Cloud – not just the remit of the financial technology start-up
Over the past few years the financial industry has started to reinvent how it operates. Organisations are changing the way they serve their potential and existing customers, while maintaining the high levels of compliance and security that their customers and regulators require. The technologies available today mean that financial services organisations aren’t constrained in the way they once were. They can now access secure and compliant technology, on-demand, in the cloud which is helping them to create new ways to bring value to customers. But not all financial institutions have been able to take advantage of these technologies in the same way as newer entrants to the market have
Clearing the path to BPO adoption for international trade finance banks
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
Cloud: lit from within
Cloud-based technologies are spreading rapidly through the business world: the research firm IDC expects the cloud software market to be worth more than $100 billion by 2018, implying compound annual growth of more than 21%, roughly five times faster than traditional packaged software. It is clear that cloud computing is on course to become an […]
Capture Today’s Banking Customer Leveraging Infrastructure-as-a-Service
Improve your customer’s experience with Hybrid IT Banks must compete fiercely for new customers and to hold onto the ones they have. That means consistently meeting customer expectations, which is no easy task given the speed with which those expectations are evolving, particularly in terms of Internet and mobile interactions. Banks need to deploy technology […]
The next phase of outsourcing: change the bank with digital transformation
Financial services firms have always faced market volatility, but new challenges are forcing most to rethink their traditional operating models in favor of outsourcing. The expanded use of outsourcing models will help improve revenue and create new business opportunities
OMG addresses data sovereignty issues in the cloud
The Object Management Group has formed a new working group to study issues of documenting and controlling data across distributed cloud environments, a big inhibitor of cloud for those with strict data sovereignty requirements such as banks and financial services firms.
Financial services firms still cagey about cloud computing
Cloud computing is becoming more prevalent throughout the financial sector but many firms say they are less than halfway to having a firm cloud strategy in place, with controls and security remaining primary concerns.
Laying the foundations for agile financial services
As many more tech companies begin offering bank-like services, mainstream banks are searching for ways they can fight back
Banking innovation: a marathon, not a sprint
Britain’s banks have reliably serviced the banking needs of millions of customers for more than a hundred years; providing a safe place to store hard-earned cash, mortgages to buy dream homes, and great interest rates to accumulate savings
Financial services disruption – why I’m backing the banks
For banks, a race to remain relevant is on. In the past few weeks, Lloyds Banking Group has announced its intention to double-down on digital banking, closing branches and cutting costs. In the US, BBVA Compass announced that its agreement with startup Dwolla to offer real-time payment facilities to customers makes it the first mainstream bank to open its technology platform to digital developers like Dwolla
Financial institutions ramp up IT innovation
Banks and other financial institutions are finally spending more on growing new products in areas such as mobile and data analytics rather than maintaining legacy systems, according to a new report by Capgemini.
How to build a better SunGard
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.
Six reasons why cloud computing will transform the way banks serve clients – and the five hurdles to overcome
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.
New legs for legacy systems
Unlike manufacturing companies, which run their operations on a single predominant ERP system supported by a few auxiliary solutions, banks have added layer upon layer of technology, ending up with an unmanageable snarl of systems and applications. Just to put things in perspective, it is estimated that on average global banks have more than 5,000 applications.
Macquarie revamps reconciliation with Gresham Computing and Amazon Web Services
Australian broker Macquarie Futures has begun using a cloud-based reconciliation service from Gresham Computing and Amazon Web Services, which the broker says will help it to make its North American derivatives business more efficient.
Bank of England CIO: ‘think twice about cost, security, data sovereignty in the cloud’
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.
IBM touts “10x times faster software driven innovation” through DevOps in the cloud
Combining development and operational deployment of software into a more integrated cycle can greatly improve time to market and improve efficiencies giving “10 times faster software driven innovation”, delegates at the annual SifmaTech trading systems conference and exhibition in New York were told.
Outsourcing: making oversight a forward-looking benefit
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
Cloud – what is it not good for?
Across the financial services sector, the question is now less about where cloud technology is being used, and more about where it isn’t used. Where do financial institutions draw the line when it comes to deciding whether to keep a process or IT-related service in-house or outsource it to specialists such as Amazon Web Services, SAP and many others?
Why banks need to branch out into the cloud
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
Capital markets on a firmer footing for 2014
Following the tumultuous change that came in the wake of the subprime crisis, capital markets firms have yet to regain a strong foothold but 2014 is showing increasing evidence of a shift to a higher gear.
The hardware guy: how Bank of America is building a new infrastructure
Bank of America is working with Facebook’s Open Compute project on a radical revamp of its systems. David Reilly, head of its Technology Infrastructure unit, tells Banking Technology why Software Defined.Infrastructures are the way ahead.
Voxsmart prepares cloud mobile voice recording service for banks
A new mobile voice recording service is being developed by UK tech company Voxsmart, which it claims is the first to automatically capture every type of communication on a mobile device so that it can be used for trading compliance purposes, including the FCA in the UK and Dodd-Frank in the US.
Kenshō builds first analytics platform on Nasdaq OMX FinQloud
Start-up financial analysis company Kenshō is planning to become the first professional analytics platform built completely on Nasdaq OMX’s FinQloud cloud computing platform, which is powered by Amazon Web Services.
Citi signs up for SAP cloud-based corporate-to-bank solution
Cloud computing company SAP has signed a deal with Citibank for a major new cloud platform that promises to simplify corporate to bank connectivity for some of the world’s largest banks, Banking Technology has learned.
Money2020: Cybercrime threat will demand application of new defences
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
Making ‘social’ communication pay
Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.
Celent study says banks should put outsourced payment infrastructures into the cloud
Banks need to cross a psychological barrier and embrace the concept of outsourcing their payments operations if they are to compete on product innovation and customer service rather than simply on cost.
Alpha Payments Cloud to “revolutionise” payments
A new payments service aims to change the way banks, merchants and payments providers interact with each other by using cloud technology.
Webinar: Six Factors That Will Help You Build Your Business Case for Cloud-Based Information Exchange Services
Click here to watch this free webinar Building a business case for moving to the cloud can be challenging. Although cloud-based technology is emerging in nearly every segment of the financial services industry, many business and IT executives are wary of taking the leap. We invite you to join the experts at Banking Technology and […]
New Bank Payment Obligation standards launched by Swift
Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and […]
Tbricks sets out managed trading platform
Swedish trading system specialist Tbricks has released OnDemand, a new platform that it says will remove the need for trading firms to make any investment in hardware, installation nor running costs.
Java in the cloud for financial services
Java is the most ubiquitous programming language out there, but it doesn’t work well in the cloud. One approach to overcoming the problem is featured among the Accenture-sponsored FinTech Innovation Lab London finalists.
Outsourcing: an increasingly risky business?
More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms.
Trendy techs top CIO priority lists for 2013 says Gartner study
Faced with flatlining IT budgets, global CIOs must better exploit the business potential of technology to achieve results – currently they realise only 43% of that potential says Gartner. Top of the priority list is what the research firm calls ‘digital technologies’. In this it includes mobile, analytics, Big Data, social media networking and cloud, […]