The war for technology talent: banks and Fintechs go head-to-head
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 …
Analysis
The treasurer: creating price tension on the derivatives front
A banking book requires a number of careful deliberations on the use of derivatives. In particular, the introduction of EMIR, Dodd-Frank and their brethren across the world has a number of important consequences for this market.
Blog: There Aren’t Enough Startups
Forget the hand-wringing over a possible crash in Silicon Valley from a tech startup bubble-burst. What we need are more startups to feed deep-pocketed corporations starved for innovation.
How traditional high street banks must harness the power of big data to remain competitive
At the core of the challenge for banks is understanding their customer better and using the information effectively across the business.
Blog: Nothing More Social
Looking ahead for Facebook, the particular opportunities with cross-border workers’ remittances are enormous … Who’s more interested in pictures of loved ones than the remote worker who is supporting her family? Who’s more interested in ‘status updates’?”
N.Y. AG’s Problematic Payroll Card Act Gets Sponsors from Both Sides of Aisle (April 8, 2015)
Both political parties again are backing problematic payroll card legislation from New York Attorney General Eric T. Schneiderman that could squeeze margins and force some providers to pull programs from the state.
New payment systems regulator will open up payments systems to non-traditional players
Last week saw the launch of the Payment Systems Regulator, the first time the UK gets a regulatory body overseeing the £75 trillion a year payments systems. Its brief is clear: to open up the UK payments infrastructure, which is currently controlled by the high street banks, make it more accessible to challenger banks and fairer for consumers. The regulator has been given strong powers by the government and has already made it clear it will fine the banks if they do not step up to the mark.
Tomorrow’s digital banking will always be a journey, never a destination
To maintain growth in our globalised, always-connected and increasingly regulated world, banks need to use digital assets and capabilities to create new value propositions for their customers, we know. The problem is how? And what is the best way of doing so in the face of what some worry could be a complete fracturing of the market due to the rise of non-traditional competition from possible banks like a Google or an Amazon?
Petition: Exclude Bitcoin Startups, Supporting Companies from BitLicense Regs (April 2, 2015)
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
Sen. Menendez Indicted on Corruption Charges (April 2, 2015)
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
Collaborating to fast-track the benefits of a real–time ecosystem
Immediate payments have been available for some time now. The UK led the way with the launch of the Faster Payments Service in 2008 and other countries have followed, including Sweden, Singapore and Mexico. Real-time technology is fundamental to any mobile payments initiative and immediacy is the new norm of the digital age. Other countries can learn from the UK experience to avoid pitfalls and realise the benefits sooner.
Cross-border payments: the final mile in the developing world
There are two major trends in the cross-border payments world: an explosive growth in the number of payments between developed and developing countries, and the fact that governments, regulators and commercial actors increasingly favour payments being executed in local currency and discourage the use of US dollars to settle local.
An age of enlightenment: the future of conduct risk management
In the wake of the financial crisis, the industry has been hit hard by an almost continuous stream of conduct related issues and fines; including PPI, Libor, and more recently, Forex fixing. With high levels of media and political exposure, the industry has seen its reputation suffer
Nurturing innovation
Recently appointed president of investment and advisory firm Anthemis Amy Nauiokas talks about her plans to reinvent the world of financial services.
Blog: Online/Mobile Options Drive Gift Card Success
Establishing an omnichannel marketing presence for their gift card programs will help retailers appeal to the buying behaviors and expectations of a demographic with growing purchasing power.
Blog: The SXSW Reminder for Payments Startups
Although it’s great to see so many new players emerge at every SXSW gathering, entrepreneurs or would-be entrepreneurs should keep in mind some basic but key considerations when it comes to launching a new payments product. Come to think of it, this mantra isn’t bad advice for payments veterans either.
2015 Is U.K.’s ‘Year of Prepaid’ Says Group (March 25, 2015)
An industry group is calling 2015 the “year of the prepaid economy” in the U.K., as consumers there increasingly adopt prepaid cards for everyday spending, online shopping and transit.
Tanzania Works on Regulations to Combat E-Payments Fraud (March 25, 2015)
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
An industry imperative: Swift FIN to ISO 20022 migration
As international regulators demand more detail from banks on payments to individuals and companies, the first order of business is to ensure compliance with mandates. Migrating Swift MT payment formats to ISO 20022 will allow the industry to shape the transformation of payment messaging standards rather than have others shape it – but there is a need to set timelines for implementation or cede control.
CFPB’s Consumer Complaint Database Will Enable Consumers to Make Complaints Public (March 19, 2015)
The CFPB is finalizing its consumer narrative policy and, 90 days after the policy is published in the Federal Register, consumers who have opted in will be able to make their complaints about financial products and services in the bureau’s Consumer Complaint Database public.
Viewpoint: Let’s Reduce Complexity and Improve Disclosure
The Colorado congressman suggests having too many disclosures is a disservice to consumers.
What is the role of social media in the financial services realm?
Social media has taken the world by storm over the past decade. Facebook, which is generally considered to be the “grandfather” of social media, was only founded 11 years ago, YouTube the next year and Twitter two years later
Using technology to define e-payments
The current international payments market is hugely fragmented, with multiple networks and mechanisms operating independently of each other and it is clear that new market entrants have the opportunity to shape and define the future of this industry
Viewpoint: All Payments Expo Leaves Us with Positive View of Industry Evolution
Following the All Payments Expo in Las Vegas, we continue to believe the payments industry is in the process of moving from the center of its own ecosystem to becoming a major component in another ecosystem—the consumer shopping experience.
Blog: More than 100 Banks under Silent Siege
Last month, the New York Times revealed that a group of hackers infiltrated more than 100 banks and e-payment systems worldwide. The attack is particularly disturbing because the attackers were able to avoid detection, even while ATMs were randomly dispensing cash, for two years.
Blog: Creating a Robust Card Data Security Strategy above and beyond PCI Compliance
While it’s important for merchants to comply with PCI standards, a comprehensive data security strategy requires more than PCI compliance. Merchants must move beyond a “moment in time” assessment and make security a daily consideration.
Regulations raise new questions about industry standards
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
Supreme Court: Regulators Can Change Rule Interpretations without Advance Notice, Comment Period (March 10, 2015)
The Supreme Court is backing the authority of regulators to reinterpret their own rules without seeking industry input.
CFPB Releases Arbitration Study; Considers Next Steps for Regulation (March 10, 2015)
The CFPB is considering next steps in weighing new regulations for arbitration agreements widely used in financial services businesses to settle consumer disputes, following today’s release of the 728-page “Arbitration Study: Report to Congress 2015.”
EU Passes Interchange Caps; Prepaid Businesses Must Look Elsewhere for Income (March 10, 2015)
The long road to interchange reform in the European Union has come to an end of sorts with passage of interchange caps today in the European Parliament.
Don’t be the slowest zebra in the herd
At lunchtime on the African savannah, you needn’t be the fastest zebra to survive –you need to avoid being the slowest. You can only be sure you’re not the slowest zebra if you can see what the rest of the herd are up to. Efforts in software security to share information on attacks, responses, and best practices are important to understanding what the herd is doing …
Securing the future of NFC?
Ever since the deployment of Apple’s NFC solution – ‘Apple Pay’, and the various competitors launches since, there’s been speculation around what the future holds for consumer payments and how security will impact it
Taking stock in fixed income
Fixed income markets have historically been a bastion of high-touch trading, with manual processes, large tickets and little standardisation. But as recent years have seen inventory slashed and balance sheets cut in face of rising regulatory pressure, finding liquidity has become more of a challenge. A group of banks are hoping to reinvigorate the market though a standardised messaging system.
What do banks need to know about their customers, but don’t?
Banks know many things about their customers: they have to – for regulatory reasons, to assess risk and to cross-sell products. But there are things that banks don’t know about their customers, and ought to …
Don’t delegate cyber risk management responsibility
To counter cyber-crime, an organisation must have a person providing leadership and oversight in the strategic planning, execution, and assessment of security strategies, policies, procedures and guiding practices. Ensuring compliance with legal obligations in respect of information and information security is also a key responsibility. What many companies need is a chief information security officer
Cordray’s Semi-Annual Report to Congress Focuses on Mortgages/Lending (March 3, 2015)
CFPB Director Richard Cordray today addresses the House Financial Services Committee for the bureau’s semi-annual report to Congress.
N.Y. May Put AML Onus on Bank Execs (Mar. 3, 2015)
New York is considering a plan to hold top banking executives personally responsible for the quality and effectiveness of their firms’ AML efforts.
Viewpoint: Supervisory or Enforcement Action, Deputy Director Antonakes Explains How the CFPB Decides
The CFPB’s Antonakes explained his bureau’s supervisory approach and enforcement actions and how they are different from that of the federal banking agencies.
Breaking down BCBS 239
January’s Basel Committee on Banking Supervision report on banks’ progress towards BCBS 239 compliance threw up a telling contradiction. While global systemically important banks “are increasingly aware of the importance” of the BCBS 239 project, their sense of preparedness has decreased. In 2013, 10 of the 31 eligible banks reported they would be unable to comply fully by the 2016 deadline. This year, that number rose to 14. It is understandable that there is more work to be done, but how is it that the G-SIBs are moving backwards?
Putting down the pen: how eBAM came about and what it means for corporates
Arising out of developments in standardised messaging, eBAM is one step towards the future of more accessible, safer banking
