Commerzbank and Landesbank Baden-Württemberg (LBBW) have recently – for the first time – successfully executed the necessary data transfers to complete two commercial transactions via blockchain-based trade finance network Marco Polo.
“The transaction proves that blockchain technology offers our clients state-of-the-art financing for trade transactions,” says Nikolaus Giesbert, divisional board member for Trade Finance & Cash Management at Commerzbank. “We see a valuable opportunity here to work together to develop and bring to the market innovative trade finance solutions.”
News of the transaction was covered by: Banking Technology, Bitcoin Exchange Guide, BlockTribune, CMTFile, Coin Speaker, Coin Telegraph, CoinDesk, Der Treasurer, Disruption Banking, Financialit, FinExtra, Fintech Finance, FinTech Futures, Global Treasurer, Global Trade Review, Ledger Insight, The Paypers, TokenPost, Trade Finance Global, TRF News, TXF, TXF tracker (behind paywall), & Yahoo
With technology developments occurring at a rapid rate, Christopher Mager, Head of Global Innovation, Digital Platform Office, BNY Mellon Treasury Services, discusses some of the key innovations that are impacting transaction banking, and how knowledge is king when it comes to harnessing new capabilities.
To read the full article, please click here
Outdated payment systems, regulation, evolving consumer needs and promising fintech initiatives are all driving the demand for enhanced transaction capabilities. As a result, banks are increasingly adopting real-time payments to address evolving needs. In a commentary article for TMI, Carl Slabicki, Director, Immediate Payments, BNY Mellon Treasury Services, discusses how the real-time landscape is gaining traction, the implementation of the real-time payments (RTP) initiative in the US, and how banks and the wider industry can make enhanced, real-time payments a global reality.
To read the full article, please click here.
In a commentary article for BNamericas, Dino Sani, Head of Treasury Services Latin America, discusses how regulation technology – or “regtech” – can enhance regulatory processes in Latin American banking. He examines the challenges banks are facing due to heightened compliance demands, the growing interest in regtech across the industry, and how regtech tools such as AI and blockchain technology could help to decrease compliance costs and improve efficiency.
To read the full article, please click here (please note, this article lies behind a paywall).
In a commentary article for PaymentsJournal Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, BNY Mellon, discusses how SWIFT gpi is helping to transform cross-border payments. She examines the growing reach of SWIFT gpi, the enhancements that have been implemented – including improved speed and transparency – the new developments that are set to come into force and, importantly, what this means for banks.
To read the full article, please click here
The first such transaction involving a large German company, Commerzbank’s €500,000 deal was covered by Reuters, Banking Technology, The Trade, IBS Intelligence, coindesk, 4-traders, Blockchain News, The Blockchain, CoinShot, Blockshapers, The Paypers, Cypto Currency News, RTT News, coinzdaily, Econotimes Blockchain Revolution, Cryptocy News, Bitnews Today, Coin Telegraph, cryptovest, Finextra and Profit & Loss.
Compliance costs in emerging markets are rising, as are fears of protectionism in developed markets. But Michael Duval, Chief Business Officer at Bank Leumi (UK), notes that Israel provides importers and exporters with sustained opportunities in an article for The Global Treasurer.
BNY Mellon has been officially crowned “Best Correspondent Bank” in this year’s Global Trade Review (GTR) “Leaders in Trade” awards. The award marks the second consecutive year that the bank has won the award since the category was introduced in 2017.
Receiving the award on behalf of BNY Mellon at the GTR Awards ceremony last week, Dominic Broom, Global Head of Trade Business Development, commented: “This consecutive win of the Best Correspondent Bank award underscores what we do best: providing operating expertise and exceptional client service on a global scale. We continue to invest in new solutions and enabling technologies to remain the leader in meeting client needs, in an ever-changing landscape.”
To read the full awards results list, please click here.
On 30 April 2018, in one of the largest gatherings of CFOs, treasurers and banks, The Asset announced the winners of the most coveted Triple A Treasury, Trade, Supply Chain and Risk Management Awards in an Oscar-style ceremony at the Four Seasons Hotel, Hong Kong.
Going into the event, Deutsche Bank had already amassed a total of 46 awards for specific client solutions and for its work at a country and sub-regional level (click here for more details on these individual awards). But the bank’s winning streak didn’t end there. Deutsche Bank left the dinner with an additional five top honours:
- Triple A Best Risk Management Bank
- Triple A Best Structured Trade Finance Bank
- Triple A Best in Treasury and Working Capital – Export Credit Agency Financing (Agency Finance)
- Triple A Best in Treasury and Working Capital – Non Bank Financial Institutions
- Triple Best in Treasury and Working Capital – New Economy
Atul Jain, Head of Trade Finance, Asia Pacific added; “With client feedback serving as the cornerstone of The Asset’s evaluation process, Monday night’s wins in the trade space, together with those previously announced, stand as a clear testament to our best-in-class solutions and teams.”
In a recent interview with TXF, Albert Maasland, CEO at Crown Agents Bank, explores the banking market’s current approach to derisking correspondent relationships.
He recognises that although the high cost of compliance continues, derisking in emerging markets has slowed, having had the desired effect of cleaning up inappropriate payments flows in recent years. He points out that despite good progress, some unintended consequences – such as the forcing of payments underground – are becoming more apparent.
To read the full article, please click here. Please note the paywall.