Is everybody API?
Competition from financial technology companies and regulatory changes are forcing banks to adopt APIs to provide access to client information, which has many implications across the industry.
PayTech
Lack of data in securities messages creates compliance issues
A lack of information in securities messages creates problems for financial institutions screening them for regulatory compliance. But if the audience in a session yesterday is representative, only around half of them are screening anyway.
Banks jump on the RMB superhighway
Banks have been quick to participate in the China International Payment System (Cips) and Sibos has provided the perfect opportunity for them to boast of their involvement. The payments infrastructure, which was launched on 8 October, was described as a “milestone” by Helen Yun, managing director and head of financial institutions China, Bank of America Merrill Lynch. Speaking during the Developing your transaction business with China session on Tuesday, she said the launch came at the right time, just a few days before Sibos opened.
Asean 5 defy the downturn, ANZ study reveals
While much of the focus at this year’s Sibos has been on China, today’s ‘Asean day’ highlights the emergence of the countries of the Association of South East Asian Nations (Asean). Many had expected the region’s trade integration to falter during the global financial crisis amid falling export demand. However a new report from Australia’s ANZ bank said the region had “defied the detractors and proved a resilient base for a new cohort of international banks”.
It’s not who you know, it’s what you know
Sluggish economic growth in developed nations means attention is still focused on the growth markets of the Brics nations. As intra-regional trade grows, local knowledge is becoming a valued commodity.
Cips ‘not a competitor’ says Swift
Swift was keen to point out that the newly-launched China International Payment System (Cips) is not a competitor. Prior to the launch of the Chinese payments infrastructure, details of the system were scarce. On Tuesday at Sibos, Philippe Dirckx, managing director, head of markets and initiatives, Asia Pacific, at Swift said he wanted to clear up the idea that Cips was a competitor to Swift.
‘Disruptive’ Chinese innovation is a signpost to the future, says Innotribe panel
Disruptive innovation in banking and payments was overwhelmingly coming from China. Established global banks had better watch out or they may soon not have a future …
Worrying want for working capital
Working capital and supply chain finance topped the list of concerns for corporate treasurers in an audience poll at The future of corporate banking session yesterday.
Need for fintech innovation
Regulatory pressures, millennial customers demanding different services and the impact of digital giants such as Google and Amazon are making innovation an imperative for banks and financial services organisations. But banks are not very innovative on their own, being risk averse and focused on their balance sheets.
From tiny acorns …
From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.
Real-time payments can fight disruption …
The rise of real-time payment infrastructures in the UK, Singapore, Poland, Australia and elsewhere in the world can help banks fight the disruption they face from alternative payment service providers (PSPs) and financial technology newcomers
SIBOS Interview: Chrisol Correia, Head of Global Anti-Money Laundering Solutions, LexisNexis Risk Solutions
Chrisol Correia, Head of Global Anti-Money Laundering Solutions, LexisNexis Risk Solutions
What’s in Your Mobile Wallet? Capital One Launches M-Payments Solution (Oct. 14, 2015)
With today’s launch of its Capital One Wallet, Capital One is the first U.S. bank to enter the mobile wallet race. But with 22 million active mobile customers, Chase may not be far behind.
Blackhawk Partners with Stockpile for U.S. Stock Investment Gift Cards (Oct. 14, 2015)
Blackhawk Network Inc. today announced a key partnership with the 5-year-old Palo Alto, Calif. based startup Stockpile Inc., to distribute a line of gift cards representing U.S. stock market shares that can turn recipients into equity investors for as little as $50.
Henry Heads Investment in M-POS Provider CardFlight (Oct. 14, 2015)
Dan Henry has been mostly quiet since leaving his role as CEO of NetSpend last year, but the payments pioneer has now dipped a toe back into the industry, investing in m-POS provider CardFlight.
SIBOS INTERVIEW: Paul Francis Walvik-Joynt, Engagement Director, NETS Group
SIBOS INTERVIEW: Paul Francis Walvik-Joynt, Engagement Director, NETS Group
SIBOS INTERVIEW: Tom Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions
Tom Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions
Second Circuit Holds Credit Card Surcharge Doesn’t Violate U.S. Constitution
Court considers whether it’s permissible for a discount for using cash or a surcharge for using credit cards.
SoulCycle Pushes Back Against Alleged Gift Card Violations
A high-end fitness company selling tickets to reserve a spot in a specific class at a designated date and time comes under scrutiny for violating the CARD Act.
SCOTUS Denies Cert in Borders Gift Cardholder Suit
Borders gift cardholders do not get to claim $210 million in unredeemed gift card funds.
Retailers Continue to Challenge Interchange Fee Settlement
Target Corp., Amazon.com and a host of other retailers continue to challenge MasterCard, Visa and several large banks over the terms of a $7.25 billion settlement reached in 2013. The settlement was supposed to end the retailers’ claims that the banks and MasterCard and Visa artificially inflated interchange fees. Several of the largest retailers, however, […]
Viewpoint: Contrasting Payments Innovation in Europe and the U.S.
America has led Europe in payments innovation. Europe has led in payments regulation. The recent rubberstamping of PSD2 in Brussels suggests that’s likely to continue.
Sibos Interview: Niraj Singhal, Dell Services
Sibos Interview: Niraj Singhal, Dell Services
The value of utility
Compliance obligations are increasing for financial institutions. A utility approach to the issue is gaining favour …
Finding the right fit
Trade finance plays an important role in helping to grease the wheels of the global economy. A largely paper-based process, effort is being put into finding ways to automate and improve processes for banks and corporates.
Regulation and costs see big banks spurn smaller players
Larger banks are turning away payments business from smaller banks as regulatory and cost pressures bite. More than two-thirds of delegates in yesterday’s compliance session, Big Banks and Small Banks, said they had been victims of de-risking by larger banks; 68 per cent said larger banks had withdrawn from doing business with smaller banks. In addition the audience poll found that 67 per cent of respondents had experienced reduced services from their larger correspondent banks during the past three years.
Evolution set to drive correspondent banking
Correspondent banking business models will continue as they are but adapt to changes in customer needs rather than replace existing infrastructures with new technologies such as blockchain.
Real-time payments shift a gear to corporate level
There is no longer an issue of whether to offer real-time payments but rather how to offer them, according to the panellists in yesterday’s Real time: how fast is too fast? session. And now the demand has stepped up a gear from peer to peer payments to the corporate world.
Innovation needs infrastructures, say panellists
Despite the hype proclaiming that the blockchain will solve everything including the common cold, the reality is more prosaic, according to panellists at the Securities market infrastructure innovation: the next frontier session yesterday. Instead, the reality may be that capital markets innovation can only really take flight when the market infrastructure gets involved.
Internet of things to shake up trade finance
Trade finance is one area of wholesale banking that is set to be transformed by the internet of things. At yesterday’s The internet of things and banks’ core platforms session most of the discussion was about the wider issues of banks’ digital transformation. But when the panellists were asked by Cathy Bessant, Bank of America Merrill Lynch’s chief operations and technology officer, where the concepts could be applied to wholesale banking, it was trade finance that was highlighted.
SmartStream adaptor automates TLM
SmartStream has extended the capabilities of its Trade Lifecycle Management suite with the launch of an adaptor. The adaptor will provide a full lifecycle of trading messages for the non-clearing OTC derivatives market and TLM Cash Management module for the front-office, which will provide a global real-time view of cash positions across all settlement channels […]
The millennial fulcrum proves to be the tipping point for ‘old’ #banking
The financial crash has had many repercussions, but one unforeseen consequence has been that trust in banks and financial services among millennials – that’s anyone too young to remember a Sibos pre-2000 – is almost non-existent. And banks have to adapt if they are still to be relevant to the next generation of consumers.
Building a new risk architecture
It seems that at each Sibos, certainly since the financial crisis of 2008, a regulatory deadline is looming large. This year’s model is the Basel Committee on Banking Supervision’s (BCBS’) 11 principles for effective risk data aggregation and risk reporting (BCBS 239), with which globally systemically important banks (GSIBs) must comply by 1 January 2016. However, a report on the progress of adoption reveals a lack of preparedness.
Meeting the need for speed
Real-time payments systems and infrastructures are being rolled out globally. What impact will they have on financial institutions? How fast is too fast? Daily News at Sibos asked delegates where the trend is heading …
Banks face ‘death by a thousand cuts’
Oracle has launched the Oracle Banking Digital Experience, which it describes as the end result of a five-year project to build the ‘next generation’ of banking platform. Ashwin Goyal, group vice-president and general manager at Oracle Financial Services, said banks would not have to make “major changes” to their core systems as a result of the new platform.
Swift adds structure to unstructured data
Swift has launched an analytics service that provides users with a deeper analysis of their payments and letters of credit (LC) data over Swift. Watch Banking Analytics Premium is a part of the Watch for Banking services range, a set of online reporting and analytical tools that allow users to look into their institution’s message content to better understand the value behind messaging activity.
People on the Move: Jeff Lipa, Arroweye Solutions
Card marketing and production service provider Arroweye Solutions has named Jeff Lipa vice president of business development.
People on the Move: Steven Turowski, The Bancorp
The Bancorp has hired Steven Turowski as executive vice president, chief risk officer.
