Financial Industry News 22 May 2012

The European Payments Council (EPC), on behalf of the European banking industry in relation to the payments arena, has launched its annual public consultation, focusing on planned upgrades to the scheme rulebooks in the Autumn and the potential modifications for the single euro payments area (SEPA) Credit Transfer (SCT) and SEPA Direct Debit... read more

Many banks based in Greece will not be able to access funds from the European Central Bank (ECB) for the foreseeable future, it has emerged.  The central institution announced last night (16 May) it has decided to suspend the credit line available to financiers in the debt-stricken Mediterranean country as fears over its... read more

HSBC expects to see its revenue grow by around $2 billion annually thanks to its new business strategy.  That is according to chief executive officer Stuart Gulliver, who has revealed today (17 May) that the bank is firmly on course to meet its cost-efficiency targets moving forward.  Upon taking up his role last... read more

Equinix, a provider of co-location and data centre services to financial market participants, is to buy ancotel, a German-based rival and connectivity provider, gaining its Kleyer90 facility that serves the Frankfurt markets. With the acquisition of ancotel, which is expected to complete in Q3 2012, Equinix gains one data centre in Frankfurt... read more

The ongoing eurozone debt crisis could develop into "unchartered territory" in the near future as financial problems across the region continue to grow.  That is the opinion of prime minister David Cameron, who believes the economic bloc is fast-approaching a crossroads as member states such as Italy and Spain... read more

Albron, a large catering firm in the Netherlands, is to start rolling out biometric and contactless payments in its restaurants in co-operation with Equens. The caterer signed a contract with the Dutch headquartered payment processor for its Snel en Simpel Betalen (Quick and Easy Payments) offering, which will be introduced in as many... read more

Japan's three biggest banks posted healthy profit figures for last year today (16 May) but also warned that 2012-13 is set to be a challenging period.  The Mitsubishi UFJ, Sumitomo Mitsui and Mizuho groups experienced solid growth in their revenues throughout 2011-12 but the former two anticipate the coming 12 months to... read more

Finance ministers from across the European Union (EU) have finalised an agreement that will overhaul regulation in the region's banking industry.  Negotiations between the 27 policymakers yesterday (15 May) resulted in the unanimous approval of fresh rules that have been designed to prevent the need for another bailout... read more

The bank-led Mobey Forum is now participating in the Trusted Computing Group (TCG) Industry Liaison Programme as the two associations seek to cooperate in the development of effective security standards in the mobile financial services arena. The partnership will enable Mobey Forum, which has a core membership of banks, and the TCG, which... read more

JP Morgan & Chase is to face an investigation from the FBI regarding its recent failed hedging strategy.  Last week, it was revealed that the bank - which holds assets worth some $2.3 trillion - had overseen a catastrophic over-investment in a particular fund, which resulted in it losing at least $2 billion.  The... read more