Legacy systems – still the big barrier to banking innovation

Outdated legacy IT systems are a major stumbling block for traditional UK high street banks as they look to fight back against their often more agile rivals, widely known as ‘challenger banks’, who unhindered by complex, unwieldy IT infrastructures are typically better positioned to innovate.

Swift to launch global payment innovation project

Swift is planning to launch a global payment innovation initiative, which it says will dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The platform is due to launch early next year.

Banking Technology Dec/Jan 2016 issue out now

The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.

Could banks become our 24/7 personal assistants?

Digital technology is on the verge of transforming banking, in a similar way that Spotify has completely changed the music industry and Netflix has revolutionised broadcast entertainment

Cyber-security will drive New Year jobs boom

Employment prospects in the UK finance and banking sector in the New Year are the brightest in the past three years as high profile data breaches, such as those at TalkTalk and Sony, create a surge in demand for cyber-security experts.

Blockchain Ready?

2015 has been a year of extensive discussion about what role blockchain can play in making processes in the financial services industry more efficient. It has also been a year where both banks and start-ups have been testing whether distributed ledger technology can adequately replace costly legacy systems and improve securities processing, writes Brian Collings. […]

Swift expands Innotribe to emerging markets, adds Industry Challenge

Swift’s Innotribe initiative is to expand its programme to support innovation in emerging fintech ecosystems, including Africa and Latin America. It has also announced a new Industry Challenge programme under which the Innotribe team will work with Swift members to identify business areas that could benefit from collaborative solutions.

PSD II: The Ayers Rock of payments?

Complying with the European Commission’s Payment Services Directive II is like climbing the massive sandstone bulk of Ayers Rock in Australia – you think you’ve reached the top, and then you realise you still have a long way to go, according to speakers at the recent European Payments Regulation conference in London.

Getting to grips with mobile security

The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner. 

The rise of the blockchains: alternative models emerge

If the global payments industry were to be designed from scratch, nobody would design the system which we have today. Yet distributed ledger technology has the potential to bring about dramatic change– if it can overcome the unanswered questions over to what extent the industry should collaborate or compete and whether there will be one model or many different ones, according to speakers and delegates at the European Payments Regulation conference in London on Wednesday.

Trade repositories fall short warns CPMI-IOSCO study

Just under two-thirds of the world’s top nations in capital markets have now adopted international best practices, according to a new report on financial market infrastructures, but more work is needed on trade repositories.

Banks warned: digitise or die …

Retail banks often claim that customer service is their primary focus, but 75% of banks believe they haven’t concentrated efforts on improving it. Instead, annual reports focus on the financial results. Whether these two stories can become one remains to be seen, according to a new whitepaper by bank technology vendor Misys.

HP Enterprise wins RBS cheque imaging contract

RBS has awarded a contract to Hewlett Packard Enterprise for the implementation of a new image-based cheque clearing service in response to UK regulatory changes that require all cheques to be processed digitally by 2017, under HM Treasury’s Future Clearing Model.

No cloud please, we’re bankers

Despite predictions over the last few years that banks were just a heartbeat away from adopting cloud technology, only 1% of banks are actually running core processing in the cloud today, according to a new report by Temenos.

Market infrastructures must work with tech firms to combat cyber-threats

Financial market infrastructures must work with the “broader ecosystem” to improve the resilience of the international financial system in the face of “inevitable” cyber-attacks. The latest guidance document from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions – Guidance on cyber resilience for financial market infrastructures – looks to […]

Kynetix kicks off blockchain commodities consortium

Post-trade technology company Kynetix has launched a blockchain consortium, focused on using distributed ledger technology in commodities markets. The move comes as financial institutions increasingly explore ways to integrate the blockchain concept into mainstream financial services.