Russian online customs specialist firm Multiservice Payment System has begun using a new system designed by Swiss tech firm BPC Banking Technologies, which promises to make customs easier by combining a web portal with an e-declaration service via POS terminal.
January has been a good month for ETFs, with the launch of two new products aimed at making it safer and cheaper to trade – and easier to get the information needed to make trading decisions.
Post-trade services company Traiana plans to connect to four trade repositories in preparation for the European Commission’s EMIR legislation, which requires trade reporting and clearing of OTC derivatives.
Clear2Pay is expanding its facilities in Scotland with the hire of 29 new staff, at its Dunfermline offices, bringing the headcount there to 50. The expansion is supported by a £250,000 Regional Selective Assistance grant from Scottish Enterprise. Kimball Felix, chief of staff at Clear2Pay, said, “In addition to our payments technology, we offer a […]
Russia’s securities markets have taken another step forward with the decision by Euroclear Bank to launch post-trade services for Russian corporate and municipal bonds on 30 January, via its relationship with Russia’s newly established CSD the National Settlement Depository.
While many large organisations have already planned and delivered their SEPA compliance, smaller and mid-sized firms have woefully underprepared for the deadline. Banks and payment organisations need to be prepared for a certain amount of confusion and resistance from UK customers who may not understand the reasons for the change, and may be reluctant to put the necessary changes into effect.
The European Central Bank has released statistics that it says show that migration to the Single Euro Payments Area “gathered pace strongly” in December and urged market participants not to relax in their migration efforts. Earlier this month the European Commission announced a six-month extension past the 1 February deadline by which time all payments […]
UK operator O2 has revealed that its O2 Wallet service, which closed last week, was a casualty of the pace of development in the fast moving mobile payments space.
Tuesday’s landmark deal between the European Parliament, Council and Commission on MiFID II will hurt long-term investors and may paint the regulator into a corner, according to Juan Pablo Urrutia, European general council at broker ITG.
Reforms to the way derivatives trade in the US and Europe are causing a conflict between consumer desire for bespoke solutions and regulatory attempts at standardisation – and the self-inflicted panic as the deadline approaches indicates the cost may be too high, according to a panel of senior capital markets representatives speaking at an event organised by the Futures and Options Association in London on Tuesday.
Switzerland’s Zürcher Kantonalbank has installed a performance monitoring system from latency management specialist firm Corvil to monitor the performance of its market making and FX business, including market data quality, transaction analysis and FX order flow.
Financial messaging cooperative Swift is looking to capitalise on the impending trade reporting deadline for EMIR, the European Commission’s new rulebook for derivatives, which comes into effect next month.
Seven startup financial services companies have been chosen by the FinTech Innovation Lab London for its annual innovation-focused competition, which is designed to give support and recognition to promising new ideas in financial services.
The London Stock Exchange has introduced a set of changes for its international order book, including a shift to T+2 settlement, a reduction in tick sizes and changed opening hours, ahead of upcoming EU regulations designed to harmonise settlement across Europe.
MasterCard has acquired Turkish payments provider Provus in a deal that the firm says will increase its processing presence in a “high growth” payments market.
Nearly two-thirds (64%) of UK current account holders would prefer to bank online or via a mobile app than via telephone or in-branch banking (29%), according to a recent survey by YouGov and business process specialist Genpact.
The EC proposes that banks and payment services providers will not be penalised for continuing to process legacy payments during a six-month “transition period” after the February deadline for SEPA migration.
Belgium’s Record Bank has introduced a new mobile banking platform that it says will help customers better manage their money in real time. The features of the new mobile banking service include SEPA payment abilities and the ability for customers to check the status, transaction history and details of their own account. Established in 2001, […]
Dutch bank ABN Amro has become a member of German derivatives exchange Eurex’s OTC Clear service, which clears interest rate swaps, as part of the bank’s compliance with EMIR.
HSBC has lost more customers since the introduction of the UK’s account switching service than any other major retail bank, according to figures published by advisory firm TNS.
The European Central Bank is to create a Euro Retail Payments Board to replace the Single Euro Payments Area Council and “help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union”.
Five international banks are to become direct participants in the UK’s CHAPS high-value payments system as part of the Bank of England’s efforts to reduce systemic risk.
The impact of the Single Euro Payments Area will result in a new marketplace where bigger banks will be forced into stronger competition and smaller banks forced to cultivate their ‘local bank’ credentials.
IntercontinentalExchange has revealed further details of its plans for Liffe, following its acquisition of NYSE Euronext in November.
Germany’s Commerzbank has just signed up to Regis-TR, the European trade repository owned by German CSD Clearstream and Spanish CSD Iberclear, as part of the bank’s drive to ready itself for the EMIR legislation on OTC derivatives reporting.
Italian CSD Monte Titoli will connect to T2S via Colt and SIA, rather than via Swift, as the two companies vie for business ahead of the June 2015 go live date.
Turkey’s Garanti Bank and mobile operator Turkcell have partnered with Visa Europe in a deal aimed at bringing the Turkcell mobile wallet to more consumers in Turkey.
European equities clearing houses EMCF and EuroCCP have completed their merger transaction and chosen a new name for the merged company, following the final approval by Dutch central bank De Nederlandsche to the group’s shareholder organisations the DTCC and BATS Chi-X Europe.
As Europe’s post-trade infrastructure is subjected to increasing levels of regulation, CSDs will be forced to change their business models to stay alive, custodians will be forced to seek alliances to find economies of scale, and brokers will have to outsource parts of their mid and back office processes to stay in the game, according to analyst firm Celent.
The group of banks holding a controlling interest in SIA, the Italian payments processor and systems developer, have reduced their ownership in a sale to a consortium of investment funds led by Fondo Strategico Italiano.
Euroclear UK and Ireland is planning to shorten its settlement cycle to T+2 from October next year, bringing its operations into line with clearing in Germany and Russia, which already operate T+2.
Santander, Nationwide and Halifax have gained the most from the UK’s account switching service, while traditional banking names Barclays, HSBC Lloyds & TSB and NatWest have lost out, according to new figures released by advisory firm TNS.
RBS has confirmed that it is to launch V.me by Visa, the digital wallet built by Visa Europe. The decision follows a pilot programme, and will mean that RBS follows in the footsteps of Nationwide Building Society, which has just become the first UK high street brand to roll out the wallet to its customers.
European equity market Turquoise has reported a drastic increase in dark trading volumes following the relaunch of its ‘dark’ pool Uncross service. Banking Technology spoke to Robert Barnes, new chief executive at Turquoise, to find out why.
Russian bank Tinkoff Credit Systems has become the latest financial institution to launch a mobile wallet service, which is due to go live on 1 December 2013. The new wallet will target Russia and will be available on both Android and Apple iOS devices.
Fintech vendor Volante Technologies has launched its T2S Accelerator, which is designed to help financial services firms to prepare for the T2S settlement platform.
Regulators should consider carefully the implications of their actions, and not be too hasty to censure or restrict trading activity on dark pools, according to a report released by analyst firm Celent this week. The findings have been supported by senior financial services executives at Fidessa, who have called for investor choice to be maintained.
Staff at Metro Bank don’t have sales targets – instead, they are incentivised to enhance the customer experience, says Craig Donaldson, chief executive at Metro Bank. The bank is hoping this approach will pay off as it continues its campaign to win over the UK high street with the launch of a new branch at Cheapside in the heart of London.
Finland’s Aktia Bank has begun staff training on a new Temenos T24 core banking system that it plans to start implementing next year with an expected go-live date in 2015
Credit Agricole CIB has signed an outsourcing deal with Genpact, in which the technology firm will help the bank by providing its IT development and maintenance, production support, infrastructure management and user support in the US.
