Insights

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Banks become target for growing cybercrime syndicates

9th April 2019

Company: bobsguide
Internal audits and endpoint security systems won’t protect banks against increasingly dangerous and numerous cyber terrorists, say security experts. “These international crime syndicates operate in the same way any business does,” said Caroline Paddle, director at Skybox Security, in an email. “Ultimately, they want to... read more
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Conglomerates still struggling with commodity position calculations

9th April 2019

Company: bobsguide
A number of large conglomerates with exposures in European commodity derivatives are still relying on manual processes such as Excel to collate data and comply with the second Markets in Financial Instruments Directive (Mifid II), according to lawyers. “Some of our clients have had to do it manually, so they’ve had to allocate people... read more
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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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Consumer education crucial to Open Banking

5th April 2019

Company: bobsguide
Open Banking is being forced onto consumers when they haven’t been taught what the benefits might be, and banks must take responsibility for educating their customers before widespread adoption can be expected. “We need to remember a few things about customer demand,” said Simen Munter, chief operating officer at Nordea, on a... 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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Banks’ digital experiments need to produce results

4th April 2019

Company: bobsguide
Banks must stop experimenting and make their entire infrastructure digital-first or face greater competition from fintechs and risk disappointing a demanding customer base. Santosh Thomas, president of global markets at Cognizant, told attendees at a community conference in the Hague: “There was a time when banks could afford to experiment... 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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Prohibitions in the Islamic financial system

3rd April 2019

Company: Path Solutions
In general, the Islamic Sharia has constantly sought to achieve fairness, trust and transparency in all financial and business transactions while emphasizing socio-economic development and financial inclusion. In this short piece, I will attempt to outline the main features of Islamic finance and Sharia-approved investments, as well as the... read more