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 [...]
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 Neil Ainger and Tom Groenfeldt The nefarious rogue trading activities of Kweku Adoboli that have cost UBS $2.3 billion so far and brought to mind the actions of previous rogues such as Jerome Kerviel at Societe Generale and Nick Leeson at Barings have been much discussed at Sibos 2011. Just why did the internal [...]
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 [...]
Swift plans to have its electronic bank account management (Ebam) central utility (ECU) in full production by the end of 2012. The cooperative has piloted the utility with BNY Mellon, RBS, Citibank, JP Morgan Chase and seven corporates including BT, IBM and General Electric. The ECU creates a single multibank platform for multinational companies and [...]
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 [...]
Regulatory initiatives are holding back innovation and allowing newcomers that don’t have to comply with them to enter the payments market more easily, said Jose Maria Beltran, Sepa development director at French payments processor Stet yesterday. During the European Clearing: Evolution and Consolidation session, which examined the remaining challenges in meeting the European Commission mandated [...]
