Unlike manufacturing companies, which run their operations on a single predominant ERP system supported by a few auxiliary solutions, banks have added layer upon layer of technology, ending up with an unmanageable snarl of systems and applications. Just to put things in perspective, it is estimated that on average global banks have more than 5,000 applications.
Australian broker Macquarie Futures has begun using a cloud-based reconciliation service from Gresham Computing and Amazon Web Services, which the broker says will help it to make its North American derivatives business more efficient.
Firms looking to adopt cloud-based services should consider the security and data privacy implications associated with moving critical systems into the cloud, and not let vendors drive their technology strategies for them, according to Bank of England CIO John Finch.
Combining development and operational deployment of software into a more integrated cycle can greatly improve time to market and improve efficiencies giving “10 times faster software driven innovation”, delegates at the annual SifmaTech trading systems conference and exhibition in New York were told.
The outsourcing of middle and back office functions by banks and brokers is now the norm, with nearly all firms outsourcing at least part of their functions to specialist providers such as custodian banks.
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
Across the financial services sector, the question is now less about where cloud technology is being used, and more about where it isn’t used. Where do financial institutions draw the line when it comes to deciding whether to keep a process or IT-related service in-house or outsource it to specialists such as Amazon Web Services, SAP and many others?
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
Following the tumultuous change that came in the wake of the subprime crisis, capital markets firms have yet to regain a strong foothold but 2014 is showing increasing evidence of a shift to a higher gear.
Bank of America is working with Facebook’s Open Compute project on a radical revamp of its systems. David Reilly, head of its Technology Infrastructure unit, tells Banking Technology why Software Defined.Infrastructures are the way ahead.
A new mobile voice recording service is being developed by UK tech company Voxsmart, which it claims is the first to automatically capture every type of communication on a mobile device so that it can be used for trading compliance purposes, including the FCA in the UK and Dodd-Frank in the US.
The burgeoning wealth of Asia represents a huge opportunity for asset managers that can scale their businesses across the region, but it will place huge strains on firms’ operations, driving them to explore a new approach to outsourcing.
Credit Agricole CIB has signed an outsourcing deal with Genpact, in which the technology firm will help the bank by providing its IT development and maintenance, production support, infrastructure management and user support in the US.
India’s first women-only bank has launched in Mumbai and six other Indian cities, offering a service aimed at increasing financial inclusion for women in one of the world’s most populous countries.
Three independent UK building societies – Ipswich, Loughborough and Dudley – have agreed to use a new software as a service solution from Unisys to handle their mortgage and savings accounts. The deal represents the latest move in a series of steps by the UK’s building society sector to adopt cloud platforms.
Start-up financial analysis company Kenshō is planning to become the first professional analytics platform built completely on Nasdaq OMX’s FinQloud cloud computing platform, which is powered by Amazon Web Services.
Portugal’s Caixa Geral de Depositos bank is planning to grow its trading business in Brazil, using a hosted service provided by SunGard.
Cloud computing company SAP has signed a deal with Citibank for a major new cloud platform that promises to simplify corporate to bank connectivity for some of the world’s largest banks, Banking Technology has learned.
US banking and payments technology specialist FIS has launched a cloud-based real time core banking utility aimed at mid-tier banks in central and eastern Europe, which it says will help client to roll out new products faster and cheaper than ever before.
Leeds Building Society has joined the shared services alliance founded by HP Enterprise Services and the Yorkshire Building Society in September, in a deal that will see the society move its core application for mortgages and savings to the cloud. The deal also marks a growing recognition among the UK’s mid-tier institutions of the power of cloud to help them move with the times.
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
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.
US based Pinnacle Bank has chosen to outsource its processing to Fiserv as part of its Precision bank platform, in a move the bank says will help it to scale and roll out new products including mobile banking, bill payment and checking. Based in the town of Elberton in the US state of Georgia, Pinnacle […]
US banks Clare Bank and Farmers Exchange Bank have chosen to install cloud-hosted core banking services from vendor Temenos, in a deal that the banks say will help them reduce costs and roll out products to customers more easily.
De Nederlandsche Bank (DNB), the Netherlands’ national banking regulator, has cleared Amazon Web Services for use in the country’s financial sector, clarifying key supervision criteria for Dutch organisations looking to move infrastructure or services to the AWS cloud.
US consulting, market data and technology firm Jordan & Jordan has chosen to launch its execution compliance and surveillance service on Nasdaq OMX FinQloud, the cloud computing platform built for financial services and powered by Amazon Web Services.
Banks should not be afraid to go further and faster in their adoption of cloud computing, says Mohamed Gamil, chief operating officer at Islamic Bank of Britain.
German exchange group Deutsche Börse has announced what it claims to be the world’s first vendor-neutral marketplace for cloud services.
Banks need to cross a psychological barrier and embrace the concept of outsourcing their payments operations if they are to compete on product innovation and customer service rather than simply on cost.
A new payments service aims to change the way banks, merchants and payments providers interact with each other by using cloud technology.
Click here to watch this free webinar Building a business case for moving to the cloud can be challenging. Although cloud-based technology is emerging in nearly every segment of the financial services industry, many business and IT executives are wary of taking the leap. We invite you to join the experts at Banking Technology and […]
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 […]
Swedish trading system specialist Tbricks has released OnDemand, a new platform that it says will remove the need for trading firms to make any investment in hardware, installation nor running costs.
Java is the most ubiquitous programming language out there, but it doesn’t work well in the cloud. One approach to overcoming the problem is featured among the Accenture-sponsored FinTech Innovation Lab London finalists.
More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms.
Dutch cooperative Rabobank has increased its outsourcing of banking software development and testing, via a five-year deal with technology specialist Cognizant that the cooperative hopes will provide it with the benefits of stronger technology.
Faced with flatlining IT budgets, global CIOs must better exploit the business potential of technology to achieve results – currently they realise only 43% of that potential says Gartner. Top of the priority list is what the research firm calls ‘digital technologies’. In this it includes mobile, analytics, Big Data, social media networking and cloud, […]
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