In its seventh annual study of the global payments market, the World Payments Report has found increasing volumes in non-cash payments as the sector bounced back from the downturn Initial data suggests the growth in global payments transactions picked up again in 2010, rising to an estimated 7.8 per cent globally, fuelled by emerging markets [...]
By Margaret Cappa On the day the International Monetary Fund (IMF) said sovereign stress in the euro area had spilled over to banking systems, Rick Waugh, president and chief executive of Scotiabank, said a tight hand on the purse strings had helped the bank to some “considerable” success during the economic crisis. Attention to costs [...]
Swift and the Banking Commission of the International Chamber of Commerce (ICC) yesterday signed a cooperation agreement that will enable industry-wide adoption of the Bank Payment Obligation (BPO), which is an irrevocable conditional undertaking to pay given from one bank to another. The BPO is an alternative means of settlement in international trade and provides [...]
By Jose Gabriel Sevilla Security and standardisation, particularly across borders, are the main concerns surrounding cloud computing, Bart Cant, practice leader for wholesale banking and payments at Capgemini, said during a session at Sibos yesterday examining whether payments were ready for the cloud. As cloud computing evangelists and global IT services providers, Paris-based Capgemini has [...]
By Tom Groenfeldt Developers and analysts who want to use market data in Excel can turn to a new combination of technology from the NYSE, Microsoft and MDX. NYSE Technologies, a unit of NYSE Euronext and MDX Technology of London, have used Sibos to announce an alliance to provide MDXT ConnectExcel, a data analysis tool [...]
By Margaret Cappa The post-trade market, once the tedious distant cousin of trading, is now an incredibly important linchpin of the financial system since it can be the point of entry for key procedures that prevent risk. But can its infrastructure work effectively and support the regulations being imposed post-crisis? “There’s huge hope in the [...]
By Margaret Cappa The next three Sibos venues have been announced – none of which includes the world’s fastest emerging economic power, Brazil. “I do not see any reason for not having Sibos is Brazil,” said Jose Carlos da Silva of Bradesco, one of Brazil’s top four banks. “Brazil has been preparing itself for two [...]
EBA Clearing, operator of the Euro1, Step1 and Step2 payments clearing systems, is calling for participants in the pilot for its MyBank internet payment system. MyBank was launched in June and in its first phase will support Sepa credit transfers and the creation of Sepa direct debit electronic mandates. John Broxis, director, Step2 services at [...]
The heavy regulation of the banking industry has held it back from widespread use of social media, a survey by MHP Communications has found. While technology is a key driver for banks to ensure competitiveness, orchestrating a strategic approach towards social media has been pushed back for a number of years, said the survey. As [...]
Oracle has updated its Basel II application, Oracle Financial Services Basel II, to support the capital adequacy compliance requirements for Islamic banking products based on Shariah law. The Islamic Financial Services Board (IFSB) provides guidance on how to apply Basel II regulations for banks offering Islamic banking products. Using Oracle Financial Services Basel II, Islamic [...]
