Infrastructure Insights

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New CMA directions are “naming and shaming” late banks

8th April 2019

Company: bobsguide
The new directions issued by the Competition & Markets Authority (CMA) offering extensions to Open Banking deadlines for five CMA9 banks is a public “naming and shaming” according to a Payment Systems Regulator panel member Mark O’Keefe. “What are the ramifications of what they’ve done here?,” says... read more
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Critical CCP resolution plans not being prioritized

5th April 2019

Company: bobsguide
The threat that central counterparties’ financial stability poses is not being treated with appropriate concern, according to the head of the Systemic Risk Council (SRC), an independent regulatory advisory organization. “At the moment there is, as far as the SRC can tell, no plan for what would happen if recovery fails other than a... read more
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ACI’s Ramsey: APIs and ISO20022 are completely incompatible

4th April 2019

Company: bobsguide
“APIs and ISO20022 are actually completely incompatible with one and other. You wouldn’t want a modern agile API using ISO 20022 standards because [the standard] is too thick and too heavy,” said Craig Ramsey, ACI’s head of real-time payments at an industry event this week in London. “It’s a very heavy weight... read more
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Regulations dent EU banks’ account opening processes

3rd April 2019

Company: bobsguide
Europe’s regulators have held the continent’s banks back in recent years, allowing US counterparts to pull ahead in terms of advancing account opening processes, according to Don Bergal, senior vice president at Avoka, the banking transformation firm. “European banks have fallen behind in the past few years,” said Bergal,... read more
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Singapore aims to address cybersecurity concerns

3rd April 2019

Company: bobsguide
Singapore’s attempt to strengthen its cybersecurity regulation is being supported by market participants through responses to a recent consultation paper, according to an internet security association, but lawyers point out that such a discussion is only necessary as many firms continue to rely on lagging in-house cybersecurity... read more
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NatWest brings PFM app to crowded market

2nd April 2019

Company: bobsguide
Yesterday, NatWest began trials on the bank’s Mimo app, its new personal finance manager (PFM) designed to give customers greater insight into their finances. While this is certainly not the first of its kind to market, Mimo lead Calvin O’Brien believes it is bolder, more ambitious and bigger than other propositions. “Firms... read more
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Banking panel: Incumbents must cauterise core systems

2nd April 2019

Company: bobsguide
Banks must act quickly to cannibalise their core banking systems or risk losing market share to newbuild challengers. “Incumbents cannot be innovating in the future,” said CEO of digital bank Pepper, Michal Kissos Herzog. “You actually need to take the decision to cut off the legs to preserve the body. The ones who are willing... read more
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The role of collaboration and culture in digital transformation

2nd April 2019

Company: Fenergo
For digital transformation to be a success, collaboration is crucial. While technology enables new ways of working, collaboration is the key catalyst to moving the dial on digital transformation programme success. Digital-first, customer-centric financial institutions that have achieved harmony between digital transformation and collaboration share... read more
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Banks look to fend off emerging big tech threat

2nd April 2019

Company: Nuxeo
The decade since the financial crisis of 2008 has been a challenging time for the financial services sector. Not only has the industry had to face the increased compliance and governance requirements that emerged as a result of new and tighter regulation intended to prevent a similar crisis in the future, but it has also had to face increased... read more
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Treasury managers avoiding blockchain “like the plague”

29th March 2019

Company: bobsguide
It will take four to five years for the treasury management sector to embrace blockchain technology in assisting with calculations of reference rates, according to John Byrne, owner of Salmon Software. “If you ask any corporate treasurer would they use blockchain as an alternative, you would fit their response on the back of a stamp... read more