Securities settlement: the guessing game
With implementation of Europe’s Target2-Securities beginning in 2015, financial institutions are still defining their strategies and business models. Some questions remain to be answered.
Banking
Barclays builds on Pingit head start
Barclays is making a determined effort to capitalise on the two-year lead it has built up with its Pingit mobile payments application with two new applications intended to allow retailers to integrate mobile payments into their services.
Standard Chartered backs mobile wallets
Standard Chartered has launched a mobile wallet service targeted at corporate clients in Kenya. The service has been developed in partnership with Safaricom, which operates the mobile money transfer service M-Pesa. The bank hopes the deal will herald the start of a major drive to open up financial inclusion in emerging markets.
BAML builds single data repository
Bank of America Merrill Lynch (BAML) has completed consolidation of client transaction banking data from multiple systems into a single centralised data repository. The service will provide corporate clients with up to 14 months of data online or in file format.
Brave new worlds
International financial centres can play an important role in easing companies’ participation in new markets. Heather McKenzie looks at the elements needed to build a successful financial centre
Commerzbank and Clearstream to launch OTC derivatives support service
Germany’s Commerzbank and Benelux-based Clearstream are planning to launch a new service designed to help customers in the G20 nations gear up for central clearing of OTC derivatives.
UniCredit to form joint venture with IBM for cloud services
UniCredit and IBM are to form a joint venture company that will offer IT infrastructure services to other financial institutions as part of a “multi-billion dollar”, 10-year agreement.
BAML boosts Boussuge to head GTS in EMEA
Bank of America Merrill Lynch has appointed Jennifer Boussuge as head of Global Transaction Services for EMEA. Boussuge has been with the company for more than 19 years, during which time she has held a number of leadership roles, most recently as head of global sales for GTS.
BNP Paribas creates Collateral Access umbrella for buy- and sell-side clients
BNP Paribas Securities Services has added Collateral Access, an integrated and comprehensive collateral management system for both buy-side and sell-side clients.
Embrace the internet to determine the future of banking
The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.
RBS poaches Berndt from BAML to head global transaction services
RBS has hired Carole Berndt as global head of transaction services. Berndt has been EMEA head of transaction banking at Bank of America Merrill Lynch for the past three years. She will be based in London and report to John Owen, chief executive, International Banking, at RBS, who said: “I am delighted to welcome Carole […]
Doubts cloud UK Treasury retail competition plans
UK Treasury officials and senior bank representatives showed diverging views over the future of retail banking at an event hosted by Experian in London yesterday, revealing differences of opinion about how best to reform the sector.
New CHAPS mechanism reduces intraday liquidity demands on members
A new Liquidity Savings Mechanism for CHAPS clearing members is showing significant improvement in liquidity efficiency after its first two months of operation. Members of the CHAPS Clearing Company, the organisation responsible for the operation of the UK’s same-day high-value payment system, began using the new LSM in April. Developed by the Bank of England, […]
RBS puts Pain in charge of compliance
The Royal Bank of Scotland has appointed former FSA supervisor Jon Pain as head of its conduct and regulatory affairs division, reporting directly to chief executive Stephen Hester.
Demica report shows strong growth for supply chain finance
Technology will contribute to the development of the supply chain finance market, with the growth of e-invoicing systems seen as a significant market accelerator by the majority of the banking community.
ING’s Mark Buitenhek on the Challenges facing Transaction Banks
Mark Buitenhek, global head of payments and cash management at ING, describes how simplification, SEPA, security and service are the principal issues facing transaction banks, along with regulation.
Standard Chartered targets collateral shortfall
Standard Chartered has enlisted Clearstream and Euroclear to make more efficient use of collateral, as tough new financial regulations drive investor fears of an impending collateral shortfall.
Maurice Cleaves, Barclays, at International Payments Summit 2013
Maurice Cleaves, Barclays, talks to Banking Technology editor David Bannister about the themes that emerged at the International Payments Summit 2013 in London.
Plan (TS)B back on as Co-op pulls out of Lloyds branch purchase
Lloyds Banking Group says it is well advanced in plans for the separation of branches that it had hoped to sell to Co-op Bank in compliance with a European Commission ruling following the state aid it was given by the UK government.
BNP looks to standard Swift messages for improved collateral protection
BNP Paribas Securities Services and Swift are collaborating to enhance the bank’s collateral protection solutions for corporate, buy-side and sell-side clients. The bank has set up “Margin Project”, planning to integrate Swift’s standardised tri-party collateral messages to ensure full compliance with the upcoming regulatory requirements on OTC transaction, mitigation of counterparty risk, asset safety and […]
New Bank Payment Obligation standards launched by Swift
Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and […]
UBS names new group CIO
UBS has appointed Oliver Bussmann as group chief information officer, replacing Michele Trogni, who is retiring after 25 years at the bank, the last four of which she spend as head of group technology. Bussman will take up the post at the beginning of June.
Mobile opportunities for banks
The emergence of alternative payments providers such as PayPal and the growth of mobile payments systems such as M-Pesa should be seen as a major opportunity for banks, not a threat, according to Ron van Wezel, global head of emerging payment streams at Deutsche Bank.
Citi sets out segregated collateral service
As tough new rules requiring the collateralisation of OTC derivatives take hold in Europe and the US, Citi has retooled its OpenInvestor investment services to include segregated collateral custody accounts – a move the bank says will help mitigate counterparty risk and improve collateral efficiency.
Bank of America launches video banking ATMs
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
Standard Chartered poaches corporate finance head Burnett from UBS
Standard Chartered has appointed Peter Burnet as its regional head of corporate finance for northeast Asia. In his new role, Burnett will cover project and export finance, mergers and acquisitions advisory, structured trade finance, financing solutions and equity capital markets.
Banking on the real economy
Asset finance has had a lower profile than other types of loan. But the overall squeeze on lending and higher business loan rejection rates have led to an increased demand for leasing arrangements by SMEs. As a result, asset finance is now the third most common source of finance for businesses.
FSA’s swansong opens a fast track for new entrant banks
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
Barclays names new operations and technology chief
Barclays has appointed Shaygan Kheradpir to the new role of chief operations and technology officer.He will join the executive committee of Barclays and report directly to group chief executive Antony Jenkins.
Bank of America unveils new “responsible rewards” card
Bank of America has introduced a new credit card that rewards customers with up to £100 annually for responsibly managing their monthly credit card payments.
iZettle and Santander “democratise” cheap card payments
Spanish bank Banco Santander has signed a deal with iZettle, a fledgling Swedish payments specialist that focuses on ‘social’ payments. The two companies plan to distribute mini chip-card readers to customers, so that they can accept card payments with smartphones and tablets.
Barclays appoints Thomson to lead London corporate banking service
Barclays has appointed Nicki Thomson as head of business services for corporate banking. In her new role, Thomson will lead a team of relationship directors tasked with providing lending and banking support to the business services sector.
People prefer banks for mobile payments, says VocaLink
Banks may have a poor reputation with the public, but the majority of people in the UK would be more likely to adopt mobile payment services if they are provided by a bank.
Commerzbank adopts visual security tool for mobile payments
Germany’s Commerzbank has adopted a visual transaction signing tool from British security firm Cronto for its online banking customers, designed to protect against Trojan malware.
Customer complaints – a.k.a. customer feedback
Payment protection insurance has dominated the coverage of complaints against banks for some time now, but many observers think that it is just the beginning of a wave of grievances about to engulf the retail banking industry.
New BAML trading system aims at “disillusioned” investors
Bank of America Merrill Lynch is seeking to attract long-term investors who have become disillusioned with equity markets. Its new trading system, Instinct Natural, is a crossing network that is clearly geared towards customers that want to trade in blocks. But market participants have expressed concerns about its potential to meet the needs of long-term investors.
Citi rolls out “branchless” ATMs in Asia
Citi has introduced a new kind of ATM designed to help customers do virtually all their banking without visiting a branch.
Lloyds slashes another 940 jobs as cuts deepen
Lloyds Banking Group is to cut 940 more jobs, the latest in a series of savage headcount culls at major financial institutions. Separate announcements earlier this week confirmed 200 human resources jobs would be axed, and a further 175 cuts made in the Halifax branch network.
Citi targets “dangerous” global collateral shortfall
Citi has established a set of alliances with Clearstream and Euroclear Bank that it says will transform the way broker-dealers manage their collateral, freeing up precious resources as onerous new regulations in the US and Europe burden banks with tougher collateral requirements.
RBS and NatWest online platform targets British SMEs
RBS and NatWest have launched a free online business supplier community called BizCrowd, which is designed to encourage collaboration between British SMEs.
