and standardisation?
BNY Mellon ‘back to normal’ today after SunGard system outage
BNY Mellon expects to have its SunGard InvestOne system back to normal today following testing over the weekend and the US Labor Day holiday and have caught up on the generation of net asset values for clients.
Commercial lending and supply chain finance under pressure from non-bank players
Digitally enabled supplier finance networks and alternative lenders now pose a significant threat to every part of the commercial lending business, with 84% of banks seeing pressure on the pricing of loan products as a challenge.
Equifax launches real-time business ownership data service
Equifax, the consumer and business information specialist, has launched a new service providing real-time, integrated data on companies and the individuals who own and run them.
Malaysian bank picks Intellect iGTB platform for wholesale digitisation
Kuala Lumpur-based Hong Leong Bank Berhad has selected the Intellect Global Transaction Banking platform as the basis for a digital transformation of its wholesale banking services.
Barclays opens startup accelerator programme in London
Barclays and startup accelerator company Techstars have opened the application process for the third cohort of their Accelerator programme in London, which will give ten businesses a chance to “shape the future” of financial services, the bank has said.
GMEX signs Bank of America, prepares for launch
International derivatives market GMEX is due to go live on Friday after more than two years of development. Created by co-founders Hirander Misra and Vj Angelo, the new exchange has just signed Bank of America Merrill Lynch and will start by offering futures contracts backed by German derivatives giant Eurex.
Santander targets “WhatsApp generation” with KiTTi mobile app
Santander has launched a group money management app called KiTTI, which is a virtual ‘cash kitty’ that allows groups of people to create a collective pot of money using a mobile app and a prepaid contactless MasterCard.
Reinforcing supply chain links
Despite the squeeze on capital created by the increased global regulatory burden, treasurers must still provide ample working capital for daily commercial flows, with minimum damage to their balance sheets. At the same time, the continuing rise in cross-border trade – frequently with relatively unknown and distant markets – increases exposure to geo-political and environmental risks. In such an environment, and particularly in light of post-crisis sensibilities, liquidity is more of a concern than ever, both to lubricate the daily machinations of trade and to act as a buffer for potential financial or supply-related shocks
Ageing reconciliation systems cost firms dear
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
Fintech startups head to London for Startupbootcamp 2015 final
Ten financial services startups have been chosen by startup accelerator Startupbootcamp FinTech to participate in its annual London program, which seeks to find the best new companies in financial services and bring them to market. Notable themes among the finalists include Bitcoin and the blockchain, big data, algorithms, cloud computing and social networking.
Commerzbank continues card processing contract with Worldline
Commerzbank has extended its existing credit card processing contract with Worldline for a further seven years. Since 1998 Wordline has provided the bank with an end-to-end processing service that includes complete processing of all the bank’s issued Visa and MasterCard cards.
BNP Paribas becomes CHAPS’ 22nd direct participant
BNP Paribas has become a direct participant in CHAPS, the UK’s same day high-value electronic payment system, the 22nd bank to join in this role. More are expected to join by the end of 2016. As a direct participant, the bank can directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.
Banks notable by their absence at Apple Pay UK launch
Apple Pay has launched in the UK without the participation of HSBC and Barclays, two of the UK’s largest retail banks.
Banks must replace ‘old digital’ to improve corporate treasury offerings
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.
The new payments landscape: we need a new mind-set
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 […]
A bank you can’t speak to or visit – coming in 2015
Talking used to be a positive thing. For many years, BT reminded us that it was “good to talk”; whilst in the 1980s the Midland Bank (since acquired by HSBC) promoted itself extensively as “the listening bank”. Now, there is a new breed of bank coming to the UK; one that doesn’t have branches or want a ‘physical’ interaction with its customers
Banks could lose customer interaction role to new entrants
If children trust Google more than they trust a bank, tomorrow’s customers may well hold their money with digital companies instead of traditional banks. That thought worries senior banking industry speakers speaking at the BBA conference in London on Thursday.
HSBC sees boom in use of mobile among corporate customers
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.
ISDA rallies support for derivatives data reporting rethink
Eleven financial associations have published their support for a new set of derivatives reporting standards developed by ISDA, which is calling for greater cross-border harmonisation of data standards – even if that means some national laws will have to be amended.
Mobile tops BBA study into UK consumer behaviour
Banking by mobile phone and tablet has become the primary way UK customers manage their finance, according to new research published by the British Bankers Association.
McKenna to head standards at Global Legal Entity Identifier Foundation
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.
Apple Pay comes to UK next month
Apple Pay will be available in the UK from next month, with eight of the UK’s most established banks and the major credit and debit card networks supporting it – along with Transport for London.
Citi launches futures trading on Velocity
Citi has launched Futures trading functionality on Citi Velocity, the trading platform which provides clients with access to Citi’s research and liquidity across FX, Rates and Credit. Launched in January 2012, Velocity 2.0 is continuously upgraded to include new features and asset classes. It provides clients with an integrated trading suite enabling fastest possible execution […]
Permanent TSB and Italian bank adopt Wolters Kluwer reporting tools
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.
Deutsche Bank plans three new labs as part of €1 billion digital investment
Deutsche Bank plans to open three innovation labs as part of its €1 billion investment in digital initiatives over the next five years. The bank has partnered with different technology partners for each of the Deutsche Bank Labs and will be working Microsoft in Berlin, HCL in London and IBM in Silicon Valley.
FCA sets out terms for probe into corporate and investment banking
The UK’s Financial Conduct Authority’s study into competition in investment and corporate banking will focus on choice, transparency, bundling and cross-subsidisation in debt and equity capital markets, mergers and acquisitions and acquisition financing. It will also consider links between competition in these primary market services and related activities such as corporate lending and broking, and ancillary services.
The Irresistible Rise of Real-Time Payments
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 …
Empowering transactions: from bank regulation to customer-centric innovation
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
May 2015: Retail Revolution
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 […]
