Adoption of innovative technology will be central to the fulfilment of bullish growth predictions of 25% or more for transaction banks in the Middle East, according to a survey of market participants during a recent conference in Dubai.
Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.
The UK’s Payments Council has selected Swift to build the country’s new central infrastructure platform in preparation for the next phase of SEPA regulation in 2016, through the provision of an automated central infrastructure platform for collection and maintenance of UK-specific SEPA routing data.
Fewer than a third of banks are at the implementation stage of projects implementing the Basel intraday liquidity monitoring rules that come into force next month – and most believe that industry collaboration will be needed to achieve a successful outcome.
While a great deal of attention has been given to Lloyds Banking Group’s retail operations as its various elements are split up, less has been given to its activities in transaction banking, where it is “one year into a three-year journey” to transform itself and its customer offerings to create“the best global transaction bank in this region”.
This year marks the tenth anniversary of World Payments Report. In this extract from the report, which was launched at Sibos this week, the impact of innovation on payments is examined.
Social media technologies are gaining ground in both retail and wholesale banking, and there have been success stories so far.