US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.
Financial services firms have always faced market volatility, but new challenges are forcing most to rethink their traditional operating models in favor of outsourcing. The expanded use of outsourcing models will help improve revenue and create new business opportunities
Revolution Retail How consumer behaviour is changing banking The next frontier for digital banking As real-time payment systems proliferate around the world, attention is turning to the issues of cross-border payments Destined to fail IT services suppliers need to understand the peculiarities of bank procurement processes. A former insider spills the beans Conference reports News and views […]
UK retail bank Halifax reports that two-thirds of its customers are now using mobile to login, doubling the number of mobile banking sessions compared to a year ago.
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
The Innotribe Start-up Challenge attendees selected the five finalists from the African leg of the Start-up Challenge to compete at Sibos Singapore in October. The showcase was held yesterday alongside Swift’s African Regional Conference.
Can the right combination of self-service device management, cash management and end-to-end transaction monitoring enable banks to embrace enterprise-wide performance awareness, and take a holistic approach to managing their multi-channel banking environments?
A decade ago, one of the driving factors behind outsourcing was reducing cost and headcount. However, with the growing regulatory and compliance burden, firms are increasingly becoming more cautious about outsourcing.
Visa Europe says that it will roll out its V.me by Visa in the UK this year, having secured commitment from 55% of the UK’s card issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers. It will now be commercially available to the majority of internet shoppers in the UK before the end of 2015.
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves
Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.
At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
ABN Amro plans to implement the Temenos WealthSuite integrated wealth management platform for its international private banking business. It will also be able to extend the use of the T24 core system to its private banking and diamond & jewellery business, giving it one platform with one operating model across multiple business lines.
Exchange technology vendor Cinnober has invited financial IT companies to participate in a new Financial IT Quality Assessment initiative, which is intended to generate a public, industry-wide framework for quality assessment of financial software. The initiative is an attempt to restore shaken confidence in the sector and avoid further regulatory pressure.
Merchant Customer Exchange, developer of the CurrentC mobile payment platform has appointed financial services and payment industry veteran Brian Mooney as interim chief executive. Mooney succeeds Dekkers Davidson, who is leaving MCX to pursue other opportunities.
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
Open APIs offer the promise of a better, more efficient and more inclusive financial services world. But delegates at the Swift Business Forum in London voiced frustration about the speed and direction of progress being made during a session on the topic.
Real time payments ‘innovation’ is in fact simply capitalising on advances that first appeared four decades ago, according to panellists at the Swift Business Forum this week. Since then, progress has been glacial in many places. So why has it taken so long to get real time payments?
New trade reporting requirements that would require banks and other capital markets participants to demonstrate best execution through data will impose massive costs and will not provide an equal level of benefit, according to senior executives speaking at the Swift Business Forum in London this week.
European banks and CSDs will be forced to change their business models under relentless pressure from Basel III, CSDR and T2S. That may involve consolidating services, as well as considering opportunities for collaboration, according to Henri Bergström, head of global post trade solutions at Nasdaq.
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
David Bannister, Editor at Banking Technology, interviews Jerry Norton, Head of Strategy UK Financial Services, CGI.
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
More than 300 organisations have applied to participate in the US Federal Reserve’s task force for faster payments, Sean Rodriguez, senior vice president for industry relations at the Chicago Fed, said yesterday at the Nacha conference in New Orleans.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
At the Recent Payments International conference in London, Patrick Griffin, EVP Business Development at RippleLabs talked to Banking Technology editor David Bannister about the technology and puts paid to some misconceptions about the Ripple protocol.
The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to a new report commissioned by Fiserv. Online banking is still growing too, the research found.
Financial messaging and data integration specialist Volante Technologies has taken a step into the world of packaged products with the launch of VolPay Foundation, a development platform “designed to ease the challenges of payment integration and payment processing projects”.
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
Broker crossing networks will be heavily affected by upcoming European Commission rules on dark trading. But with 18 months to go until implementation, uncertainty still unnerves brokers and asset managers – prompting some market participants to re-examine whether they want to trade at all.
Banks and asset managers are being forced to learn to live in a world of greater specialisation, as unbundling of research and execution drives greater competitive pressure on costs. That is probably a good thing – but it will take the buy-side and the sell side in different directions, according to senior executives speaking at the TradeTech conference in Paris this week.
Security specialist RiskIQ says the growth in digital business is producing an increasing threat to banks across the world, with the largest banks owning an average of 7,500 public facing digital assets – 60% of which are outside the company firewall.
Banks and Fintech companies are locked in a war for the best technologists – and there is only so much IT and technology talent to go around …
Buy-side firms stand to gain from developing their own smart order routers and carrying out their own capital markets research. But the growing independence of the buy-side must still be weighed against sell-side advantages of scale, according to speakers at the Trade Tech conference in Paris on Tuesday.
Türk Ekonomi Bankası, one of the private sector commercial banks in Turkey, and a strategic partner of BNP Paribas, has launched an enhanced digital banking service featuring the ability to hold live chat sessions with bank staff.
Rewiring the Markets Is regulation making capital markets more efficient? Don’t bet on it … Procurement Policies Learn to love the annual budgeting process Supplier management Balancing cost and manageability in supplier sourcing Learning from experience What to look for as real-time payment systems proliferate unstoppable evolution How changes in payments will make some banks […]
The UK’s new Payment Systems Regulator looks set to shake up the way the industry is structured, with reviews of the ownership of the infrastructure and of the way that indirect access is managed through sponsoring banks.
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.
Recently appointed president of investment and advisory firm Anthemis Amy Nauiokas talks about her plans to reinvent the world of financial services.
