News & Analysis
Huawei partners to push cloud transformation for financial IT
David-He-Huawei

As part of its expansion into IT services, Chinese telecoms giant Huawei has partnered with 11 banking IT solution providers to establish an open platform ecosystem for the finance industry.

Plato Partnership enters “exclusive” deal with Turquoise
LCH. Clearnet and Traiana have processed the first trades on ForexConnect

The Plato Partnership, a consortium of asset managers and broker-dealers working to build a non-profit equities trading utility in Europe, has chosen the London Stock Exchange’s Turquoise subsidiary as its preferred partner, and the two companies announced they are exploring a “commercial collaboration”.

BACS admits disappointment as UK current account switching stalls

More than a million people switched their current account to a rival bank in the year leading up to July 2015, according to new figures published by UK payments system Bacs. The numbers represent only a minimal increase on the year before – undermining hopes that making switching easier would lead to dramatic improvements in the competitiveness of UK retail banks.

Santander targets “WhatsApp generation” with KiTTi mobile app

Santander has launched a group money management app called KiTTI, which is a virtual ‘cash kitty’ that allows groups of people to create a collective pot of money using a mobile app and a prepaid contactless MasterCard.

ISDA proposes changes to Dodd-Frank derivatives reforms

Five years on from the Dodd-Frank Act being signed into law in the US, a number of outstanding issues for derivatives reform need to be resolved, according to a new paper by the International Swaps and Derivatives Association.

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Comments
Cometh the Digital Bank
John Bertrand is industry value engineer, banking, at SAP

The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.

Digital: serve better, not just serve more
Anshuman Singh is general manager and head of Europe digital business at Mindtree

Look at most technology initiatives around you, most are obsessed with taking the cost out e.g. ATMs, online banking or selling more e.g. marketing automation, emails. As a business it’s important to manage the cost, but when cost becomes the primary driver, it creates more problems than it solves

For The Record
Equniti to acquire Transglobal Payment Solutions

Equiniti has exchanged contracts to acquire TransGlobal Payment Solutions, whose platform is used by Equiniti International Payments, the group’s foreign exchange payments business, launched in 2011.

Commerzbank continues card processing contract with Worldline

Commerzbank has extended its existing credit card processing contract with Worldline for a further seven years. Since 1998 Wordline has provided the bank with an end-to-end processing service that includes complete processing of all the bank’s issued Visa and MasterCard cards.

BNP Paribas becomes CHAPS’ 22nd direct participant

BNP Paribas has become a direct participant in CHAPS, the UK’s same day high-value electronic payment system, the 22nd bank to join in this role. More are expected to join by the end of 2016. As a direct participant, the bank can directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.

Boat adds Russian instruments to trade reporting service

Boat Services now supports the post trade publication of Russian OTC trading, by including stocks listed on the Moscow Exchange. The addition covers more than 300 Russian security instruments, including common and preferred stocks.

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