At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
ABN Amro plans to implement the Temenos WealthSuite integrated wealth management platform for its international private banking business. It will also be able to extend the use of the T24 core system to its private banking and diamond & jewellery business, giving it one platform with one operating model across multiple business lines.
Exchange technology vendor Cinnober has invited financial IT companies to participate in a new Financial IT Quality Assessment initiative, which is intended to generate a public, industry-wide framework for quality assessment of financial software. The initiative is an attempt to restore shaken confidence in the sector and avoid further regulatory pressure.
David Bannister, Editor at Banking Technology, interviews Jerry Norton, Head of Strategy UK Financial Services, CGI.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
At the Recent Payments International conference in London, Patrick Griffin, EVP Business Development at RippleLabs talked to Banking Technology editor David Bannister about the technology and puts paid to some misconceptions about the Ripple protocol.
Financial messaging and data integration specialist Volante Technologies has taken a step into the world of packaged products with the launch of VolPay Foundation, a development platform “designed to ease the challenges of payment integration and payment processing projects”.
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
Financial institutions face an unprecedented array of threats including traditional fraud, ATM skimming and cash harvesting, as well as more sophisticated cyber threats and online hacking. This online webinar will explore how video-driven analytics can be used to provide insights into business vulnerabilities and to protect against fraud and other types of threat.
CounterpartyLink, a provider of legal entity intelligence for buy- and sell-side institutions and law enforcement agencies, has announced CPL Hierarchy Profile, a new product designed to provide a single view of the client across complex client groups.
NCR has announced a radical new approach to ATM network deployment, with cloud-based enterprise application allowing banks to control and manage thin-client devices running a locked-down version of the Android operating system.
Security specialist RiskIQ says the growth in digital business is producing an increasing threat to banks across the world, with the largest banks owning an average of 7,500 public facing digital assets – 60% of which are outside the company firewall.
Buy-side firms stand to gain from developing their own smart order routers and carrying out their own capital markets research. But the growing independence of the buy-side must still be weighed against sell-side advantages of scale, according to speakers at the Trade Tech conference in Paris on Tuesday.
IG Group has launched a trading app for the Apple Watch, which it says is one of the first of its kind. The Apple Watch is due to be released on 24 April.
Rewiring the Markets Is regulation making capital markets more efficient? Don’t bet on it … Procurement Policies Learn to love the annual budgeting process Supplier management Balancing cost and manageability in supplier sourcing Learning from experience What to look for as real-time payment systems proliferate unstoppable evolution How changes in payments will make some banks […]
To maintain growth in our globalised, always-connected and increasingly regulated world, banks need to use digital assets and capabilities to create new value propositions for their customers, we know. The problem is how? And what is the best way of doing so in the face of what some worry could be a complete fracturing of the market due to the rise of non-traditional competition from possible banks like a Google or an Amazon?
Immediate payments have been available for some time now. The UK led the way with the launch of the Faster Payments Service in 2008 and other countries have followed, including Sweden, Singapore and Mexico. Real-time technology is fundamental to any mobile payments initiative and immediacy is the new norm of the digital age. Other countries can learn from the UK experience to avoid pitfalls and realise the benefits sooner.
There are two major trends in the cross-border payments world: an explosive growth in the number of payments between developed and developing countries, and the fact that governments, regulators and commercial actors increasingly favour payments being executed in local currency and discourage the use of US dollars to settle local.
The inaugural meeting of the Open Forum on Pan-European Instant Payments drew 77 representatives from 55 payment service providers, technology providers and other stakeholders to Frankfurt this week to kick off discussions about requirements and collaboration on infrastructure services to support instant payments at a pan- European level.
Recently appointed president of investment and advisory firm Anthemis Amy Nauiokas talks about her plans to reinvent the world of financial services.
Long-term investors are deeply concerned about their ability to find liquidity, with nearly 90% afraid that predatory high-frequency traders are preying on their flows, according to a new survey by block-trading network Liquidnet.
Santander has launched the UK’s first standalone ISA mobile app , which was designed and developed with mobile specialist company Monitise.
Türk Ekonomi Bankası is to launch a mobile contactless payment application using Visa Europe’s host card emulation functionality to provide secure contactless payments.
Standard Chartered has named Michael Gorriz as group chief information officer, replacing Jan Verplancke, whose departure was announced earlier this year. Gorriz is currently vice president and CIO at Daimler.
Hotspot, the institutional foreign exchange market owned and operated by BATS Global Markets, is to expand its European presence with the launch of its first Europe-based FX matching engine later this year. The new matching engine will be located in the London Slough Campus data centres and will target Europe and Asia and specific FX currencies that dominate the European and Asian trading hours.
The Banking Industry Architecture Network has announced six new members including ACI Worldwide, Atos, EY and Zafin. Its global network now numbers 58 banks, service providers, software vendors and academic partners.
As international regulators demand more detail from banks on payments to individuals and companies, the first order of business is to ensure compliance with mandates. Migrating Swift MT payment formats to ISO 20022 will allow the industry to shape the transformation of payment messaging standards rather than have others shape it – but there is a need to set timelines for implementation or cede control.
The Plato Partnership is a consortium of asset managers and broker-dealers working to build a non-profit trading utility in Europe. The group has just signed four more asset managers, including AXA Investment Managers, JP Morgan, Union Investment and Fidelity Worldwide.
Banks have been warned that new entrants will come and ‘eat their lunch’ if they fail to remain relevant to the modern consumer in the face of an ‘unstoppable revolution’. The point was made repeatedly during sessions at the Payments International conference in London this week.
Misys has launched a banking app prototype for the upcoming Apple Watch, which is due to launch in April, that allows users to make transactions by speaking at their watch.
Four out of five banks believe they will have to replace their core banking system in the next three to five years, with nearly 90% in favour of including SaaS or cloud based services as part of the infrastructure, according to a new survey of senior bank executives.
Swift has hired David Lefferts as managing director, market initiatives for the Americas. Lefferts joins Swift after eight years at Markit, where he held product development, cross-product strategy, and senior business development roles over his eight year tenure.
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
The need for a digital strategy has leapt to the top of retail banks’ agendas over the past year, replacing regulatory issues, as they look to fend of competition from tech and e-commerce rivals.
A three-party alliance between alternative FX market LMAX Exchange, retail FX provider Z.com Trade and retail FX trading platform MT4 have built a combined liquidity pool, which aims to provide ‘last look’ liquidity to a wider market.
Cloud computing is becoming more prevalent throughout the financial sector but many firms say they are less than halfway to having a firm cloud strategy in place, with controls and security remaining primary concerns.
Temenos has moved into the fund administration business with a €235 million acquisition of Luxembourg-based Multifonds, which counts a number of Tier 1 institutions as users of its fund administration platform.
A Balancing Act Mobile banking and payments are forcing banks to radically reconsider their systems architectures and processes Cloud in financial services How banks learned to stop worrying and love the cloud Biometrics Voice and fingerprint recognition are no longer esoteric or inaccurate – in fact, they’re becoming the norm Nurturing innovation Amy Nauiokas talks about Anthemis’s vision […]
Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.
Fenergo has enhanced its Regulatory Rules Engine software, used by investment banks investment banks and capital market firms for client lifecycle. The software enables financial institutions to comply with a range of regulatory frameworks based on a single, out-of-the-box repository of rules.
