Banif Bank Malta in business, ops and tech shake-up
Malta-based Banif Bank is harbouring ambitious growth plans and is looking to modernise its technology enterprise-wide, front-to-back office as a key part of this strategy.
Treasury & Capital Markets/TCM
BitFlyer competes for Japanese Bankers Association’s blockchain experiment attention
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 […]
Aegon Cofunds to oust IFDS and its tech
Pension, insurance and investment management firm Aegon has embarked on a large technology project with a number of specialist tech providers – to move the acquired Cofunds business from the International Financial Data Services (IFDS) platform.
Six new banks join UBS-led utility settlement coin plan
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 launches new settlement service
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 […]
Symphony Communication Services makes its Asia debut
Hong Kong-headquartered capital markets and investment group CLSA has deployed Symphony Communication Services collaboration platform across its entire business. The roll-out of Symphony to CLSA’s 1,900 employees is its largest deployment to date by an Asia-headquartered firm. CLSA joins a community who connect on Symphony, comprised of over 220,000 corporate users from 190 firms. CLSA […]
Trustees Australia merges with deposit marketplace Cashwerkz
Financial services group Trustees Australia and deposit marketplace Cashwerkz have merged as they seek to tap into the cash, term deposit and fixed income investments markets. According to the duo, the new entity has access to over 30 Australian banks, and it will be able to compete well in the $2.1 trillion cash deposit market. […]
Industry bullish on promise of fintech – Opimas research
Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.
Russia’s CSD develops blockchain platform with Waves
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.
Vietnam welcomes first derivatives market and clearing house, GMEX provides tech
Vietnam’s first derivatives market and clearing house has gone live on the GMEX Technologies platform. The project is a collaboration between Hanoi Stock Exchange and Vietnam Securities Depository, and has been carried out together with local system integrator FPT Information System.
Kantox pulls in $6m from existing investors
Currency and risk management solutions company Kantox recently reeled in $6 million in funding.
Payments: Australia gives Swift instant results
Off the back of its involvement in Australia’s New Payments Platform (NPP), Swift has entered the instant payments market in Europe, with plans to launch a gateway solution in November 2018. The solution will enable instant payments to be made over the Swift network using a single gateway to connect to multiple instant payments systems across Europe.
Euroclear ends blockchain gold settlement deal with Paxos
The partnership between central securities depositary Euroclear and Paxos for a blockchain-powered gold settlement service is over, according to Reuters. As Banking Technology reported last year, the pair completed their first pilot for the service for London bullion – with a go-live planned for this year. Over 600 OTC test bullion trades were settled on […]
Bank of England opens up RTGS service to fintech competition
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), […]
IBM blockchain powers Borsa Italiana’s digital securities scheme
Italy’s only stock exchange Borsa Italiana, part of London Stock Exchange Group, and IBM are building a blockchain solution to digitise the issuance of securities for unlisted small and medium enterprises (SMEs) in Europe. The aim is to simplify the tracking and management of shareholding information, and create a distributed shared registry containing a record […]
BNP Paribas fined $246m for FX misdemeanours
BNP Paribas has been hit with a $246 million fine by the US Federal Reserve System relating to past misconduct in its foreign exchange (FX) business. The Paris-based bank says it will pay the fine and has settled Federal Reserve allegations that it failed to keep its FX traders from using electronic chatrooms to manipulate […]
LCH SwapAgent opts for Murex capital markets platform
LCH SwapAgent has selected Murex’s MX.3 capital markets platform for trade processing, valuation, margining and member reporting. LCH SwapAgent was launched last year by LCH, a central counterparty clearing house, as a new centralised service for the non-cleared derivatives market. In this latest deal with Murex, LCH SwapAgent “aims to improve efficiencies” in the bilateral […]
Profile Software to acquire treasury provider Login
Banking tech provider Profile Software will acquire 100% of Paris-based Login, a specialised treasury software provider. Founded in 1988, Login offers its AcumenNet platform, which is used for front office, trading, risk management, middle and back office requirements. It covers a range of asset classes that include forex and money market instruments, exchanged traded and […]
UAE gives all clear for unified clearing house
A unified clearing house could be on its way to the UAE, with a trio of organisations making noise that they’re working together to make it happen. The Abu Dhabi Securities Exchange (ADX) has signed a memorandum of understanding (MoU) with Dubai Gold and Commodities Exchange (DGCX), and its parent company, Dubai Multi Commodities Centre […]
Azerbaijan adopts Bloomberg auction platform for FX
The Central Bank of Azerbaijan has chosen to conduct its auctions for foreign exchange (FX) instruments and deposits through Bloomberg’s auction platform. The platform manages primary market operations, and has been recently extended to include FX instruments (spot and outright) and deposits, in addition to its pre-existing suite of fixed income and repo products. Ali […]
BNP Paribas and SmartAngels develop share register tool on blockchain
BNP Paribas Securities Services and SmartAngels have developed a share register management tool using blockchain. The platform enables unlisted companies to digitalise their financial securities and to manage their shareholder register using a decentralised, distributed ledger. It was developed as part of their partnership formed last year. During testing, BNP Paribas Securities Services and SmartAngels […]
Scottish Building Society selects Whistlebrook’s treasury management system
Scottish Building Society has chosen Whistlebrook’s Treasury Management System (WTMS) to replace its existing solution, Parity Treasury Management Software from Manex Treasury Systems. As reported last year, Eurobase International acquired the Parity software from Manex, its flagship product. Parity clients and Manex staff moved to Eurobase as part of the deal. Scottish Building Society was […]
TMX Group to overhaul clearing and settlement tech with TCS Bancs
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).
ECB to develop service for settlement of instant payments
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 […]
Vontobel pioneers SIX Securities Services’ Advanced Settlement solution
Swiss wealth manager Vontobel has become the first taker of SIX Securities Services’ Advanced Settlement offering.
Circle rounds on rivals with free cross-border payments
Payments services provider Circle is offering its customers in the US, UK and Europe the ability to send and receive money across borders with no fees and no mark-up on foreign exchange (FX) rates. The firm says it is “just like sending email or sharing photos” – meaning it’s “free and instant”. There will be […]
Glenmede Trust Company implements Charles River IMS platform
Glenmede Trust Company, a US-based investment and wealth management firm with $34 billion of assets under management, is consolidating its institutional and wealth operations on Charles River’s Investment Management Solution (IMS).
Revolut launches multi-currency service across Europe
UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards. Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity […]
Fintech funding round-up: 8 June 2017
It felt like only yesterday (7 June) that we published a fintech funding round-up. In fact, we did. But this latest version features Kasikornbank, Lmrkts, International Finance Corporation and Entersekt. Kasikornbank (Kbank), one of the largest banks in Thailand, has launched its “Beacon Venture Capital” investment unit with $30 million on hand to support start-ups […]
Nasdaq fuels new trading system in Poland
Towarowa Gielda Energii (TGE – Polish Power Exchange) has launched a new trading system provided by Nasdaq. Nasdaq has partnered with TGE since 2008 and the new technology allows TGE to expand future activities, including adding commodity and derivative instruments to its business offering. The trading platform features multi-market model support, a range of order […]
Deutsche Bank feels the fourth on GBST Syn system in Australia
Securities processing software vendor GBST has migrated the back and middle-office operations of Deutsche Bank from the legacy GBST Shares platform to GBST Syn for processing the bank’s equity market trades in Australia. This is GBST’s fourth live Syn installation in the country. Other users are Macquarie Bank, Citi Australia and brokerage and investment firm […]
R3 powers Japan’s blockchain derivatives prototype
R3 and four Japanese financial institutions (FIs) have joined forces to use blockchain in a derivatives prototype test. Nomura, Daiwa Securities Group, Mizuho, Sumitomo Mitsui Banking Corporation and R3 have tested a prototype developed using Corda, R3’s distributed ledger technology (DLT) platform based on blockchain, to streamline International Swaps and Derivatives Association (ISDA) Master Agreement […]
Bank for International Settlements unveils code for special FX
The Bank for International Settlements (BIS) has unveiled its FX Global Code, a set of global principles promoting good practice in the foreign exchange (FX) market. The code has been developed by a partnership of central banks and market participants from 16 jurisdictions for “integrity and effective functioning”. Many organisations are welcoming the code, such […]
Amsterdam Trade Bank revamps tech with Misys and Sentia
Amsterdam Trade Bank (ATB) is undergoing a major technology overhaul with Misys as a key partner. The bank is implementing Misys’ solutions from the Fusionbanking and Fusioncapital portfolios to modernise its corporate banking, treasury and capital management (TCM) and trade finance operations.
Euronext to acquire FastMatch for FX sake
Pan-European exchange Euronext will acquire about 90% of FastMatch for $153 million as part of its expansion plans in the $5.1 trillion daily foreign exchange (FX) market. FastMatch’s management will retain about 10% interest, with minority rights. Closing is subject to regulatory and anti-trust approvals, and is expected to occur in Q3 2017. Stéphane Boujnah, […]
Swift unveils “first ever” cross-border payments tracker
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 […]
IBM heats up Chile’s financial sector with blockchain
IBM and Chile’s Santiago Exchange, the largest in the country, have teamed up to introduce blockchain across the country’s financial sector. The agreement makes the Santiago Exchange the “first stock market in Latin America” to apply IBM blockchain within its short selling system for securities lending. Built by IBM and Santiago Exchange, the solution is […]
Moneycorp buys Commonwealth Foreign Exchange for US boost
Moneycorp in the UK has signed an agreement to acquire US-based payments firm Commonwealth Foreign Exchange (Commonwealth FX). The acquisition, subject to regulatory licensing approvals, will allow Moneycorp to “extend the geographical reach of its payments platform”. Nick Haslehurst, chief financial and operating officer at Moneycorp, says it sees “huge potential in the US among […]
Bank of England unveils blueprint for new RTGS service
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 […]
Travelex preps new challenger bank Ditto for launch
New banks are appearing at the double – and Ditto, a France-based mobile-driven multi-currency bank, is the latest one getting ready to launch. Ditto, which is backed by foreign exchange company Travelex, has been built from scratch over the last two years and is “managed as a separate entity” from Travelex. Ditto is based on […]
