The power of SWIFT gpi: BNY Mellon’s Monika Aminiova examines the potential for the initiative to revolutionise the payments industry in bobsguide

Writing for bobsguide, BNY Mellon’s Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, gives a rich overview of the developments within SWIFT’s rapidly expanding global payments innovation (gpi) initiative and a perspective on its future.

The initiative has already helped to transform the speed, transparency and traceability of the traditional end-to-end cross-border payments process, and it has further developments in the pipeline to hone existing features and introduce new capabilities, such as stopping or recalling payments. Certainly, the initiative has much to offer banks and their clients but there must be a conscious drive towards adoption from within the global banking sector.

“Although seemingly within reach,” says Aminiova, “SWIFT gpi depends completely on the capability of each institution in a correspondent banking chain. To harness and deliver the benefits to clients, banks need more than positive uptake – we need critical mass for transactions to be consistently tracked and credited along SWIFT gpi-enabled payment corridors.”

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BNY Mellon’s Sindhu Vadakath discusses the arrival of open banking in International Banker

In a commentary article for International Banker, Sindhu Vadakath, Senior Product Manager, Global Payment Services and Asia Payments, Treasury Services, BNY Mellon, takes a look at the introduction of the Second Payment Services Directive (PSD2) and the impact it will have on the core of traditional banking.

PSD2 requires banks to share their closely guarded customer data, opening the gates for the first time to third-party payment providers (TPPs), thus disrupting banks’ long-held monopoly on the payments sector. With an aim to improve transparency, customer rights and service, as well as the costs linked to the end-to-end payments process, the legislation allows TPPs to harness customer data to create cutting-edge products that can viably compete with bank offerings.

But this data-sharing, of course, is not without its risks – especially as TPPs cannot claim the same historical reputation for security and familiarity as their bank counterparts. As such, collaboration between these industry players is key to ensure a smooth roll-out of an efficient and secure payments service for customers in the new era of open banking.

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BNY Mellon’s Carl Slabicki examines the questions surrounding open banking in Global Banking & Finance Review

Writing for Global Finance & Banking Review, BNY Mellon’s Carl Slabicki, Director, Immediate Payments, Treasury Services, takes a candid look at the arrival of open banking, and what it could mean for the banking industry.

As part of PSD2, financial institutions are now required to share client data with third party payment providers such as fintechs – thus breaking the historical monopoly that banks have held over this client data, and potentially altering the core banking experience as we know it. This data is a valuable business asset, says Slabicki, as it can pave the way for new services from non-bank providers such as loan and mortgage comparison platforms and financial advisory portals.

Although these innovations could enhance the client experience and stimulate healthy competition, the now-accessible data certainly faces significantly heightened security risk. As such, it is vital that the regulatory environment is fluid – able to adapt to requirements accordingly – and that banks focus on supporting these efforts to ensure a smooth transition into the era of open banking.

To read the full article, please click here.

Crown Agents Bank appoints new Head of Global Markets

In its latest move, Crown Agents Bank has appointed David Bee in the newly created role as Head of Global Markets. David joins from Lloyds Banking Group, where he served as Head of Offshore Financial Markets & Institutional FX Sales. He has previously held senior positions at Citi, Deutsche Bank, and Standard Chartered.

“It’s exciting to be working for a bank with almost two centuries of history, with extensive access and a trust factor in markets that often have few, if any, international bank service providers. The bank is now growing very rapidly with enhanced infrastructure, expertise and relationships, and is continuing to upscale. Most of all, I look forward to working with the team and partnering with colleagues across the bank as we strive to reach our full potential”, said David.

News of the appointment has been covered by Profit & Loss, TXF, Global Banking & Finance Review, FTSE Global Markets and GTR.

UniCredit’s Luca Corsini and Jan Kupfer in TMI interview on the drivers behind the transaction banking digital revolution

The transaction banking landscape is undergoing a dramatic transformation. With new technologies such as SWIFT gpi, instant payments, and blockchain bringing a host of improvements and new possibilities, Jan Kupfer and Luca Corsini, Global Co-Heads, Global Transaction Banking at UniCredit, discuss the latest trends, their likely impacts, and how the industry can draw together to maximise the benefits for all – especially corporate clients.

To read the full article, go here.

In Trade Arabia, BNY Mellon’s Bana Akkad Azhari discusses how fintech can drive financial sector growth in the Middle East

 

Technological innovation is changing the face of finance. In recent years fintech investment has reached new highs across the North America, Asia, and Europe. Now, fintech is gaining recognition across the Middle East – bringing with it the promise of enhanced efficiency, security and transparency. Moreover, banks in the region are propelling digital developments forward to positively impact the trade landscape.
In Trade Arabia, Bana Akkad Azhari, Head of Relationship Management MEA and the CIS, Treasury Services EMEA, BNY Mellon, discusses the potential for fintech to impact the Middle East financial sector, specifically, trade.

 

To read the full article, please click here.

 

BNY Mellon’s Bana Akkad Azhari discusses how bank-fintech collaboration is creating opportunities for trade in the Middle East in Cash and Trade

Recent years have heralded a new, dynamic “fintech era”. Global investment in fintech has skyrocketed in recent years, yet, the vast majority of fintech investment originates from other regions, with the Middle East only accountable for 0.1% of the global total in 2016. However, fintech companies are increasingly looking at how new innovations can improve operations across the financial landscape in the Middle East and – specifically – how technological offers can enhance trade in the region.

In Cash and Trade, Bana Akkad Azhari, Head of Sales & Relationship Management MEA and the CIS, Treasury Services EMEA, BNY Mellon, considers how local banks are playing a growing role in the exploration of digital solutions. By adopting various collaborative approaches – including venture capital-style investment and incubator/accelerator programmes – banks and fintechs are working together to help improve security, transparency, and efficiency for trade in the Middle East.

To read the full piece, please click here.

In Banker Middle East, BNY Mellon’s Bana Akkad Azhari considers fintech’s potential to transform the region’s financial landscape

Global fintech investment is soaring, nearly doubling to US$23.3 billion in 2016, from US$12 billion in 2014. Yet, the Middle East currently lays claim to just 0.1 per cent of this. Nevertheless, fuelled by the growing influence of a millennial population and rising expectations for efficiency, transparency and accessibility, fintech initiatives are rapidly gaining purchase in the Middle East.

In Banker Middle East, Bana Akkad Azhari, Head of Sales & Relationship Management MENA and the CIS, Treasury Services EMEA, BNY Mellon, considers the transformative potential of fintech in the region. Moreover, Bana explores how banks are championing the importance of both innovation and collaboration, and opines that this is crucial if opportunities offered by fintech are to be fully realised.

To read the full article, please click here.

UniCredit’s Jan Kupfer and Claudio Camozzo on bank-fintech collaboration in Finance Digest

With banks and fintechs both bringing a raft of new innovations to the industry, how these two parties co-exist in today’s environment remains a key question. While some banks may have seen fintechs as a threat, many are now trying to learn from their innovative mindsets and agile setups. Collaboration is now being viewed as the preferred approach, with banks and fintechs leveraging their respective strengths – and minimising their weaknesses. Claudio Camozzo and Jan Kupfer, Global Co-Heads of Global Transaction Banking at UniCredit, argue in Finance Digest that an appreciation of different collaboration models and a customer-focused approach are crucial to seizing the opportunities at hand.

To read the full article, please go here.