Swift is extending its Know Your Customer compliance service into the securities area, making it available to fund distributors and custodians.
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
The Innotribe Start-up Challenge attendees selected the five finalists from the African leg of the Start-up Challenge to compete at Sibos Singapore in October. The showcase was held yesterday alongside Swift’s African Regional Conference.
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
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.
A lack of available collateral to meet demand has become a global problem, with various models being deployed to ensure financial institutions meet the changing regulatory requirements.