Retail Banking Systems Insights

The US core banking market “needs to be disrupted” for proper competition to emerge and take on established names, according to Christopher McClinton, senior vice president of the American Bankers Association (ABA), speaking of the trade association’s investment in cloud banking firm Finxact. The organisation announced $30m in... read more

Incumbent retail banks are struggling to properly utilise their customer data and provide better experiences for users compared to challengers entering the market with strong data management capabilities. That’s according to Andrew Beatty, senior vice president of global banking solutions at FIS, who believes “conversational... read more

Unheard of today, the New York & Mississippi Valley Printing Telegraph Company was founded in 1851. Five years later, the company was renamed Western Union. Arguably one of the first companies to transact across borders, Western Union tapped into its telegraph network to transfer money from one location to another. By 1872, cross border... read more

Quoted daily for each of the main currencies across multiple tenors (1m, 3m, 6m, 12m), Libor represents the rate for which one bank would lend money to another for a set term. It is calculated as the arithmetic average of the submitted rates for each tenor and currency from a panel of banks, with the top and bottom quartile submissions discarded... read more

Although firms have become wary of risks and significant costs as they begin to prepare for the transition from the London Interbank Offered Rate (Libor) to the Sterling Overnight Interbank Average Rate (Sonia) as the benchmark interest rate, the process of moving to the new rate doesn’t have to be as strenuous as many believe. That’s... read more

Over the past few years, technological advances, regulatory changes and the introduction of a range of new market participants has driven efficiencies and opportunities across the payments world, but the fast-changing nature of the industry has created the need for systematic, forward planning. That’s according to Eleni Coldrey, business... read more

Adobe, the stock content platform, is straying more and more outside of its traditional heartlands to offer digital KYC solutions in an attempt to reduce the cost of compliance for its financial services customers. “Our customers tell us they can achieve huge time and cost savings, reduce error rate and calls to contact centres and deliver... read more

The ATM industry is experiencing a “general delay” in its attempts to upgrade from Windows 7 to Windows 10, despite the deadline being only a year away. “Unfortunately, the ATM industry [is moving] to Windows 10 with a large delay, as hardware vendors only made the Windows 10 XFS drivers available in 2017,” says Carmine... read more

Digital-only challenger banks and new market entrants are vulnerable to savvy criminals looking to exploit weak anti-money laundering (AML) controls, according to John Davies, chairman on Kompli-Global and deputy chair of the Emerging Payments Association (EPA). Speaking at the launch of the EPA’s new whitepaper on financial crime, in... read more