Daily News at Sibos 2018 – Day 1
All the latest news and analysis from Swift’s premier event of the year.
Standards
Bank of Beirut hits IFRS 9 goals with Wolters Kluwer
Bank of Beirut opts for Wolters Kluwer’s OneSumX regtech.
Top fintech stories this week – 5 October 2018
Catch up on FinTech Futures’ top five fintech stories of the week – all in one place!
Playing catch-up: post-trade modernisation vital for Nordic banks’ global ambitions
A key part of the Nordic banking industry is under pressure to modernise its post-trade operations tech.
Why blockchain could revolutionise trade finance documentation
Standards, regulation and a network all need to be fully achieved before widespread adoption.
UK government puts its heart into Digital Charter
Pushing new standards to keep digital economy, cybersecurity and tech investment on track.
Unibank becomes Armenia’s first bank to comply with Swift security standards
Unibank is now fully compliant with the required standards of security for the Swift payment infrastructure.
Biometrics: a question of standards and yet more questions
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.
Corporate banking: clear sky thinking
Swift’s global payments innovation (gpi) has taken giant steps towards solving many of the challenges corporates have faced with cross-border payments.
Daily News at Sibos 2017 – Day 4
Read our fourth and final Daily News at Sibos edition of the Sibos 2017 conference in Toronto – all the latest news and analysis from Swift’s premier event of the year. Free to read online or pick up a complimentary print copy if you are at Sibos!
NextLabs and NIST team for access rights management framework in financial services
National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
Is fintech to banking what craft ale is to brewing?
Is fintech to banking what craft ale is to brewing? If so, what can banks learn from the rise and rise of craft ale? Aden Davies, principal consultant at ABZD, looks at ten trends seen in the craft ale industry that have interesting parallels with the rise of fintech.
Oracle unveils new global payments solution for banks, Oracle Banking Payments
Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi).
Four banks team up to standardise repackaging transactions
Deutsche Bank, Morgan Stanley, Nomura International and Societe Generale have teamed up to produce documentation for use in listed and unlisted repackaging transactions. According to the banks, repackaged products provide the investor exposure to the underlying credit of an issuer and are specifically designed for the investor’s risk-return needs. In addition, cash flows can be […]
ISITC Europe and Oasis to define technical standards for blockchain
The International Securities Association for Institutional Trade Communication (ISITC) Europe and the Organisation for the Advancement of Structured Information Standards (Oasis) are to jointly define technical standards for blockchain/distributed ledger technology (DLT).
Sibos 2016: collaboration will energise ISO 20022
To drive ISO 20022 adoption, the industry is calling for collaboration and for those with the ‘right stuff’ to lead the way. A panel yesterday, ISO 20022 market practice developments, gave a global view of the status of ISO 20022 in the payments and securities markets. Gerard Smith, director collateral services at LCH.Clearnet, said the […]
The path to perfect harmony
The nitty-gritty work has been done with IS0 20022, but new technology and regulations mean that institutions will have to standardise their workflows as well.
PSD2: 5,000 banks, 15 months and lots of work to do
In a mere 15 months, approximately 5,000 financial institutions across Europe will be required to provide open access to customer, transaction and payment information via APIs. “This is a massive amount of work,” said James Whittle, director of industry policy for Payments UK, the representative body for the country’s payments industry, speaking at the EBAday […]
Harmonising high-value payments
While it sounds like something for which you’d need to visit a doctor, Swift’s HVPS+ will likely be a talking point during the payments industry panels at this month’s Sibos. Announced in mid-August, the high-value payments system task force is an important component of Swift’s ISO 20022 harmonisation initiative. A number of central banks, market infrastructures and banks from around the world are members of the task force.
Investments for real-time payment systems and migration to ISO 20022
Traditionally there weren’t any obligations for financial institutions to provide complete information on all parties in a payment process. Today, it is quite a different story. The initiator and receiver are responsible for reporting account numbers, names and addresses of remitters. There are even cases now where regulators may prevent banks from processing transactions when […]
Swift forms task force for ISO 20022 harmonisation
Swift has formed a global market practice task force of markets infrastructures and banks to assist its ISO 20022 Harmonisation Charter. Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of high value payments systems (HVPS) providers. Swift says it is a “key component” […]
Vendor spotlight: Europe is open
Target2-Securities (T2S) is a big task, but it is already improving intraday liquidity, says TAS Group. The opportunities are now ripe for the vendor to apply its fintech expertise across the pan-European market. Banking Technology caught up with TAS Group at the recent EBAday conference in Milan. When the T2S system went live in June […]
Openfunds launches global standard for fund data interchange
Zurich-based non-profit organisation, openfunds, has created a global standard for the characterisation of investment funds. The goal of the new standard is to improve efficiency, transparency and reliability by eliminating potential sources of error and ambiguity during fund data interchange. Openfunds is now calling for a global adoption of the standard. The standard is published […]
FIX Trading Community releases standards for MiFID II transaction and trade reporting
FIX Trading Community, the non-profit standards body for the global financial trading industry, has unveiled the FIX Protocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs). Under MiFID II, all investment firms (including certain buy-side institutions) executing transactions in financial instruments are required to report details of their transactions to […]
LCH signs up to Swift’s ISO 20022 Harmonisation Charter
LCH is the first central counterparty clearing house (CCP) to sign up to Swift’s ISO 20022 Harmonisation Charter. The charter is designed to help rollout the ISO 20022 messaging standard and “promote harmonisation”. LCH, which is majority-owned by the London Stock Exchange, is one of 17 financial market infrastructure providers to have “endorsed” the charter, […]
Two years to comply: how must FIs adapt to incoming data privacy regulation?
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
How do MARket participants justify surveillance spend in an era of cost cutting?
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
Canadian Payments Association moves to ISO 20022
The Canadian Payments Association (CPA) has adopted ISO 20022, as it looks to modernise Canada’s payment system. Gerry Gaetz, president and CEO of the CPA, says ISO 20022 will “enable the Canadian financial community to provide better service, both domestically and across borders, to their customers”. The CPA says recent research indicates that cost savings […]
Payments UK launches new support service, signs Faster Payments as the first taker
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 message guidelines approved and published
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
Switzerland’s new RTGS system paves the way for ISO 20022
Switzerland’s new real-time gross settlement (RTGS) system, SIC (SIX Interbank Clearing), is now live – opening the way for ISO 20022 usage. The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April. With SIC up and running, migration to the new […]
ISO 20022 Implementation Strategy For Financial Institutions: Industry Harmonisation, best practice and advice
This webinar will explore how SWIFT supports the community to reduce the overall cost of ISO 20022 adoption and help members adapt to the standard and exploit the business opportunities.
Fundamental Review of the Trading Book: analysing the impact
Exactly who is affected as a result of the Fundamental Review of the Trading Book (FRTB)? Xavier Dubois, senior risk and finance specialist for EMEA at Wolters Kluwer, explores the subject. Earlier year, the Basel Committee on Banking Supervision (BCBS) set out the long awaited revised standards for minimum capital requirements for market risk. We […]
Securities Financing Transactions Regulation: danger signs
The aims of the Securities Financing Transactions Regulation (SFTR) may be laudable – but how much difference will some of the changes really make, other than create another operational burden? As Tracy Dilks, senior consultant, and Akber Datoo, founder and managing partner, D2 Legal Technology, suggest, the regulator might as well put a sign in […]
Digitising risk data architecture reporting
Can applying semantics make BCBS 239 reporting consistent and comparable across all regulatory bodies? Rupert Brown explores the options when best practice isn’t good enough… Regulatory vagaries and the punitive fines make these tense times for bank risk officers. On the one hand, regulators are asking for a whole lot of architectural work to be […]
A whistle-stop tour of the regulatory calendar
As financial institutions across the board gear up for 2016, the year ahead poses some notably regulatory challenges. Not least among these is the impending Market Abuse Regulation (MAR) from the European Commission; there will also be further progress on MiFID II. On 3 July this year, an event will take place which will mark […]
Preparing for PSD II
The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more. In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the […]
HSBC Germany selects Swift to connect to Target2-Securities
HSBC in Germany will use Swift’s Value Added Network (VAN) solution to connect to Target2-Securities (T2S). VAN Solution enables T2S participants to connect to the new pan-European securities settlement platform for the exchange of business information in ISO 20022. Other banks and central securities depositories (CSD) that have signed with Swift for T2S connectivity include […]
Nacha sets out to dispel ISO 20022 myths
US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
US and Europe set for real-time payments by end of 2017
The US and eurozone countries both look set to have live real-time payment infrastructures by the end of 2017, both using the ISO 20022 for real-time messaging standard.
