Cross-border payments: the final mile in the developing world

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.

Pan-European Instant Payment Forum kicks off in Frankfurt

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.

Nurturing innovation

Recently appointed president of investment and advisory firm Anthemis Amy Nauiokas talks about her plans to reinvent the world of financial services.

BCS boosts cross sales with IBM Commerce campaigns

Russian investment banking firm BCS Financial Group says using IBM Commerce to create and manage personalised marketing campaigns has increased cross sales of its online trading, brokerage, and investment strategy consulting services have increased by 20% in six months.

Santander launches ISA mobile app

Santander has launched the UK’s first standalone ISA mobile app , which was designed and developed with mobile specialist company Monitise.

Standard Chartered names Daimler man as CIO

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.

BATS brings Hotspot FX matching engine to London

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.

EY leads latest round of new members for BIAN

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.

An industry imperative: Swift FIN to ISO 20022 migration

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.

Plato gains backing for new industry-owned equities trading utility

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.

‘Unstoppable evolution’ in payments poses threat to irrelevant banks

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.

Yoma Bank Myanmar revamps core banking system

Myanmar’s Yoma Bank is to install a new core banking system provided by vendor Misys, as part of a major transformation project at the privately-owned bank. Yoma especially wanted to be in a position to benefit from the growth of mobile technology in the country.

80% of banks to replace core systems “within five years”

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.