‘Pernicious disease’ of cyber war escalates

While the average bank heist averages $6000, a cyber-thief can make off with millions. Last year 552 million identities were breached, while every call about a compromised credit card costs a bank $4.

A call to pragmatic action

In a recently published white paper on intraday liquidity reporting*, Swift urges financial institutions to initiate programs now to address serious challenges with regard to data availability, centralisation, aggregation and interpretation in meeting Basel Committee guidelines. Greater industry collaboration will also help to accelerate moves towards cost effective and sustainable models and solutions.

Outsource your way to happiness, urges SunGard

Banks can reduce the headaches associated with cost pressure, tough new regulation, legacy business complexity and changing customer demands by outsourcing non-core areas of business. That is the idea behind two new corporate actions products launched by financial technology vendor SunGard.

SGSS launches Global Broker-Dealer services

Societe Generale Securities Services (SGSS) has launched Global Broker-Dealer Services, an outsourcing solution aimed at institutional brokers, mid-tier banks and broker dealers. The fully integrated global service includes middle-office services, back-office processing and post-trade services.

Power to the people

The growth of peer to peer lending demonstrates that there is an alternative to the traditional lending model of banks. But can crowd funders ever replace the incumbents and do they enjoy long-run advantages or face being co-opted?

The shifting sands of commerce

Changing trade patterns and attempts to ‘de-dollarise’ international commerce are changing the landscape of trade finance, as new partnerships emerge.

Across the spectrum: ISO 20022 perspectives

The original concept of the ISO 20022 was to create a repository of data used in financial messaging to communicate business information of any type – and to be able to add any types of data that might arise in the future. There has been a lot of focus on the use of the standard in payments and securities messaging roles, this has obscured its current and potential use in other areas.

Work as one to rise above geopolitics, industry urged

The financial industry must work with regulators, market infrastructures and among itself to address the major issues it faces says Jamie Forese, co-president of Citi and chief executive of Citi Institutional Clients Group, during the opening plenary address at Sibos in Boston: “Perhaps the most important issue on which we must work together is encouraging regulators to build a coherent, consistent and unified regime of global financial regulation. We can’t build it ourselves; our role must be as advocates and as advocates we need to speak with one clear and consistent voice.”

Collaboration and utilities key to FMI success

Collaboration between international financial market infrastructures (FMIs) and the development of industry utilities will be a key factor in removing systemic risk and reducing costs for industry participants.

T2S competition is an opportunity, says Benito

The competition that will be introduced by the European Central Bank’s (ECB’s) Target2-Securities (T2S) project among CSDs is an “opportunity” said Jesús Benito, chief executive at Iberclear. In simplifying the post-trade infrastructure of Europe, T2S is prompting new competitive forces, market entrants, challenges and even creating new words.

Regulation overkill won’t prevent another crisis

More than two-thirds of delegates who attended the Demystifying Regulators and Regulation session yesterday said they had to file reports with six or more regulatory agencies and of those, a third report to north of 11 agencies.

Reports focus on global payments growth

Growth is returning to the payments industry and new market entrants are poised to take a share of that growth away from banks, according to a clutch of payments-focused white papers released at Sibos today.

Misys launches tool to integrate corporate to bank relationships

Misys has launched the Misys FusionBanking Corporate FrontOffice, which it said integrates the corporate to bank relationship more fully. It provides banks with a tool that can aid client onboarding and functionality while enabling end use treasury customers to get commercial lending data, trade finance and payment information – and prices – out of their bank much more easily.

Banks have a role to play in crypto currencies

When a new payment system such as Bitcoin arises it tends to be successful “in areas where a need is not being met”, Gottfried Leibbrandt, Swift chief executive told delegates yesterday. He said his fascination with Bitcoin – “both a currency and an innovation” – had not changed in the past 12 months.

Big data is getting bigger, say delegates

Data loads at financial institutions are expected to increase significantly, according to a poll of delegates attending yesterday’s technology forum session on big data.

Sepa Consultancy develops Simulator

Sepa Consultancy has launched the Intraday Liquidity Simulator, a liquidity dashboard solution that provides a timeline of events, outcomes and actions in multiple currencies.