Years of work have culminated in a legal entity identification standard. As David Bannister reports, while not perfect, the development will help to improve credit risk management Bored with ISO 20022? Don’t worry, here comes ISO 17442, the proposed authoritative legal entity identification (LEI) standard. The development of an identifier that can differentiate between the [...]
Faced with competition from new payment services providers and new channels such as mobile, banks are conspicuously failing to listen to the needs of merchants, consumers and even other financial institutions.
Banking Technology and eWise Payo have joined forces to try to answer the question Whatever happened to the listening bank?
In this short video, Banking Technology editor David Bannister asks market experts from Datamonitor, Celent and eWise what questions banks, retailers, consumers and technologists should be addressing when we assemble these and other stakeholders for our summit in early October.
A new web-based tool developed jointly between Swift and a group of pilot users provides a comprehensive mechanism for financial institutions to communicate service information with their customers, as well as improve internal management of standards and market practices. Called MyStandards, the tool will be available generally next year, but initial reports from the pilot [...]
Swift’s role in the standards process is shifting away from definition and development and more towards implementation and involvement in capturing market practices. Speaking at Sibos for the first time since she took over as Swift’s head of standards, Juliette Kennel told the opening session of the Standards Forum that the focus of the event [...]
Bank of America Merrill Lynch (BAML) is on the verge of reaping the benefits of a massive overhaul and integration of its IT systems. The bank has replaced multiple legacy systems with a new central payments hub and web-based customer portal on which it will be building a range of corporate product lines. The first [...]
Take up of SEPA payments has “simply not happened at the rate anyone thought it would,” prompting VocaLink, to announce that it will make a phased withdrawal of its Euro CSM and SEPA value added services. Marion King, chief executive at VocaLink said that the move is “a straightforward response to market demand” and rejected [...]
A Market Infrastructure Resiliency Service is being developed by Swift to keep key functions at Real Time Gross Settlement systems around the world operating in the event of a major outage. The MIRS service specifications have been agreed in collaboration with a number of central banks and development is under way, says Swift, to keep [...]
EuroCCP, the pan-European cash equities clearing house, has signed up BoA Merrill Lynch, Credit Suisse, Morgan Stanley and Nomura on Bats Europe for its clearing services and Citigroup’s Global Transaction Services unit is putting its third party clearing business on UBS MTF via the London-based subsidiary of the Depository Trust & Clearing Corporation. Both deals [...]
