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.
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 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.
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.
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.
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.
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.
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.
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?
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?
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.
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.
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.
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.
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.
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.
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.
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.
A new payments service aims to change the way banks, merchants and payments providers interact with each other by using cloud technology.
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 […]
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 […]
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 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.
More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms.
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, […]
