The shift from analogues to digital – according to Michael Meyer, Middlegame Ventures, during a regtech discussion at Money20/20 Europe – a major European bank he spoke with files over 50,000 pages as part of its quarterley regulatory reporting.
Banco de Mexico, the country’s central bank, is replacing its legacy risk management software with Finastra’s Fusionrisk.
Russia’s largest banking group Sberbank has completed the implementation of its bank-wide technology programme focusing on automating its financial market risk management system. As part of the multi-year project, Sberbank built a technology platform which included IT systems and modules allowing the management of various types of risks, namely credit and market risks. The platform […]
An online survey carried out amongst our readers in the run up to the UK’s first Common Reporting Standard (CRS) submission has found respondents largely optimistic about how their first transmittal would go; were appreciative of the support given to them by their IT departments and thought that HMRC and OECD had done a good job in communicating with them. Their primary concerns were their ability to pull data from their internal systems and keeping up with compliance.
Article 50, triggered just nine months after Brexit was officially announced, will give the UK exactly two years to strike a deal with the EU concerning its departure from the economic and trading bloc. What will be the impact of the referendum on the square mile? Will it cease to be the major financial hub this side of the Atlantic?
UK-based regtech and risk management vendor Lombard Risk is still reporting losses in its latest full year results. For the period ended 31 March 2017, pre-tax loss came in at £1.6 million, an improvement on the £2.2 million from the year before. As reported in May 2016, as a result of its loss for 2015/16 […]
Barclays has chosen smart document management provider ClauseMatch for handling policies and standards in one place with a new online editor. London-based ClauseMatch, a 2014 graduate of the inaugural Barclays accelerator programme, will provide its editor to the bank. This tool turns a “fragmented workflow” of Word documents, PDFs and e-mails and replaces them with […]
ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, presents his latest “Automation in Banking” report (#31!), which looks at the US core banking and ancillary software market.
Wolters Kluwer’s OneSumX risk and management information systems (MIS) reporting solutions will be implemented at Nordea Bank Russia (NBR). The MIS solution is part of the firm’s business analytics offering. OneSumX is designed to manage finance, risk and compliance and “improve organisational efficiency and profitability”. NBR will specifically use OneSumX risk management for asset and […]
Accenture has opened innovation centres in New York and Singapore for finance and risk, and software application development cycles respectively. The New York hub focuses on developing solutions for finance and risk data management, data engineering, analytics, artificial intelligence (AI) and reporting. It will offer consulting, development and operations services, and Accenture says it already […]
Life needs less noise. So here words are destroyed. A round-up of key events in fintech funding. Featuring Autobooks, University of British Columbia, Scotiabank and more. Michigan-based start-up Autobooks has raised $5.5 million in funding. This follows an earlier $2 million seed funding round. Draper Triangle Ventures led the latest round and was joined by […]
Synthesise holistic wisdom from core systems and not just from channel silos. From depth of analysis, ease of configuration/implementation and cross-channel fraud detection to insider fraud detection and real-time high availability, a synchronised enterprise fraud risk management approach delivers five compelling advantages over a delivery channel silos only approach.
KBC Asset Management, Belgium’s largest investment manager, is implementing a new investment book of record (IBOR) platform, Simcorp Dimension, and Axioma’s risk management engine.
Who’s buying who? Featuring Broadridge, Message Automation, Numerix and TFG Financial Systems.
BBVA’s subsidiary in the UK has opted for Wolters Kluwer’s OneSumX solution for regulatory reporting and liquidity risk management.
UK-based regtech and risk management vendor Lombard Risk has extended its “global strategic partnership” with Société Générale. The bank will roll out Lombard Risk’s collateral management system, Colline.
Switzerland-based insurance provider Baloise Group has forged an investment partnership with Anthemis Group, a digital financial services investment and advisory firm. Together, they will curate European and American tech start-ups developing insurance (insurtech) and risk management solutions, with a mandate is to invest CHF 50 million ($50 million).
Erste Group Bank has opted for Asset Control’s AC Plus financial data management platform to support its PRIIPs and MiFID II regulatory requirements.
Canada’s banking group CIBC is implementing Wolters Kluwer’s OneSumX for regulatory reporting across its locations in the UK, Japan, Australia, Hong Kong and Singapore.
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
Austria’s Erste Bank und Sparkassen can now verify new customers’ IDs via video. The functionality has been developed with specialist provider IDnow and introduced just a few weeks following the approval by the country’s Financial Market Authority (FMA).
Thesys Technologies, trading technologies and analytics software specialist, has won the contract to build a new system for the Securities and Exchange Commission (SEC) to track and store all stock and options orders and transactions.
I was recently asked who the biggest winner would be to emerge post-PSD2, the banks or the fintech firms. If we ignore for a moment that the biggest winners are clearly you and I, the end consumer of these services, it did reveal an interesting thought process and dynamic at play.
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
TBI Bank is implementing Provenir Cloud “for rapid risk decision-making and streamlined processing of customer applications”.
Since the Market Abuse Regulation (MAR) came into effect in July 2016, our ongoing conversations with banking organisations indicate that whilst the regulation is aimed at improving market integrity, it has also exposed inefficiencies within some banking monitoring systems.
Swedish Export Credit Corporation (SEK) is implementing Wolters Kluwer’s OneSumX regulatory reporting software for International Financial Reporting Standards (IFRS) 9 reporting.
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Risk management software vendor Wolters Kluwer says its OneSumX system won Bank of Jordan’s tender. OneSumX will support the bank’s liquidity risk and asset and liability management (ALM) operations.
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
Dinosaur Merchant Bank, a UK-based investment management, brokerage and advisory firm, has deployed Ancoa’s surveillance platform to monitor its equity trading activity for instances of market abuse and to meet their obligations under Market Abuse Regulation (MAR).
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
We take a look at the new EU reporting requirements for managing exposure to shadow banking. There are plenty of challenges ahead, not least for the systems that will need to be updated to ensure that firms are able to adequately cope with the new guidelines.
Wolters Kluwer has implemented its flagship OneSumX solution at Mizuho Bank’s subsidiary in the Netherlands. The solution supports risk calculations and multi-country regulatory reporting.
Financial crises are not new, but the global financial crisis of 2008 exposed the over-leveraged interconnectedness of our modern digital age. It reflected the failure of a laissez-faire economic and regulatory philosophy that had increasingly influenced policy circles during the past three decades; that banks could and should manage their own risk with little outside […]
ABLV Bank, a Latvia-based private bank, has selected Wolters Kluwer’s OneSumX to provide regulatory reporting software. The solution will be used for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations. The bank is also using the firm’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who […]
With regulators placing ever greater demands on institutions in the area of sanctions, it is essential that institutions screen their customers and transactions against relevant sanctions lists. Regulators are showing less tolerance for errors than in the past. Not only have fines have been imposed on banks but also on payments companies and casinos. Specifically, […]
