Project Sentinel, a collaborative initiative by a group of banks to mutualise the cost of MiFID II implementation in the OTC front office, has completed the detailed business requirements that meet MiFID II regulatory obligations. The project is now focused on finding the right vendors to deliver the solution. “Once the vendor assessment is complete, […]
Dubai Islamic Bank (DIB) has chosen Nasdaq BWise’s governance, risk management and compliance (GRC) platform for more real-time visibility into their risks. The BWise GRC platform will support DIB, the largest Islamic bank in the United Arab Emirates, to continue monitoring and managing its risks, compile and present reports for the board, senior management and […]
There was some big news for bank’s risk and finance technology departments last month. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Notably, this standard introduces a new impairment model, commonly known as the CECL (current […]
Lebanon-based Blom Bank has signed for Wolters Kluwer’s flagship solution, OneSumX, for operational risk management. The project will be delivered by the vendor’s local partner, Advanced Financial Solutions. OneSumX Operational Risk “automates and simplifies” the process of collecting, storing, analysing, tracking and reporting on information relevant to operational losses, risk and control assessments, says Wolters […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! BBA records dramatic increase in mobile banking usage Digital banking is in a “consumer-led revolution”. MasterCard buys VocaLink for $920 million Current owners Barclays, HSBC, Lloyds and RBS will receive a handy windfall. Cidel Bank implementing ERI’S Olympic […]
Firms operating dark pools have made “significant progress” in addressing the promotion and the management of conflicts of interest, according to the UK’s Financial Conduct Authority (FCA). Dark pools are trading venues with no-pre trade transparency where the price and volume of all orders are hidden and anonymous. Andrew Bailey, chief executive of the FCA, […]
Thomson Reuters and Imperial College London have teamed up on research projects to look at big data challenges impacting global fintech and regtech. Working with researchers from the Data Science Institute at Imperial, Thomson Reuters will contribute financial market data and legal expertise, as well as data management and machine-learning expertise, to Imperial’s data visualisation […]
Blockchain and biometrics could be the way forward for the future of the UK’s regtech industry, according to the findings of the Financial Conduct Authority (FCA). The FCA issued a call for input in November 2015 about the development and adoption of regtech; and more than 350 responses were received. Of that number, 43% were […]
Bank Leumi USA, part of the Bank Leumi Group, has replaced its legacy technology platform with FIS’s banking and payments solutions, including core processing, branch, digital and mobile banking, compliance, risk and back office systems. FIS says it was a “big bang” project implementation and large in size and scope for a mid-sized banking institution. […]
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
Target2-Securities (T2S) is a big task, but it is already improving intraday liquidity, says TAS Group. The opportunities are now ripe for the vendor to apply its fintech expertise across the pan-European market. Banking Technology caught up with TAS Group at the recent EBAday conference in Milan. When the T2S system went live in June […]
It’s hard to believe that it’s been just under two weeks since the UK narrowly voted in favour of Brexit. The pace of breaking news across the political and economic spheres has been brisk. In and amongst what is a great deal of uncertainty about the UK’s future relationship with the European Union, FinTech Futures, […]
The London-based subsidiary of South Africa’s banking group, FirstRand Bank, is live with a new regulatory reporting solution. The software is supplied by specialist vendor AxiomSL and supports the bank’s production and submission of statistical reports required by the Bank of England (BOE). AxiomSL has been providing its BOE reporting solution to financial institutions in […]
Zurich-based non-profit organisation, openfunds, has created a global standard for the characterisation of investment funds. The goal of the new standard is to improve efficiency, transparency and reliability by eliminating potential sources of error and ambiguity during fund data interchange. Openfunds is now calling for a global adoption of the standard. The standard is published […]
BMCE Bank International, a UK-based subsidiary of Morocco’s BMCE Group, is live on a new regulatory reporting platform supplied by specialist vendor AxiomSL. The vendor says BMCE Bank International is using its solution to comply with its Bank of England (BOE) statistical reporting requirements (including FSA 047/048, ELS and balance sheet returns). The platform is […]
Project Sentinel, a collaborative initiative by a group of banks to mutualise the cost of MiFID II implementation in the OTC front office, has announced the creation of a normalised regulatory data model that assists investment firms to meet their MiFID II OTC sales and trading requirements. Etrading Software, which has the project management office […]
Subas Roy, director in EY’s financial services practice, explains how regtech can help and how to avoid the pitfalls. Most of the business leaders that I interact with these days often use two terms, “digital innovation” and “regulatory compliance”. I wonder if they are intrinsically linked? Indeed, successfully addressing multitude of regulatory risks can be […]
This truly has been the time of regulators announcing fintech sandboxes – what better thing to write about on my first fintech column here, than the ways regulators and fintechs can work together! There were three announcements in the past couple of weeks around regulatory sandboxes – the Australian Securities and Investment Commission (ASIC) announced […]
Wolters Kluwer’s regulatory reporting platform, OneSumX, will be used by the Chinese branch of Taiwan Business Bank. With the need for enhanced regulatory reporting to the China Banking Regulatory Commission (CBRC), the bank required “scalable solution to meet the new standards”, the vendor says. These include the CBRC’s requirements for Basel III & Foreign Asset […]
FIX Trading Community, the non-profit standards body for the global financial trading industry, has unveiled the FIX Protocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs). Under MiFID II, all investment firms (including certain buy-side institutions) executing transactions in financial instruments are required to report details of their transactions to […]
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
As we enter a new era in global tax reporting with increasing regulations around tax transparency, Banking Technology and Thomson Reuters have gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance […]
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL. XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with […]
US-based Friess Associates, which manages around $1 billion for institutional and private investors, is automating its ops with Linedata Longview. The new investment management platform will support portfolio management, trading and compliance at Friess Associates. Linedata highlights asset-specific workflows of its offering, an interface that can be tailored to the various roles of disparate users, […]
Experian, the information services company, has launched its CrossCore platform for fraud and identity services. CrossCore has “plug-and-play” capability and lets companies connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. Steve Platt, global EVP, fraud and identity, Experian, says: “New fraud threats, updates […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
Anadolubank Nederland, a subsidiary of Anadolubank Turkey, has chosen AxiomSL’s XBRL solution to submit a range of regulatory reports to country’s central bank, De Nederlandsche Bank (DNB). The project follows the DNB’s decision to align with other European central banks by mandating the use of XBRL for European Banking Authority (EBA) regulatory submissions. Anadolubank Nederland […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements. Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”. Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), […]
ICAP, a UK-based financial services firm, has revealed profit and revenue loss for the year ended 31 March 2016; and a new name following the sale of its global hybrid voice broking and information business. Revenue, trading operating profit, trading profit before tax and profit before tax were all down for year ended 31 March […]
Bloomberg has applied to the Global Legal Entity Identifier Foundation (GLEIF) to become a local operating unit (LOU) of the Global LEI System (GLEIS). By submitting this application, Bloomberg moves to the candidate stage of the LOU accreditation process and joins an existing network of LOU’s monitored by GLEIF. Peter Warms, senior manager of fixed […]
The European Banking Federation (EBF), the Global Financial Markets Association (GFMA) and the International Swaps and Derivatives Association (ISDA) are planning global policy measures on cybersecurity, data and technology through a new set of common principles. In its paper, “International Cybersecurity, Data and Technology Principles”, the organisations want to create a “starting point for dialogue […]
Coventry Building Society is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements. The UK-based building society has recruited Jaywing ahead of the 1 January 2018 deadline to meet the new guidelines. Initial work is already underway, says Jaywing, and a prototype model for one […]
Sapient Global Markets, a technology and consulting services firm, has launched RegRecon for reconciliation and regulatory reporting accuracy. RegRecon offers automated trade matching and reconciliation, break management and resolution workflow. It is available as a standalone solution and managed service, or within Sapient’s CMRS (compliance management reporting system) platform. Arun Karur, vice-president at Sapient, says […]
AxiomSL is implementing its flagship regulatory reporting platform at US-based PNC Financial Services. PNC, one of the largest banks in the US, will use the solution for its reg reporting needs in the domestic market, plus Canada and the Bahamas. Alex Tsigutkin, CEO at AxiomSL, says the vendor is “proud to have been chosen by […]
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
FICO, an analytics and decision management software provider, and tech consultancy firm Capgemini have teamed up to provide analytic solutions in financial services. The alliance will provide FICO’s risk and fraud management products through Capgemini’s consulting and integration services in North America. Anirban Bose, global head of banking and financial services, Capgemini, says “many of […]
Japan Exchange Group (JPX), a financial services corporation, has selected Cinnober for risk monitoring. This will include the entire Japanese market of equities, bonds, futures, options, credit default swap (CDS) and interest rate swap (IRS). This latest deal follows JPX recently building a real-time clearing solution for its listed derivatives market with the help of […]
Swiss banking technology vendor NetGuardians has signed Swissquote Bank for its RiskGuardian solution. It will ensure data confidentiality compliance. RiskGuardian includes the NGScreener enterprise software platform along with predefined controls for specific regulations, such as the FINMA 2008/21 Appendix III regulation related to client confidentiality. Like with many of NetGuardians’ clients, Swissquote is a Tememos’ […]
