Dubai, 16-19 September 2013
Innotribe, the Swift-backed initiative to enable collaborative innovation in financial services, has announced the names of the five contenders from the US leg of its annual Startup Challenge to compete at Sibos 2013 in Dubai in September.
Hong Kong-based CLSA has gone live on Swift’s Global Electronic Trade Confirmation solution for the automation of allocation and confirmation processes, becoming the first Asian broker to adopt the service.
Banks need to cross a psychological barrier and embrace the concept of outsourcing their payments operations if they are to compete on product innovation and customer service rather than simply on cost.
As delegates gather for the third Business Forum organised by Swift in London this week, issues on [...]
GFT Technologies has taken an 80% stake in Italian IT consultancy Sempla for an undisclosed cash sum. It has the option to acquire the remainder of the company after five years.
The absence of Chinese banks from this year’s Sibos is a real blow, particularly as the event is in their backyard. During the past few years the Chinese banks have expanded their presence at Sibos, reflecting the rising influence of China as its economy continues to thrive compared with Western economies.
Managing operational risk is an unglamorous part of life at every major financial institution. Yet as a string of recent court cases, fines and regulatory actions testify, it is an area that is increasingly forcing its way into company boardrooms and commanding top-level attention.
At last year’s Sibos, Swift and the Banking Commission of the International Chamber of Commerce (ICC) signed a cooperation agreement aimed at enabling industry-wide adoption of the Bank Payment Obligation (BPO). One year on and there are still questions surrounding the “electronic letter of credit” and how successful it will be.
Global corporate actions are widely recognised as having some of the highest risks outside of the trading floor, says Rob Hardy, head of governance at JP Morgan asset management. “There are lots of pits and traps – out of all the back office functions it’s the one where you could lose the most money.”
A quarter of financial institutions are exiting some lines of business because of increased capital requirements, says a survey conducted by the Professional Risk Managers’ International Association (PRMIA), a non-profit professional association of 86,717 members in 210 countries. Survey respondents said they expected the introduction of central clearing to result in lower profit margins, increased collateral requirements and a general increase in the cost of doing business in areas such as OTC derivatives.
Brian Longe, chief executive of Wolters Kluwer Financial Services, speaks to Banking Technology editor David Bannister about winning the Best Governance Risk and Compliance Service category in the 2012 Banking Technology Readers’ Choice Awards.