While banks want to root out fraudulent activity as much as governments do they “need to take the temperature down”, said Bob Werner, global head of financial crime compliance and group general manager at HSBC. Speaking at a panel session on trends in financial crime compliance, Werner said: “Every time something goes wrong we don’t need the scalp of a regulator or the scalp of a banker.”
Rising political tensions and the increasing use of sanctions are making companies think twice about relying on long global supply chains, said John Calverley, head of economic research at Standard Chartered. Firms may decide that rather than hedging their bets with production, they will keep it closer to home, he said during a roundtable session yesterday.
The consumerisation of technology is driving the development of new services in wholesale banking as much as it is in retail, as customers demand real-time access through mobile channels.
The growth of peer to peer lending demonstrates that there is an alternative to the traditional lending model of banks. But can crowd funders ever replace the incumbents and do they enjoy long-run advantages or face being co-opted?
Growth is returning to the payments industry and new market entrants are poised to take a share of that growth away from banks, according to a clutch of payments-focused white papers released at Sibos today.
BNP Paribas Securities Services has launched Liquidity Access, a solution designed to help banks and broker dealers manage and monitor their liquid assets. The launch comes as various regulations, including Basel III and Dodd Frank, require market participants to hold more liquid assets, closely monitor their liquidity ratios and anticipate the evolution of their liquidity positions. Intraday liquidity management and reporting is likely to be a hot topic this week as the January 2015 deadline for Basel intraday liquidity reporting looms.
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 Securities and Exchange Commission has stepped up its drive to monitor and enforce the financial markets by implementing new surveillance tools to examine and inspect reconciliations. The deal comes as the US regulator charges Barclays with failing to build adequate compliance systems and the bank suffers a fine in the UK.
Citi has launched a global mobile challenge that it says will help to inspire technology developers to reimagine mobile banking and payments. The bank plans to host a series of events in Miami, New York and Silicon Valley in November, after which finalists will get the chance to bring their product to market with help from Citi.
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.
Apple may have lined up the chief executives of Bank of America and JP Morgan Chase to laud the launch of Apple Pay, but reaction from the wider industry was more muted – disappointed, even.
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.
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.
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.
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.
The UK Government is to examine the potential of digital currencies as positive force in the wider economy and as a means of encouraging innovation in financial services.
The European Commission wants to bring down the barriers to cloud computing in a move that promises to revolutionise the way transaction banks can serve clients.
The mobile wallet is having a transformative effect on people’s lives in developing countries, bringing safer, faster, easier financial services to the people who need it most
Banks are continuing to spend money on branches, but they are dramatically changing their role to become centres for sale-oriented advice rather than service-oriented transactions, driven by the rapid growth of digital banking.
A lesson learned from the global financial crises was how critical free cash flow can be for corporates, their customers, and their suppliers. As businesses seek to unlock cash flow from day-to-day operations, savvy treasurers have discovered vendor payments as a means to extend payment terms while improving vendor health, writes Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products Bank of America Merrill Lynch.
The explosion of data in the securities and capital markets industry – more than 30% CAGR – is rapidly becoming a problem for market participants and managing that challenge will require a disciplined approach to the development of new data architectures.
Firms looking to adopt cloud-based services should consider the security and data privacy implications associated with moving critical systems into the cloud, and not let vendors drive their technology strategies for them, according to Bank of England CIO John Finch.
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 of Deutsche Bank, takes a closer look at some of the issues facing global banks.
Citi has launched a new set of trading features and transaction cost analysis tools on its Citi Futures and Options Execution platform, which it says will help clients to gain clarity from their futures clearing merchants.
The work corporates are doing to streamline cash management processes should not end with SEPA implementation, says. Indeed, the principles and ideas underpinning SEPA can inform progress even in the most challenging markets.
In one of the highest-profile tech hire in recent years, Barclays has poached Commonwealth Bank’s Michael Harte as chief operations and technology officer, filling the gap left by the surprise departure of Shaygan Kheradpir last autumn.
Buy-side block trading venue Liquidnet has appointed former Wells Fargo Securities equity trading boss Bob Garrett as its new head of technology, based in New York.
Citi has launched an electronic block pricing tool via the Bloomberg App Portal, marking the first time a major tier one broker has ever used the Portal to deploy an application around the world.
Managing cash in stores remains a major challenge for retailers – trapped cash hinders working capital management and is unavailable for investment, debt repayment or business expansion. But new ways are being developed to manage store cash …
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
In this supplement we share our experiences of implementing real-time payments systems and take an in-depth look at the success of Faster Payments in the UK. We also examine the challenges and benefits that real-time payments can deliver to banks and consumers as well as the advantages real-time technology can bring to government and businesses to support the wider economy and society as a whole.
BNY Mellon says a global overhaul of its payments infrastructure will position it for “a new era” in payments and fundamentally change its relationship with customers and other financial institutions internationally.
A group of major international banks have agreed to jointly develop and use the centralised Know Your Customer Registry announced by Swift at the start of the year.
Ken Harvey, the erstwhile HSBC group chief technology and services officer and group chief information officer, is to become chairman of CLS Group Holdings and CLS Bank International, succeeding Gerard Hartsink who will retire in October.
Swift has announced the availability of a cloud-based application designed to eases the client onboarding process between financial institutions and their clients. First outlined at the Sibos 2012 event in Osaka, the MyStandards Readiness Portal, is backed by some big names in the business – HSBC, Citi and Clearstream spoke at a Standards Forum session […]
Something big is happening to the internet (and, no, I am not talking about Bitcoin though that would be a fascinating topic for another time). In a nutshell, it’s changing into something you wear rather than go to, writes Aman Narain, global head of digital banking at Standard Chartered.
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
In the wake of scandals involving manipulation of market indices, can statistical learning theory be used to detect and fix anomalies in Libor and other market indices?
Senior transaction banking executives have called for a political discussion to resolve the issue of emerging market access to banking services caused by the reduction of the correspondent banking services network.
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