The derivatives execution and clearing (DEC) business of BNP Paribas has implemented SmartStream Technologies transaction lifecycle management (TLM) Fees and Expense Management (FEMS) solution.
Users of EBA Clearing’s instant payment system, RT1, will be able to access the platform via Swift’s SwiftNet Instant solution from November 2018. According to Swift, its solution will address all RT1 customer requirements, including instant messaging, file transfers and a browse solution. Erwin Kulk, head of service development and management, EBA Clearing, says: “RT1 […]
Marisa Kurk, senior managing director and COO of Mesirow Financial Currency Management group, explores best practices in foreign exchange (FX) settlement.
Commerzbank, KfW Banking Group and MEAG, the asset manager of Munich Re and ERGO, have replicated a jointly traded euro commercial paper (ECP) in a blockchain environment.
Tokyo-based Bitcoin exchange BitFlyer has been selected as a partner vendor to provide an experimental environment for the Japanese Bankers Association’s “collaborative blockchain platform”. BitFlyer’s proprietary blockchain technology – Miyabi – will be used and the platform is scheduled to begin operation in October. Miyabi is a private blockchain “exclusively” for enterprise users. The experiment […]
The UBS-led effort to create a digital cash model for payments and settlement on blockchain has got six new banks onboard, according to the Financial Times. As Banking Technology reported in August last year, BNY Mellon, Deutsche Bank, ICAP and Santander joined UBS and Clearmatics to advance their utility settlement coin (USC) concept, and plan […]
Eftpos Australia, the nation’s most widely used debit card payments system, has unveiled its new eftpos Settlement Service (eSS). According to Eftpos, eSS enables the centralised settlement of CHQ (cheque) and SAV (savings) transactions processed via the Eftpos Hub. Paul Jennings, Eftpos acting CEO, says the implementation took 18 months and with all members now […]
National Settlement Depository (NSD), Russia’s central securities depository (CSD), and Waves, a decentralised platform for launching crowdfunding campaigns and issuing digital assets, have embarked on a blockchain project.
The Bank of England (BoE) is opening up access to settlement accounts in its real-time gross settlement (RTGS) system with the goal to promote fintech innovation and competition. The bank says it’s extending access to non-bank payment service providers (PSPs), offering direct access to the UK’s sterling payment systems. The UK’s Financial Conduct Authority (FCA), […]
Canada’s TMX Group has recruited TCS to help it renovate its clearing and settlement business technology. The Indian vendor will provide “a single, integrated technology platform” to TMX – TCS Bancs for Market Infrastructure – to replace disparate legacy systems deployed by the Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC).
The Governing Council of the European Central Bank (ECB) says it will develop a new service for the settlement of instant payments. The new service, Target instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real-time and will be available around the clock, 365 days a year. The […]
Swiss wealth manager Vontobel has become the first taker of SIX Securities Services’ Advanced Settlement offering.
Corporate treasurers have a moment to treasure as Swift has unveiled its new cross-border payments “Tracker” for real-time tracing. Swift says Tracker is the “cornerstone” of its global payments innovation (gpi) initiative – which went live in February – with the aim to deliver greater speed, transparency and end to end tracking. Tracker provides a […]
The Bank of England (BoE) has released its blueprint for a renewed real-time gross settlement (RTGS) service for payments in the UK – with plans to interface with blockchain and deal with APIs. On an average day, BoE says RTGS settles around £500 billion between banks – around a quarter of the UK’s annual GDP […]
The Central Bank of Iceland (CBI) has chosen Italian firm SIA to implement and support a new real-time gross settlement system (RTGS) and new instant payment platform. These technology infrastructures developed by SIA, are planned to go live in 2018, and will replace CBI’s current mainframe-based real-time solutions for high and low-value payment systems, which […]
VocaLink and BancTec, a part of SourceHOV, a provider of enterprise information management (EIM) and transaction processing solutions, will build the UK’s new image-based cheque clearing system. As Banking Technology reported this month, the Cheque and Credit Clearing Company (C&CCC) launched the industry-wide system to speed up processing for customers across the country. Paul Stoddart, […]
The US Securities and Exchange Commission (SEC) is being vigorously back slapped and group hugged by the finserv industry for finalising rule changes to help achieve a two-day settlement cycle (T+2). With an avalanche of acronyms, the Depository Trust & Clearing Corporation (DTCC), Investment Company Institute (ICI) and Securities Industry and Financial Markets Association (SIFMA), […]
The Cheque and Credit Clearing Company (C&CCC) has launched an industry-wide image-based cheque clearing system to speed up processing for customers across the UK. The new system will go live with some banks and building societies from 30 October 2017. Then, at some stage in the second half of 2018, all of the UK’s banks […]
SIX Securities Services, Switzerland’s post-trade market infrastructure says it has developed – “and intends to deploy” – a new bond issuing solution based on the distributed ledger technology (DLT).
The committee on payments and market infrastructures at the Bank for International Settlements (BIS), an international financial institution owned by central banks, has issued an analytical framework on distributed ledger technology (DLT) in payment, clearing and settlement.
Pakistan’s Bank of Khyber (BOK) has chosen Autosoft Dynamics’ Islamic treasury management system, Adams, and its RTGS STP utility (real-time gross settlement system straight-through processing), AutoRTGS. The government-owned bank will use Adams (automatic deal, money market and securities trading system) for conventional and Islamic treasuries, while AutoRTGS will be used for processing fund transfers between […]
Five European central securities depositories (CSDs) have migrated their respective communities to live operations on the Target2-Securities (T2S) platform using Swift’s value added network (VAN) solution. OeKB CSD (Austria), Clearstream Banking (Germany), LuxCSD (Luxembourg), Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) and KDD – Centralna klirinško depotna družba (Slovenia) all migrated over. These five quickly […]
Pakistan-based Askari Bank has gone live with Autosoft’s Islamic treasury management system, Adams Islamic, and its RTGS STP utility (real-time gross settlement system straight-through processing), AutoRTGS. The bank can manage its Islamic treasury operations using Adams Islamic as well as process funds transfers between banks using AutoRTGS. Adams Islamic is also integrated with the bank’s […]
Clearstream Banking Frankfurt and LuxCSD have migrated to the European Central Bank’s (ECB) Target2-Securities (T2S) platform. “The first business day is already in process and runs smoothly,” Clearstream states.
BNP Paribas Securities Services has teamed up with Calypso Technology to bring to market “a full, end-to-end post-trade services offering across asset classes” for investment banks.
Central securities depositary Euroclear and blockchain firm Paxos have completed the first pilot for Euroclear Bankchain, a new blockchain settlement service for London bullion due to go live in 2017. Over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot. Angus Scott, director, product strategy […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
R3 and twelve of its blockchain consortium member banks have trialled Ripple’s Digital Asset XRP for interbank cross-border payments. Using XRP, Ripple says it can enable near real-time value exchange anywhere in the world, providing “liquidity on demand and reducing associated costs”. David Rutter, CEO of R3, says the prototype “paves the way for a […]
Bruno Prigent, Head of Societe Generale Securities Services (SGSS) and Mathieu Maurier, Global Head of Sales and Relationship Management discuss the global securities industry and SGSS’s plans for the future.
Join the consortium. PayCommerce, an open cross-border payments network, has launched an instant cross-border payment, clearing and integrated settlement programme for global banks.
Momentum is building behind the T2S securities settlement system as it gains critical mass. While expected benefits and outcomes have not fully materialised, the unexpected benefits have captured the imagination of the post-trade industry.
Custodians are being urged to adopt a standardised utility model for the management of standing settlement instructions (SSIs) to resolve ongoing challenges such as high costs and risks for buy-side firms.
Standard Chartered, National Australia Bank, Mizuho Financial Group, BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank are the latest banks to join Ripple’s blockchain-powered network for cross-border payments. “2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as […]
BTL Group is partnering with Visa Europe Collab to investigate potential applications for blockchain settlement in financial services. The project will use BTL’s cross-border settlement platform Interbit to explore the ways in which blockchain-based settlements can “reduce the friction” of domestic and cross border transfers between banks. A small number of European banks have been […]
Commerzbank London and UniCredit have “successfully” processed the first UK Bank Payment Obligation (BPO) live transaction. The banks say with the backing of the ICC Banking Commission and Swift, there has been a “growing demand for, and an increasing number of”, BPO transactions, as a “proven” digital settlement tool. Raphael Barisaac, global head of trade […]
BNY Mellon, Deutsche Bank, ICAP and Santander have joined UBS and Clearmatics to advance their utility settlement coin (USC) concept, and plan tests in a real-market environment. USC is a digital cash model for payments and settlement. It will run on blockchain and be another rival to Bitcoin. The group plan to build on the […]
SBI Ripple Asia has announced that a Japanese consortium of 15 banks in a new network will use Ripple’s blockchain technology for payments and settlement. Using Ripple, customers of the banks will get real-time domestic and cross-border payments, 365 days of the year. Initial participants include Bank of Yokohama and SBI Sumishin Net Bank (SBI […]
ALTX East Africa has launched its new exchange – offering the ability to handle 150,000 transactions per second. Joseph Kitamirike, CEO, director and co-founder of ALTX East Africa, says: “We also have the ability to settle securities transactions on a delivery versus payment (DvP) model within 15-20 seconds if the settlement bank we are working […]
BNP Paribas Securities Services has become a direct securities participant to the US Federal Reserve through FedLine, its online financial services information and payment service. The company, a subsidiary of the BNP Paribas group, says this completes its direct connectivity to the US market on all securities instruments. BNP uses Torstone Technology’s post-trade securities and […]
Bottomline Technologies has launched its Universal Aggregator for payments and the accreditation of its “Faster Payment” processing capability. Bottomline Universal Aggregator has been designed to give banks, corporates, governments and non-financial banking institutions an “easy plug-in” to an array of payment clearing and settlement systems around the world. The “first-of-its-kind” service provides a single interface […]
