To prepare for the overhaul to settlement in Europe, financial institutions need to face up to T2S and work closely with their settlement service providers to ensure that they maximise the business benefits. It’s time to seize the opportunities presented by the T2S initiative.
Clear and effective legislation could result in a beneficial change for business. An unclear and ineffective one would result in another obstacle to a “further integrated and efficient European payments market,” which the commission has set as the first objective the Payments Package should achieve.
China’s miraculous economic catch up since reform and opening up has created an unprecedented generation of consumers. The way this generation has adopted the on-line world in China is very different from that in the West.
Two House Democrats have proposed measures to crack down on money laundering by deterring the use of shell corporations and giving regulators the authority to hold bank executives accountable for misconduct taking place on their watch. The first bill, proposed by Rep. Maxine Waters (D-Calif.), would strengthen the government’s ability to charge individuals with violations […]
A law prohibiting surcharges on certain types of payments should apply to mobile carriers, an adviser to the EU’s Court of Justice told the Austrian Supreme Court, which is currently deliberating an appeal by T-Mobile after the carrier’s surcharges were ruled illegal by lower Austrian courts. The case stems from a lawsuit filed by a […]
Firms like JP Morgan and HSBC have taken major measures to improve internal controls so that they can comply with new and changing regulations. It won’t end there.
With new regulations on remittance transfers set to take effect next week, the CFPB laid out its standards for examining companies covered by the rules. In Jan. 2012, the CFPB issued its final rule outlining remittance regulations as set by the Dodd-Frank Act. The rule was revised in May 2013 after complaints from industry participants […]
The European Central Bank (ECB) is calling the next three months critical for stakeholders still needing to migrate to the Single Euro Payments Area (SEPA) for electronic payments transactions. The deadline for migration to SEPA credit transfer (SCT) and SEPA direct debit (SDD) schemes is Feb. 1, 2014. “Everybody has to be ready . . […]
Russian telecoms carrier MegaFon has announced the commercial launch of an 8,700 kilometre long terrestrial fibre optic trunk connecting Europe and Asia. The DREAM – Diverse Route for European and Asian Markets – link extends from Frankfurt-am-Main to the Kazakhstan-China border, through Kazakhstan, Russia, Ukraine, Slovakia, Austria, Germany, and was created by MegaFon in cooperation […]
Although retailers traditionally had balked at offering discounted gift cards, many are shifting strategies to keep up with consumer demand and are increasing overall sales.
An ex-Coca Cola chief executive was once quoted talking to staff about the work-life balance – juggling careers, family, health, friends and spirit. In the financial services industry today, work life itself is quite a balancing act.
Cybersecurity and cyber espionage have been in the headlines the past few years as leaked stories relating to government-sponsored activities have appeared and sabre rattling between aggrieved nations has moved to the public domain. At the same time an increased volume of distributed denial of service attacks (DDoS) on banks and other institutions carried out […]
Online commerce has begun to approach saturation in Western markets, while fraud, competition and a more demanding consumer base are squeezing online payments providers.
The second annual Money2020 in Las Vegas earlier this month had a vibe unlike payment conferences of the past, and not just because of the acrobats roaming around during networking sessions.
Please let me use your camera. Do you mind if I browse through your contacts so I know all your family and friends, and can call or text each at my discretion? To the uninitiated, these eerie questions read like a disturbed love note from a stalker. But these are common permissions requests for many mobile apps. Could they scare off users?
New head of prepaid speaks on his multifaceted career, his view on prepaid and why living in the Bay Area gives him a unique perspective on payments.
One may speculate that with Chancellor Angela Merkel’s Christian Democratic party having secured a quite remarkable third term in office, the last in a long line of potential hurdles for the advocates of a Financial Transaction Tax (FTT) in Europe has been overcome
Coming to the US to tell an audience of payments specialists about how the UK has transformed its national infrastructure over the past five years with the introduction of an effectively real-time payment system might have been considered a rough assignment – what can the Brits teach the wider world, particularly the US, about payments […]
Formed earlier this year, Zapp expects to launch next year with the backing of most of the major UK retail banks, Peter Keenan, chief executive of the venture, says that at the time of launch the Pay by Zapp service will be available to 40% of UK current account holders, and it will have the backing of 50% of the nation’s online and mobile retailers – including well-known brands.
There comes a tipping point when market readiness, social behaviour and technology combine to create a sudden, ubiquitous change of behaviour. For mobile payments the tipping point may have arrived – but will there be a dominant solution?
A group of like-minded companies came together this summer to address the recent melee in payroll cards. The work is far from over, but their activity points to the power of pooling resources and relationships for real progress and impact.
Understanding and embracing cross-channel communication behaviours will become increasingly critical to success in the banking industry, writes Steve Dille, SVP of global marketing at Maryland USA based communications firm Message Systems.
What do Monty Python star Michael Palin, a municipal cemetery, the rock band Def Leppard and a long-running debate in the press room at Sibos have in common? The answer is Sheffield, Palin’s home town, which has for some years now been an also ran in the choice of the next venue for Swift’s annual travelling circus.
Slowly but steadily, financial institutions and their corporate clients are beginning to talk about growth again. Markets are gradually shifting from a purely defensive position; the Fed has spoken about tapering its quantitative easing programme; and many companies are putting expansion back on the agenda in response, writes Greg Murray.
The credit card industry has largely cleaned up its act in the four years since sweeping new federal rules took effect, though some concerns remain, the Consumer Financial Protection Bureau concluded this week. The CFPB’s 102-page report on the impact of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) passed in 2009 found […]
Crowdfunding—a term used for a group of people pooling their money, typically through Websites, to support projects—is being used to help finance everything from films to NFC-enabled jewelry.
Following yet another revelation that UK banks have been mis-selling financial products to their customers, this time for identity theft and credit card protection insurance, the need for high street lenders to prove that they are changing their lending behaviour has never been so great.
A new survey suggests most consumers don’t want mobile wallets, but many were skeptical about the Internet, at first.
Once again, NFC is in the news for more of what didn’t happen than for what did. Despite the rumors that Apple would put NFC in its new security-minded iPhone 5S, the annual iPhone new model release announcement came and went without a mention of NFC.
Loyalty is key to business success – and banks that can bring data and technology to bear to achieve it stand to gain the most, writes Sameet Gupte, senior vice president and managing director for Europe at IT consulting and outsourcing company Virtusa Corporation.
The Consumer Financial Protection Bureau yesterday hosted a Banking on Campus Forum in Washington, D.C., as part of its ongoing investigation into campus cards. Some college students said they feel pressured into using specific financial products—which can include student ID cards that double as debit or prepaid cards and are used to access scholarships and […]
What do hundreds-of-thousands of counterparties, dozens of regulations and your many regulators all want from you? Better counterparty classification …
As trade flows shift across regions and economic headwinds blow, the trade finance business is facing challenges. Anne Queree examines how correspondent banking networks are adapting
As the Chinese Government continues its phased internationalisation of the renminbi, financial institutions are evaluating their strategies. Daily News at Sibos asked some Sibos delegates what financial institutions need to do to take full advantage of the opportunities offered by RMB internationalisation.
Front and centre of the agenda that Swift set out at the beginning of this week’s Sibos is the concept of collaboration and cooperation – a perennial theme for Swift, but Leibbrandt told Daily News at Sibos there is a change in the air.
As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls
Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.
The complexity of corporate actions has stymied automation efforts for more than a decade. But there could be light at the end of the tunnel …
With customers expecting consistent service across all channels, banks must step up to the plate and streamline their processes when it comes to customer interaction. Using the omnichannel approach, they’ll also reap the rewards of better customer intelligence and a clear idea of how best to spend precious budgets.
How is the global custody and asset servicing model changing? Will consolidation occur? What do clients want? Daily News at Sibos finds out
