The Payments Market Practice Group has endorsed the use of Swift messages for intraday liquidity reporting. The Swift message set for intraday liquidity reporting underpins a rulebook created by the Liquidity Implementation Task Force, an industry group of twenty five large clearing banks, custodian banks and global brokers, to support compliance with Basel Committee on Banking Supervision requirements.
A large part of any financial technology businesses is clearly driven by the need for banks to comply with the ever-changing regulatory requirements that affect their business. And this has brought about a frenetic period of activity and growth in this core market. These changes affect the various individual areas within financial organizations Wolters Kluwer Financial Services and others serve, including Finance (e.g. IFRS9), Risk (e.g. Basel III Liquidity, FRTB) and Regulatory Reporting (e.g. CRD IV). They also impact the way in which these processes are governed and controlled centrally
South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.
JWG, the financial services regulation specialist, has appointed Blythe Barber as managing director as part of the continuation of the company’s expansion. Barber has been hired as part of an expansion of JWG’s RegDelta regulatory change management platform.
Sometimes the least obvious changes can have a big effect, and very often those changes are in areas that might considered outside the remit of the people best placed to make them. Bank staff remuneration, for instance …
The majority of businesses do not have cyber security insurance, with many not even aware such protection exists – and even those that do have insurance in place may find themselves at a loss if they don’t have the correct cover. The solution may be to mandate more data sharing and raise public awareness, according to speakers at a roundtable organised by software security company Kaspersky Lab.
A bank cannot hope to compete in today’s retail banking market without a ‘digital executive team’ and banks need to reinvent their upper echelons’ if this is currently lacking, as Atom Bank and Apple Pay are merely the start of an avalanche of a new era of digital disrupters, looking to steal the lunch from traditional high street banks.
Central banks need to play a greater role in the provision of infrastructure for low value payments and existing models revised to balance risk and rewards, according to new research published by the Swift Institute.
Russia’s central securities depository NSD has implemented back-to-back settlement technology for off-exchange delivery-versus-payment transactions with securities denominated in Russian rubles. The bank accounts and transactions may be in rubles, US dollar, Euro and Chinese yuan.
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.
Data breaches are getting worse with 246 million records compromised by criminal activity in the first six months of 2015, according to new figures published by digital security company Gemalto. The numbers suggest cyber-crime will remain a top priority for banks for the foreseeable future.
Mitigating risk while rewarding success has become a complex and growing concern in banking. Recent regulatory changes stemming from the financial crisis mean modern banks face regulations from several entities and multiple levels of government that require them to govern, monitor, audit, and report their incentive plans with higher levels of detail than ever before. Many organisations are now challenged to meet these internal and external compliance requirements.
The International Securities Services Association adopted a set of compliance principles to address the “critical challenges” posed by financial crime. The new principles aim to establish “a clear global standard for the opening and maintenance of cross-border securities accounts”.
As the SEPA deadline has come and gone, what will be built upon its advances towards digitisation and standardisation?
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.
Even as they cement their recovery from the financial crisis, adherents to traditional banking models are facing a new storm as they grapple with the digital demands of the Facebook generation and heightened regulatory risks surrounding data. At the same time, they must match the customer service levels offered by the “challenger” banks if they are to avoid haemorrhaging business to their nimble and digital-focused rivals.
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.
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions are seeking comment on proposals for harmonising the Unique Transaction Identifier used to be used for OTC derivatives trade reporting.
Credit Suisse is facing allegations that its dark pool Crossfinder ripped off investors by providing unfair advantages for some participants while misleading others. The incident follows a long history of nefarious activity reported in various dark pools in recent years – and exposed the bank to charges of hypocrisy from market observers.
No one involved in the UK financial services industry could have failed to notice the recent increase in level of fines issued by the UK’s City Regulator, the Financial Conduct Authority. Mary Stevens, from risk and regulatory technology company Wolters Kluwer Financial Services, analyses what the fines mean for the industry.
MiFID II comes into effect in January 2017, which might seem a long way off, but you need to start preparations now if your institution is really going to benefit
The European Commission has adopted new rules that make it mandatory for certain OTC interest rate derivative contracts to be cleared through central counterparties.
Banks may need to revisit the way they handle data, in preparation of an upcoming agreement between the European Commission and the US authorities on data-sharing.
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.
The rate of mobile fraud is highest on Android devices, according to new data from cyber security company Kount, with mobile fraud also outpacing that of online and in-store fraud for the first time this year. The data also shows that average transaction amounts on iOS mobile devices are greater than those made from Android devices.
So after the protracted and ongoing rollout of SEPA, along comes further EU regulation in the guise of the second phase of the Payment Services Directive (PSD2) with further challenges to banks impacting the provision of one of the core banking services – namely payments
Connecting Governance, Finance, Risk & Compliance allows firms to govern all important issues and risks that exist at the intersection of multiple functions. Breaking silos and adopting a forward looking, holistic view of GFRC functions will be what provides financial institutions with a competitive advantage
Regulations aimed at transparency across financial markets may be making things simpler for the regulators, but they are making life more complex for banks, according to Sven Ludwig, senior vice president, risk management and analytics EMEA, at SunGard.
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
Five years on from the Dodd-Frank Act being signed into law in the US, a number of outstanding issues for derivatives reform need to be resolved, according to a new paper by the International Swaps and Derivatives Association.
Some of the top banking industry associations may be joined together, amalgamated or otherwise merged, following the publication of the Financial Services Trade Association Review this month. The move poses both risks and potential benefits.
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
advances in technology, and particularly consumer demand, are driving change and making the payments environment an interesting place to be in the years ahead
The UK’s Payment Systems Regulator has published a series of papers describing its work on the creation of the Payments Strategy Forum, the body it is creating under independent leadership to bring together regulators, industry and users.
The funds industry has successfully implemented the requirements of the Alternative Investment Fund Managers Directive over the past year but has doubts about the use of data being gathered by regulators and question whether it is helping regulators to better spot threats and systemic risks that may impact market stability.
The global financial crisis devastated the reputation of the UK banking industry and it is not hard to understand why public trust in banks is at a low ebb. Since 2008, there have been at least five major scandals involving one or more banks operating in the UK, writes Peter Duffy Along with the reputational damage […]
There is a nuclear revolution going on in banking and payments with new digital challenger banks like Atom and Starling seeking to displace established banks that are themselves turning to real-time payment infrastructures to retain customers and under regulatory pressure to open up to FinTech competition from mobile players and payment service providers (PSPs). Crypto-currencies, cyber-security and other tech challenges were also addressed at the Banking Technology Forum 2015
Tactical regulatory firefighting has distracted banks from their long-term strategic shift to an enterprise view of data. Looming issues such as the possible Brexit highlight the urgency of this task
The need for financial institutions to accurately gauge their exposure to myriad sources of risk has seldom, if ever, been greater. The credit crisis toward the end of the last decade must have made that clear, and if bankers managed to avoid getting the message back then, the point has been driven home ever since by regulators around the world
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.
