YTS has been chosen by Dutch accounting software provider Jortt to provide API technology to power its services.

By choosing YTS’ PSD2-compliant API solutions and investing in open banking technology, Jortt will be able to automatically fetch transactions and balances for SME businesses using its accounting software. YTS’ Account Information Services (AIS) integrations will remove the need for Jortt’s 40,000 users to repeatedly download and re-upload MT-940 or CSV files. This will give users the most up-to-date picture of their business’ finances in real time, saving time, reducing costs, and increasing precision across the process.

With the unified YTS API, Jortt will no longer need to build and maintain connections with individual banks and all information will be received in a simple, standardised format.

YTS’ latest partnership with Jortt is part of its ongoing commitment to helping like-minded businesses experience the potential in open banking technology and the transformative impact it can have on business efficiency, cost reduction and the front end user experience.

Hilco de Roo, Chief Executive Officer at Jortt, commented:

“We chose YTS as our open banking provider because of its can-do mentality. As of our first introduction, we have been moving forwards rapidly – getting things done! Whether it's about legal or technical advice, YTS is an experienced partner with a problem solving approach.

“YTS’ API technology will bring new and improved functionalities to our platform, empowering our mission as a business: ‘fully automating your accounting’. Our focus is on how we can transform accounting so that it meets the highest demands of the entrepreneur of today and tomorrow, and YTS’ open banking services fully match that ambition.”

Leon Muis, Chief Business Officer at YTS, commented:

“I’m thrilled Jortt has chosen YTS as a partner to support its open banking strategy, and I’m confident our API technology will be truly transformational for the business and its customer base. Increasing security and value-added services are core components of YTS’ offering, and we look forward to working closely with Jortt to deliver increased value and a seamless digital experience for its users.”

TraditionDATA, the data and information services division of Compagnie Financière Tradition (Tradition), has today announced the launch of its new Secured Overnight Financing Rate (SOFR) Indicative Rate Service. 

Tradition will combine market leading general collateral (GC) repo trade and volume data sourced from its number one interdealer brokerage desk, alongside anonymized tri-party repo trade and volume data from BNY Mellon.

The service takes the incoming data from both providers and uses a proprietary methodology to produce a volume-weighted median repo rate throughout the day which is intended to inform market participants’ assessment of where SOFR will fix the following day.

Scott Fitzpatrick, Global Head of TraditionDATA, said: “SOFR is here, and it is here to stay. We are acutely aware of the significance of this and the requirement for high quality data services around it. This new development from our data product team will provide a valuable insight during the trading day as to where SOFR is likely to fix tomorrow. In addition, this intra-day service will allow the global trading community to monitor trends and track stress indicators.”

Brian Ruane, CEO, Clearance and Collateral BNY Mellon, said: “The industry is at a critical juncture in the transition away from LIBOR. Therefore, the ability to offer indicative rates to financial market participants will help facilitate a more seamless transition to SOFR, the leading alternative benchmark, and help improve marketplace efficiency and transparency.”

Goal Group, the global fintech leader in withholding tax reclamation and securities class action recovery services, has announced the appointment of industry stalwart Bryan Gray as Brand Ambassador for its APAC region.

After a highly distinguished 32-year career, serving as Managing Director, Australia and New Zealand Sales at J.P. Morgan Securities Services and prior to that, Head of Sales at State Street, Bryan is widely regarded as a thought-leader in the global custody arena. At Goal, he will conduct an ongoing series of service reviews with the APAC client base as part of a global drive to ensure outstanding service delivery as the company takes on increasing volumes of new business.  

Stephen Everard, Chief Executive Officer, Goal Group, said: “With his unparalleled industry standing and depth of experience in asset servicing, Bryan will be a tremendous asset to us and to our client base. He will help our local team strengthen relationships, build new ones and ensure that we are meeting – and exceeding - service delivery expectations across APAC. 

“Market demand for both withholding tax reclaims and securities class actions recovery services is soaring across the region. At the same time, we are bringing new cloud-based solutions to market that leverage high levels of automation to transform our clients’ process and cost models, helping them fulfil their fiduciary duty and create new revenue opportunities all while reducing costs. As business growth accelerates, I want to reassure clients that we are strengthening our team across all business functions.”

Commenting on his appointment, Bryan Gray, Brand Ambassador, APAC at Goal Group said: “Over recent years Goal has cemented its position in the fintech space within asset servicing and I’m thrilled to join their ambitious team at this exciting time for the company and their markets. It’s evident that asset managers and custodians are recognising the need to adapt their service proposition to meet the changing expectations of today’s investors – and the potential competitive advantage in doing so. With its unique technology and expertise in both tax reclaims and shareholder litigation services, Goal has a compelling proposition for the investment community and I look forward to helping them further their service delivery excellence.”

Goal’s worldwide client base includes five of the top ten global custodians, six of the top ten global fund managers and all four US depositary banks.

Follow ‘Goal Group of Companies’ on LinkedIn.

The latest edition of World Finance magazine is out now and has confirmed ICS Financial Systems (ICSFS) as Best Islamic Banking & Finance Software Provider as part of its 2021 Islamic Finance Awards. ICSFS has been supporting the Islamic banking sector through its Shari’a-compliant ICS BANKS Islamic software solutions, for more than two decades now, with bespoke Islamic products and services that have helped financial institutions to achieve a competitive edge.

ICS BANKS Islamic is fully integrated software, with a powerful Digital platform, that provides Shari’a-compliant products with international standards, real-time business processing, and the value-added capabilities of tailoring products, on-premises or on the cloud. It future-proofs banking activities by providing a broad range of seamless and flexible features. 

Many clients’ testaments claimed that ICS Financial Systems, with its ICS BANKS Islamic, to have:

• The strongest, most experienced, and most innovative Islamic banking software solutions

•  Carries full Shari'a-compliant coverage of Islamic finance and banking ecosystem 

• Records the fastest and seamless implementation time, 

• Dynamic product building 

• Lower total cost of ownership (TCO) 

• Lower time-to-market

• Highest customer satisfaction. 

World Finance’ Projects Director, David Hann said: “This year global recognition ‘Best Islamic Banking & Finance Software Provider’ received nominations from a wide variety of technology companies and geographies. As diverse as they may be, they all have long-standing track records providing advanced Islamic banking software solutions.

Amongst all submissions and after great deliberation, ICSFS stood out from the rest winning WORLD FINANCE Adjudicating Editorial Panel preference and taking home the 2021 global recognition ‘Best Islamic Banking & Finance Software Provider’. ICSFS dominance is not only due to its expertise and technical know-how, but more notably is due to its dedication to continuous innovation, global market reach, and commitment to servicing Banks worldwide. ICS BANKS software suites are now the fruit of 43 years of innovative hard work that has rightfully lived up to expectations covering all banking activities with cutting-edge reliable technology, customer-centric, easily integrated, and adaptable to changing business environment. To date, the firm boasts with highly skilled professionals, tirelessly offering real-time sustainable after-implementation support to clients around the globe has truly made them worthy of their “Unrivalled Customer Experience” reputation. Our award winner this year needs no introduction, a pioneer from the beginnings grown to become a global force in Fintech, and yet still striving for new accomplishments pushing the envelope to be in every financial market and showing no sign of slowing down.”

Executive Director of ICSFS, Wael Malkawi stated: “Our ICS BANKS Islamic offers a comprehensive suite of Islamic banking solutions, that enables banks to automate and streamline their products and services, with a strong focus on the banks’ customer needs, technological innovation, and the highest commitment to service quality along with a successful proven record of fast and hassle-free implementation with high security and scalability. Winning the “Best Islamic Banking & Finance Software” from World Finance, for the second year is an additional testament to our success.”

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.

Commerzbank has again demonstrated its resilience in this year’s stress test conducted by the European Banking Authority (EBA). In the adverse stress test scenario, the common equity tier 1 ratio (CET 1 ratio) came out at 8.2% at the end of the 2023 stress test horizon. In view of further tightened assumptions, for example a large and prolonged economic slump in Germany and a continuing additionally stressed low interest rate environment, the CET 1 ratio decreased by 502 basis points over the stress period. Also, an economic downturn of –3.9% cumulatively over the three-year time horizon to 2023 (2018: –3.3%) was simulated for Germany in addition to the real pandemic stress (Gross Domestic Product decrease of 4.8%) of the previous year.
 
The starting point for the stress test was the CET 1 ratio of 13.2% at the turn of 2020/21, which reflected not only the significant burdens resulting from the coronavirus crisis but also high expenses for the transformation of the Bank. In the baseline scenario of this year’s EBA review, Commerzbank’s CET 1 ratio is 13.3% in 2023. As of the end of March 2021, Commerzbank’s actual CET 1 ratio was 13.4%, well above the minimum regulatory requirement.
 
“The stress test result once again confirms Commerzbank’s healthy risk profile. We’ve demonstrated our resilience in a very tough stress scenario despite a difficult starting point in the pandemic environment,” said Marcus Chromik, Chief Risk Officer. “Commerzbank has comfortable liquidity and capital buffers. This gives us sufficient headroom for our transformation. Our customers can rely on us, and we’ve proved that during the coronavirus pandemic, which has been a very real stress test for almost a year and a half.”
 
The stress test assumed a static balance sheet and therefore did not take account of any current or future business strategies or management initiatives. It’s also not a forecast of Commerzbank’s profits. The results of the stress test feed into the Supervisory Review and Evaluation Process (SREP).
 
Further information on EBA’s publication of 30 July 2021 can be found at https://www.commerzbank.de/en/hauptnavigation/aktionaere/ir/stresstest.html.

ING Group was subject to the 2021 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the European Central Bank (ECB), the European Systemic Risk Board (ESRB) and De Nederlandsche Bank. ING Group notes the announcements made today by the EBA on the stress test and fully acknowledges the outcomes of this exercise.

The 2021 EU-wide stress test does not contain a pass/fail threshold and instead is designed to be used as an important source of information for the purposes of the Supervisory Review and Evaluation Process. The results will assist competent authorities in assessing ING Group’s ability to meet applicable prudential requirements under stressed scenarios.

The adverse stress test scenario was set by the ECB/ESRB and covers a three-year time horizon (2020-2023). The stress test has been carried out applying a static balance sheet assumption as at December 2020, and therefore does not take into account future business strategies and management actions. It is not a forecast of ING Group’s profits.

Under the hypothetical baseline scenario and EBA’s methodological instructions, ING Group would have a fully loaded common equity Tier 1 capital ratio (CET1) of 16.06% in 2023. Under the hypothetical adverse scenario and EBA’s methodological instructions, ING Group would have a fully loaded CET1 ratio of 10.99% in 2023. ING Group published an actual fully loaded CET1 ratio of 15.41% per 31 December 2020. This number excluded €3,266 mln (corresponding to 1.07% CET1) for distributions, reserved outside of CET1 capital.

On 30 July 2021 the European Banking Authority (EBA) published the results of the EU-wide stress test conducted in cooperation with the European Systemic Risk Board (ESRB), the European Central Bank (ECB) and the European Commission (EC). The forward-looking analysis covers the period 2021-23 and considers the resilience of financial institutions to adverse economic shocks.

The exercise confirms Nordea’s resilient capital position. Under the severe stress scenario, with very tough and conservative assumptions for the Nordic countries, Nordea’s CET1 ratio is estimated to decline from 17.1% at year-end 2020 to 13.4% at year-end 2023. This would still be well above the capital requirements including the management buffer. The reported CET1 ratio as of end Q2 2021 was 18.0%.

The stress test results, scenarios and methodologies can be found on the website of the European Banking Authority: https://www.eba.europa.eu/.

The stress test results will not result in changes to Nordea’s capital planning or capital targets. 

Biggest names in security invest in ground-breaking solution to detect encrypted malware threats in real-time

Venari Security, the defender of encrypted networks, is today announcing it has raised a Series A funding of £4.2m with a post money valuation of £14.2m. With some of the best known and most influential figures in the cybersecurity industry onboard including Paddy McGuinness, the UK’s former Deputy National Security Adviser for Intelligence, Security and Resilience; Lane Bess, former President and Chief Executive Officer of Palo Alto Networks; and Cris Conde, former Chief Executive Officer of Sungard, the company is primed for success by fundamentally transforming organisations’ ability to accurately and quickly spot threats concealed in encrypted traffic.

In a world where privacy is demanded by customers and mandated by regulators, encryption has become the norm. But it’s become a major target for cybercriminals. In 2020, Cisco estimated that as much as 70% of all malware campaigns would use some type of encryption to conceal malware delivery, enabling malicious communications to sneak past network defences and extract data through encrypted channels.

Unlike traditional solutions that require communications to be decrypted to accurately identify abnormal activity, Venari uses a combination of machine learning, artificial intelligence, and behavioural analytics to accurately detect threats on the network in near real-time, without the need for decryption. This significantly reduces the response time of security teams and enables them to proactive respond to threats rather than react to events, while delivering internal and regulatory compliance for organisations.

The business will be led by CEO Tom Millar, former Founder and Chief Executive Officer of ITC Secure; Chief Revenue Officer Hiten Mistry, former banking lead architect and senior figure at several cyber security start-ups, and Chief Technology Officer Simon Mullis, former Technical Director EMEA at Tanium.

The company will use the investment to grow its Research & Development, data science and cyber teams, complete its Go-To-Market plan and continue to attract some of the best cyber talent to achieve its aggressive growth plans.

Tom Millar, Chief Executive Officer at Venari Security, comments: 

"We are now in a world where the majority of business communication uses encryption both internally and externally, which is a good thing. However, over the past five years, cybercriminals have pivoted and use those same encryption protocols to circumvent traditional security technologies, allowing attackers to deliver malware and ransomware attacks, communicate laterally within the enterprise and exfiltrate data. Organisations are more concerned than ever about protecting their customer's privacy but struggle to defend effectively against attacks."

"That's why we've built Venari. We're backed and advised by some of the world's leading cybersecurity and compliance experts who believe strongly in our ability to solve a genuine, immediate problem for enterprises and our development partners include large global organisations across key regulated verticals. The response has been tremendous, helping validate the need for encrypted traffic analysis, reducing the time to react for security teams and ensuring these organisations meet their certificate compliance standards. We are just getting started and have some fantastic

innovations planned for encrypted traffic analysis."