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The second Payment Services Directive (PSD2) has changed the way that banks think about technology, and brought the discussion about application programming interfaces (APIs) from its original place in the IT department to the forefront of the industry’s mind, according to a panel on the first day of the Sibos conference in London. Stephen Müller,...
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Sibos 2019: Regulation isn’t enough to trust the cloud Written by Ruby Hinchliffe 23rd September 2019 Regulation is not enough to bring transparency and trust to the cloud, “we need more practical solutions,” says Credit Bank of Moscow’s deputy board chairman, Sergey Putyatinsky at Sibos. In a panel discussion about the cloud versus on-premise solutions...
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Partnerships between established banks and fintechs (particularly fintech lenders) are on the rise. A recent PwC survey found that 82% of established financial services firms intend to increase their number of fintech partnerships over the next three to five years. In theory, such collaboration has the makings of a “win-win” scenario. Established banks can get...
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Prudential regulation implies that banking institutions must have a “soul”, a gatekeeper with good corporate governance Strong corporate governance to focus on the composition, quality of board members Otherwise, even adequately capitalised banks can be prey to agency hazards KYC procedures would have to be deepened and enlarged Enthrone strict monitoring procedure Apply fully the...
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What is Shadow banking (SB)– a brief reminder: Financial Stability Board (2012) defines SB as “credit intermediation involving entities and activities (fully or partially outside the regular banking system”. A recent one by Claessens and Ratnovski (2014) is quite imperative for situating regulation, SB involves “all financial activities, except traditional banking, which rely on a...
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Why Tsunami? 88% of banking institutions fear of revenue losses as the use of banking services significantly narrowing owing to increased financial innovations in payments, money transfers and loans (Global Fintech Report 2017, PwC Survey) Share of risk is estimated at 24% of total revenues – a threat to performance and asset quality of financial...
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Financial messaging network Swift has won the contract to build a ‘New Payments Platform’ for the Australian banking community, ushering in immediate retail payments and the ability to conduct transactions in the absence of a bank account or BSB number. Twelve leading financial institutions have committed funding to the project and signed a 12-year contract...
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A key principle of a bearer instrument is that control of an asset equates to owning that asset. If I hold this N1000 bill in my hand, you know I am the owner. But if I hand it to you, you are now the owner by virtue of the fact that you now hold and...
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