The ISO 20022 standard is 10 years old this year, but its roots go back to some five years before that, and the story of its development and adoption is likely to go on for many years in the future. The datum point is probably the publication in 1999 of a Green Paper from SWIFT called ‘Building Standards for Tomorrow’. The modest proposal in that document is that “the next generation of standards will be based on a structured and formal framework”.
A key payments industry group is throwing its support behind tokenization—with a few caveats as to the hurdles that remain before broad industry adoption can occur, including coordinating different tokenization models.
The Government Accountability Office (GAO) has determined that the CFPB must take additional measures to mitigate risk of “improper collection, use or release of consumer financial data,” according to a recently released report.
Farid Akhundov, chairman of the executive board of PASHA Bank, discusses how the bank is working to achieve its ambitions in corporate banking in the Caucasus region
Reporting on the management of intraday liquidity risk will start on a monthly basis from 1 January 2015 to coincide with the implementation of the liquidity coverage ratio reporting requirements. Christian Goerlach, global head of FI balance sheet & liquidity, Deutsche Bank, takes a closer look at some of the issues facing global banks.
The face of retail banking in the UK is changing. In July 2010, the sector witnessed something not seen in over 100 years – the launch of a new high street bank. And where Metro Bank led the way, new and non-financial consumer brands are following suit.
Enabling rapid growth and agility with creaking IT systems poses a major challenge to UK financial services companies where the IT infrastructure, as in many other industries, has evolved over time and features a wide variety of solutions.
As SunGard’s first ever chief technology officer, Steven Silberstein knows a thing or two about financial technology. In a past life, he was global head of prime brokerage at Lehman Brothers. He later became chief information officer at Chi-X Global, before joining SunGard in a newly-created position two years ago.
The U.S. Department of the Treasury’s Direct Express Debit MasterCard program now serves nearly one-quarter of the nation’s entire unbanked population, a recent cardholder survey confirms.
All banks, whatever their size rely on data to make decisions. With that in mind getting that data in a timely manner and in a format that can be digested easily is critical. So why can this be so difficult? We are all used to receiving reports from our systems and even the most rudimentary examples will utilise some form of analytics, however simple. We might be getting the reports and be used to the status quo, but is your analytics platform getting the better of you?
The most effective strategy for retailers to thrive in an omnichannel age is to enroll customers for payment in their own mobile shopping apps.
The digital era is changing your bank rapidly. Is your mobile testing & assurance practice ready? P Venkatesh, director of the product division, and Srivatsan TT, vice president of the solutions group, at Maveric Systems discuss the issues
Despite the significant challenges faced by the UK’s banking sector over the last decade, there has been a dramatic evolution in the customer experience following the introduction of online, telephone and mobile banking. While the branch remains an important channel, especially for older customers, mobile technology is rapidly redefining how customers interact with their banks.
The European Union’s Court of Justice has ruled that interchange fees charged for cross-border card payments by MasterCard were too high, bringing an end to a seven-year court battle over the fees.
Apple’s big NFC move legitimizes the mobile wallet concept.
Russia’s fragmented payments infrastructure cries out for modernization as it confronts international and domestic chaos. Could a national payments scheme unlock the giant’s potential as a huge emerging payments market?
Acquirers hold the keys to driving debit growth in emerging markets. Here are five key questions acquirers intent on growing debit should be asking their merchant partners.
Regulatory mandates call for the financial services industry to collaborate and rethink its data supply chain to tackle systemic risk and improve transparency. Looking at how the retail industry manages its supply chain could hold the key.
Home Depot confirmed suspicions that it is the victim of a customer data breach.
The NBPCA responds to the CU report on student cards.
The Financial Conduct Authority has recently issued a series of “considerations” for firms that are thinking about using third-party technology banking solutions. The considerations do not seek to tell firms how to structure their IT procurements but rather provide a useful framework for firms to demonstrate that their IT services are effective, resilient and secure.
With the penetration of mobile devices, such as smartphones and tablets constantly growing, attention is increasingly turning to mobile marketing, mobile commerce and mobile payments. It is still the case, however, that these trends are largely played out in specialised media, and do not influence the actual behaviour of consumers. This is especially true for mobile payments, with consumers very sceptical about this concept
The startup behind three little letters that could be a very big deal in contactless payments.
The increased globalisation of business has opened up new challenges – and opportunities – for companies and the banks that serve them. Corporate treasurers and finance professionals face complexities in the payments arena that range from inconsistencies in local payment processing to new regulations, emerging payment clearing systems and the need to manage geopolitical risk in an ever-expanding array of countries. To address these challenges for their clients, and for themselves, global banks need to invest and innovate to make sure they have the solutions to meet business needs today and in the future.
Corporates want easier connection to their financial institutions – is Swift the answer or do other options exist?
As delegates finalise their plans to attend Sibos in Boston this month, Chris Church, chief executive Americas and global head of securities at Swift, discusses what they can expect
The bailout of Espirito Santo Bank brings back unwelcome memories of the events of the last financial crisis and raises the spectre of moral hazard returning to the financial services industry both in the UK and abroad. But how far have we really come since those dark days of 2008 and the collapse of Lehman Brothers and how far do we still have to go? A quick look at recent events gives us a good indication.
The CFPB has finalized its remittance transfer rule requiring remittance transfer providers to disclose certain third-party fees and any exchange rates applicable to the transfer.
India’s central bank now requires all card-not-present transactions for purchases within the country to be routed through a bank in India, with funds settled only in Indian currency.
As the global banks grapple with tides of regulation, fines, and a myriad of other post-crisis issues, local Asian institutions are tooling up and stepping in to fill the gaps.
Domestic card schemes have traditionally partnered with MasterCard and/or Visa in an arrangement that leaves the domestic player handling the local transactions and their international partner facilitating and controlling the international business. Should banks work with both or just partner with one of the international schemes?
The available technologies that will make payments simpler, cheaper and seamless, and will therefore drive mobile payments, aren’t going away.
Digital gift cards bring depth, not disruption, to gift card product lines.
For banks and their third-party vendors, it’s crucial to have a solid contract. Or, at least it’s crucial if they want to avoid the ire of regulators and fines that could reach into the billions.
Gift card exchanges play a key role in connecting motivated shoppers with retailers and driving incremental sales, according to survey data from Blackhawk Network. Consumers say they’d like to see more retail locations add gift card exchanges.
Fraudsters are ingenious at finding cracks in the bulwark against prepaid card fraud, but industry cooperation can blunt their effect with strategic practices that are surprisingly easy to implement.
From Senegal to the Seychelles, and Botswana to Uganda, new demands and new opportunities are emerging in Africa, but there are still challenges
The financial services industry has always pursued technical supremacy. But after years of financial crisis and attempted reforms to improve the transparency and understanding of risk exposure in financial services, we seem as much in the dark as ever …
Letter writing among U.S. lawmakers has been fast and furious lately as they try to influence how the U.S. Department of Education handles new rules governing universities’ and colleges’ arrangements with financial service providers that deliver financial aid dollars.
One of the most distinguishing features of the current wave of financial innovation is how the innovators are often not banks, but small fintech firms often led by former bank employees.
