Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.
A new monthly index that measures UK current account switching has been launched by research firm TNS, providing a snapshot of changing consumer behaviour as the UK Payments Council’s switching service begins to take effect.
European commercial bank UniCredit has chosen payment processing company First Data Corporation to help it pursue its mobile payments plans.
Nationwide has reported a significant increase in the number of customers switching their main current account to the building society, following the introduction of the new seven day account switching service on 16 September – but not everyone is convinced.
Less than one in ten UK consumers has used a mobile wallet, despite the widespread availability of the technology, a new study has found.
Dissatisfaction with global regulators has been expressed during the entire Sibos week, with the topic being raised in sessions across the board.
Lloyds Banking Group’s partnership with Standard Chartered Bank, announced this week, is likely to be the first of a series of such deals intended to allow the UK-focused bank to extend its client services overseas.
The National Bank of Abu Dhabi (NBAD) has signed a deal with Deutsche Bank to use its Guaranteed US Plus payment solution, which it promises will improve price transparency for clients with individual US dollar flows into the US.
As trade flows shift across regions and economic headwinds blow, the trade finance business is facing challenges. Anne Queree examines how correspondent banking networks are adapting
As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls
Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.
For those involved in European payments, the final months of this year are likely to be characterised by a frenzy of activity as the deadline for migration to single euro payments area instruments looms.
Deutsche Bank has signed deals with Dubai Islamic Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China and China Merchant Bank to use its products and services in Europe, the Middle East and Asia.
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.
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 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.
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.
Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.
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
Mobile payments specialist Zapp is expecting to sign up five of the six major UK banks within the next few weeks, following a deal with acquirer WorldPay, announced this week. However, the platform still has a long way to go to catch-up with rival Barclay’s Pingit, which has a significant head-start, having launched in February 2012.
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.
Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.
Financial industry analysts have warned that investors should be careful about how they approach automated trading, following news that a trading error at Goldman Sachs lost the firm $100 million on Tuesday.
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
Ukraine’s UniCredit ‘Ukrsotsbank’ has chosen US technology firm Fiserv to provide its Integrated Currency Manager tool, which the bank will use to improve its supply chain management and make better use of its available resources.
The Royal Bank of Scotland has chosen Canadian IT firm CGI Group to help its corporate clients manage the transition to SEPA, the European Union project to simplify bank transfers denominated in euros.
The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
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.
The London Stock Exchange’s plans to establish a new central securities depository in Luxembourg reveal the way regulation can have unintended consequences – in this case a proliferation of CSDs.
BNP Paribas Securities Services is to use Swift’s value added network service to connect to T2S, the single European settlement platform due to roll out in 2015-16.
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 Securities Services has added Collateral Access, an integrated and comprehensive collateral management system for both buy-side and sell-side clients.
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 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 […]
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.
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, […]
As the first deadline for implementation of the Single Euro Payments Area approaches in February 2014, you could be forgiven for thinking that it is pretty much all over – or at least will be by October 2016, when the second deadline arrives. Don’t count on it, cautions Ruth Wandhöfer, global head, regulatory & market strategy, Citi Transaction Services.
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.
SwissLife Banque Privée is to implement the Avaloq Banking System at its French operation, which was established last year.
