TIBCO Software Inc., a global leader in integration, API management, and analytics, today announced that Dan Streetman has been appointed as its new chief executive officer, effective April 15, 2019. Streetman joins TIBCO from BMC Software where he was executive vice president of worldwide sales and marketing. Current CEO Murray Rode has been named vice chairman of TIBCO.

“Since its inception, TIBCO has helped businesses become smarter, faster, more innovative and more connected by harnessing real-time data and insights,” said Rode. “Today’s digital businesses require these capabilities for cloud and hybrid environments, which is precisely what TIBCO’s Connected Intelligence Cloud provides. I am proud to be part of TIBCO and look forward to an even brighter future for our remarkable customers, dedicated partners, and talented employees. Dan brings a high level of energy and commitment to TIBCO that will ensure we continue to expand the reach and scale of TIBCO’s Connected Intelligence Cloud to deliver game-changing innovation to the market.”

“Organisations across every industry are transforming themselves into digital businesses. Dan brings the leadership and enthusiasm to realise TIBCO’s potential to help customers globally with their digital evolution,” said John Stalder, principal at Vista Equity Partners. “Over the past five years as CEO, Murray has sharply focused TIBCO’s product portfolio and streamlined the organisation to create an industry-leading cloud and hybrid platform for digital business to position the company for accelerated growth. We’re excited about the opportunities in front of TIBCO and are confident that Dan’s experience and expertise will ensure an even greater impact on its customers around the globe.”

Streetman brings extensive strategy and technology experience, having championed digital transformations and growth initiatives in several leading companies. Leading global field operations at BMC Software, Streetman positioned BMC as a leader in multi-cloud management and drove a relentless focus on customer success. He previously held senior transformative roles at leading software companies such as Salesforce, C3, Amdocs, and Siebel Systems. Streetman also served in both active and reserve military assignments as an Airborne Ranger-qualified infantry officer in the U.S. Army; he deployed as part of Operation Iraqi Freedom and earned a Bronze Star and the General Douglas MacArthur Leadership Award, among other decorations.

“In this transformative time for every industry in the global economy, customers are leveraging exponentially more data to power their digital enterprise. TIBCO’s cloud-native platform helps customers interconnect everything and convert that data into real-time, actionable insights,” said Streetman. “I’m excited to lead this iconic and innovative company into a new phase of accelerated growth.”

During Rode’s five-year tenure as CEO, TIBCO launched its Connected Intelligence Cloud and deepened the company’s technology portfolio with several acquisitions in markets such as API management, data virtualisation, and data science. In 2019, TIBCO was named a leader in the Forrester Wave™: iPaaS and Hybrid Integration Platforms, as well as a leader in the Gartner Magic Quadrant for Data Science and Machine Learning Platforms.  As vice chairman, Rode will work with Streetman and the TIBCO board of directors to further develop the company’s long-term platform strategy and ensure that investments continue to generate value for customers, partners, and employees.

InvestCloud Inc., a global FinTech firm, has appointed Robert O’Boyle as Senior Vice President of Sales to its New York office. 

In this new position, O’Boyle will head up InvestCloud’s sales efforts focused on the traditional Advent Axys and APX market. With more than 20 years of technology and services experience within the investment management community, O’Boyle will lead the firm’s expansion of its core business for Client Communication (Client Portal, Advisor Portal, Digital Advice (Robo)), Trading and Accounting to mid-market clients. 

InvestCloud runs an extremely successful sales and delivery program focused on the largest financial institutions, including some of the largest banks in Canada and the USA, as well as Europe’s largest robo-advisor, Nutmeg. InvestCloud now wants to create a business line focused on mid-market financial institutions and providing complete cloud solutions for wealth managers and institutional asset managers. 

Prior to joining InvestCloud, O’Boyle was Managing Director, Americas for Asset Control and was responsible for their sales and marketing efforts within the United States, Canada and Latin America. Before that, O’Boyle was a long-time Advent sales person focused on Axys and APX during its long period of growth prior to the SS&C acquisition.

Robert O’Boyle, Senior Vice President of Sales at InvestCloud, said: “I’m incredibly excited to be joining the InvestCloud team and contributing to its market-leading digital platform. InvestCloud designed and built its cloud platform in this decade. It is massively differentiated from the competition, which is not cloud-based and was built in the last century. InvestCloud is a leading FinTech company, which enables investment managers to provide digital to their traditional businesses and even compete with other FinTech companies and robo-advisors.” 

John Wise, Co-founder, CEO and Chairman at InvestCloud, said: “Robert’s wealth of experience in the investment industry is a massive benefit to InvestCloud. We are delighted to bring Robert onboard as we continue to see digital transformation making waves across the investment sector in the mid-market space. InvestCloud has demonstrated its strengths through the value added to clients, having taken the smallest to the largest managers in North America live on our solutions. InvestCloud is now taking that success and applying it to the mid-market.” 

Wise added: “After investing millions of dollars into our new Digital Warehouse, our Trading and Accounting solutions as well as our Client Communication cloud platform, InvestCloud is ready to offer a completely integrated digital solution to investment managers. All investment managers need to add significant value to their clients through excellent digital platforms that are intuitive, beautiful and massively operationally efficient as the market changes in a FinTech world.” 

Temenos (SIX: TEMN), the banking software company, today announced the winners of this year’s Temenos Partner Awards at its annual flagship event, Temenos Community Forum. These awards recognize the contribution that Temenos' partners bring to the Temenos community, and their commitment to building a better future in banking.

Alexa Guenoun, Chief Client Officer, Temenos, said: “The Temenos community is the stronger and  most dynamic in the banking technology space. Our partners play a huge part in the ecosystem we’ve created by providing our clients with the best technology and expertise. They help us to innovate; to deliver and to further penetrate new and existing markets. I am delighted to recognize Cognizant, AWS and ITSS along with all our partners who have helped us to deliver a new bank implementation every day of this year. Together with our partners and our revolutionary Temenos Infinity and Temenos T24 Transact software products we are transforming the industry.

Services Partner of the Year – Cognizant

Cognizant is recognized for its continued role in successfully delivering key projects with Temenos. Over the past decade, Cognizant and Temenos have enjoyed a successful strategic partnership with 1,250 Cognizant consultants currently supporting Temenos projects. Cognizant’s proven success in modernizing legacy IT systems together with Temenos’ winning combination of packaged model bank functionality with cloud-agnostic, cloud-native technology, brings an ideal proposition to banks embarking on digital transformation projects. The Cognizant team supports a number of ongoing projects for an increasingly diverse portfolio of mutual clients, including Close Brothers and Julius Baer.

Technology Partner of the Year – Amazon Web Services (AWS)

AWS is recognized for being the most innovative technology, a strategic partner of Temenos for over a year. Temenos and AWS have over 60 joint customers, with a growing pipeline of activity each quarter. The relationship with AWS is the fastest growing of any Temenos technology partnership. AWS is demonstrating a commitment to people, training and investment to deploy innovative banking technology around the world. Temenos’ cloud native Temenos Infinity and Temenos T24 Transact can take full advantage of the hugely powerful capabilities of cloud platforms resulting in massive infrastructure savings, and over 100 times faster response times.

Regional Partner of the Year – ITSS

ITSS has been recognized for its commitment to assisting Temenos in selling software licenses, as well as certifying resources in English- and French-speaking Africa, as well as in the Middle East.  ITSS has successfully certified a high number of its consultants on Temenos software, which has resulted in the successful delivery of a large number of projects across the Middle-East and Africa.

Temenos recently marked a major milestone with the launch of Temenos Infinity – a breakthrough digital front office product – and Temenos T24 Transact, the next generation in core banking. These new products further demonstrate a commitment to constant innovation, leveraging 25 years of packaged model bank functionality with the most advanced cloud-native, cloud-agnostic, API-first technology.

In a few short years, on-demand has quickly become the norm. From getting our fix of food, entertainment, shopping or even dating, the majority of our interactions have gone one way: personalised, instant, easy. So, why not insurance? Innovative insurers and agile start-ups have shown that customers are responding to customer-centric models of product delivery and services, available when and where they want them.

Download the 2019 sample attendee snapshot here

And yet, creating this powerful combination of personalised products, engaged customers and digitally-mature, efficient (and profitable) insurers is nothing short of a huge undertaking for the majority of legacy insurers. No department can achieve this single-handedly, and so it essential that all departments come together to implement the proven, holistic strategies that will bring success.

Bringing together Europe’s leading minds of cutting-edge insurance innovation, Connected Insurance Europe heads to Amsterdam, 15-16 May, welcoming over 350 senior attendees to realise the next generation of insurance products and services.

Download the 2019 sample attendee snapshot here

A truly pan-European event, the Connected Insurance Europe audience comprises over 70% incumbent insurers from a host of Europe’s market leaders, including Zurich, Allianz, AXA Insurance, Generali Vitality and NN Group. As a senior engagement focusing on the core pillars of insurance management, attendees come from across innovation and strategy, product, underwriting, marketing and customer engagement teams, with 95% in decision-making decisions.

Confirmed job titles represented include:

• CEO
• Chief Innovation Officer
• Global Innovation Director
• Vice President, Innovation,
• Chief Underwriting Officer
• Managing Director

Download the 2019 sample attendee snapshot here

In order to create the most valuable content, and construct events that are on the cutting-edge of market trends, Insurance Nexus regularly consults a board of industry experts. Each member contributes invaluable market analysis so that we are able to deliver only truly relevant content to the industry. For more information about Connected Insurance Europe, including about the agenda, speaker line-up and advisory board, please visit the website at https://events.insurancenexus.com/connectedeurope/ or get in touch with me: graham.proud@insurancenexus.com

RegTek.Solutions, leading provider of global regulatory reporting solutions, today announced the extension of its award-winning platform to include a full reporting solution for the Securities Financing Transactions Regulation (SFTR).

Built on a proven reporting quality engine, RegTek’s SFTR solution helps operations and technology throughout their compliance journey from analysis and testing to production and oversight. Delivering the most comprehensive validations for all data and reporting scenarios, the solution is designed as a data quality gatekeeper prior to submission to trade repositories. This gives clients the ability to visualise and analyse their data within a rich user interface before regulatory scrutiny. The solution also handles SFTR action type determination and ISO20022 generation for all reports, simplifying the complexities of reporting under SFTR. With connectivity to leading trade repositories, the solution covers all interactions and controls, allowing clients to focus on the internal data sourcing and business process changes demanded by SFTR.

“To ensure the availability of data in a timely and reportable fashion, firms will have to consolidate a vast number of data points and fragmented data sets from sources inside and outside impacted firms, and make a lot of changes to their business process. This means that despite its synergies with EMIR, SFTR is one of the most challenging regulatory reporting regimes to date,” commented Chris Cornish, SFTR SME and Senior BA Consultant at RegTek.Solutions. “The reporting methodology imposed by the RTS and the enforcement of ISO20022 for all TR interactions also increases the burden. Our mission is to simplify SFTR reporting and allow firms to concentrate on the upstream challenges.”

As is the case for all RegTek’s offerings, the new SFTR solution is backed by a strategic service level agreement (SLA) to keep rules and market integrations up to date with the expectations and best practices of regulators, trade repositories, and the securities financing market in general. In addition to ‘out-of-the-box’ regulatory, repository and enhanced reporting quality checks (ERQ), clients are also able to write custom rules. This functionality helps firms ensure reports are not simply structurally correct and formatted appropriately, but also conform to their specific securities finance activities and in line with the accuracy standards defined by regulators.  

“The market has responded with new approaches and solutions to deal with the complexity of SFTR,” commented Brian Lynch, CEO and Co-Founder of RegTek.Solutions. “The flexibility of our modular platform has allowed us to create a unique set of tools that fills gaps that firms can’t fill on their own. By supporting the testing and readiness projects, while also offering a full reporting platform, we’re giving firms a simple and cost-effective alternative to large utility solutions or internal build options. We’re also actively working on extending our unique completeness and accuracy reconciliations platform to provide controls so critical to the long-term success and sustainability of any reporting regime.”

SFTR’s Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) determining the timing of the reporting regime were published in the Official Journal of the EU on March 22, 2019. This sets the start of the phased-in implementation period to April 2020, leaving firms a little over 12 months to implement a reporting solution, add controls and improve data quality.

RegTek’s SFTR Solution was named “Best Solutions for SFTR” at the 2018 RegTech Insight Awards. It is already used by a number of the world’s largest banks as a strategic solution in their preparations for the April 2020 deadline.  

SWIFT today publishes a new cyber report, ‘Three years on from Bangladesh: tackling the adversaries’, providing new insights into the evolving nature of the cyber threats facing the global financial community.

Key findings show that:

·       Four out of every five of all fraudulent transactions were issued to Beneficiary accounts in South East Asia^1[1]

·       Approximately 70 per cent of attempted thefts were USD-based – but usage of European currencies increased 

·       The value of each individual attempted fraudulent transaction decreased dramatically – from more than USD$10m to between USD$250,000 and USD$2m

Three years after the cyber attack on Bangladesh Bank, and the subsequent launch of SWIFT’s Customer Security Programme (CSP), SWIFT’s study of cyber attacks on banks evidences how efforts to promote robust cyber security standards, the introduction of security-enhancing tools and an increase in the scope and quality of cyber threat intelligence sharing, are paying off.

Based on investigations conducted over the last 15 months, the report shows how closer industry collaboration resulted in the quick identification of financial institutions targeted by cyber criminals – in most cases, before attackers were even able to generate fraudulent messages. In particular, the exchange of relevant and timely cyber threat intelligence has proved critical in effectively detecting and preventing attacks. 

Dries Watteyne, Head of Cyber Security Incident Response Team at SWIFT, said: “SWIFT’s threat intelligence sharing has highlighted the changes to cyber criminals’ tactics, techniques and procedures used in attempted attacks, enabling industry participants to understand and respond to the increasingly sophisticated nature of cyber threats. In this report, SWIFT reveals important information about the evolving payment profile to enable more accurate detection through business indicators. It is encouraging that detection rates of attempted attacks are increasing, but we need to be mindful that malicious actors adapt rapidly. The industry must continuously strengthen and diversify its defences, investigate incidents and share information.”

Brett Lancaster, Head of Customer Security, said: “These cases show how SWIFT solutions including our Daily Validation Reports tool, our Payment Controls Service and the gpi Stop and Recall facility can all have real, positive impact. They also evidence the importance of implementing security controls and of understanding and mitigating against cyber risks presented by counterparties. This is why more and more customers are turning to SWIFT’s KYC-Security Attestation utility to consume that information.”

The report also reveals:

·       Extended reconnaissance periods: attackers continue to operate ‘silently’ for weeks or months after penetrating a target, learning behaviours and patterns before launching an attack.

·       Timings are shifting: malicious actors previously favoured issuing fraudulent payments outside business hours to avoid detection but have more recently turned this approach on its head, acting during business hours to blend in with legitimate traffic.

·       New payment corridors: the vast majority of fraudulent transactions investigated over the past 15 months used payment corridors (combinations of target and beneficiary banks) that had not been used during the previous 24 months.

The report recommends the:

• Development of new defensive measures: the development and deployment of security-enhancing innovations will help thwart cyber thieves.
• Increase of information sharing: the more information the community shares and the frequency with which it shares, the better chance of avoiding or fending off an attack.
• Adherence to robust cyber security standards: ensuring strict adherence to strong standards and implementing controls is key to prevention and detection.
• Consumption of counterparty cyber security data: users should incorporate the assessment of counterparties’ attestation data against SWIFT’s Customer Security Controls Framework into their risk management and business decision-making processes.

Integral, the technology partner trusted by leading banks, brokers and asset managers to help them outperform their competition in the foreign exchange market, announced today that Arab Bank (Switzerland) Ltd. has deployed a trading app built on the Integral platform to expand mobile trading services to their institutional and corporate customers.

Arab Bank (Switzerland) Ltd. is a bridge between the Arab and Western world. For over 50 years it has championed business leaders and family entrepreneurs. Arab Bank (Switzerland) Ltd. acts as a trusted partner to established businesses, wealthy individuals and ambitious entrepreneurs with strong ties in the MENA region.

Arab Bank (Switzerland) Ltd. is committed to providing a powerful, end-to-end FX solution to its customers and has worked closely with Integral since 2014 to enhance its services with a bespoke single dealer platform for their clients. As customer demand for access to mobile trading grew, Arab Bank (Switzerland) Ltd. again turned to Integral to develop a mobile trading app.

“The banking industry is becoming increasingly mobile, so our customers expect us to deliver the same high level of service and performance in our mobile platform as we do across our other solutions,” said Rani Jabban, Head of Treasury. “We’ve had a strong, longstanding partnership with Integral and were confident that they could extend the BankFX platform to meet our customers’ mobile trading needs. The feedback has been extremely positive.”

“Arab Bank (Switzerland) Ltd. is committed to providing a seamless and complete experience to its FX customers. BankFX is a flexible, cloud-based platform that addresses the entire FX lifecycle, so it is straightforward for us to customize the platform to accommodate their evolving requirements,” said Harpal Sandhu, Integral CEO. “In this case we integrated our mobile app so their customers can trade whenever necessary.”