Published
- 09:00 am
Horizon Software (Horizon), the leading global provider of electronic trading and investment management technology, today announced that Guohai Liangshi Capital Management Co Ltd (GHLS),the subsidiary company of Guohai Futures, has chosen Horizon’s platform for options market making and trading, as well as delta one trading.
Shen Xiao Chun, Vice president of Guohai Liangshi Capital Management Co Ltd, said: “We have been preparing for the launch of Dalian and Zhengzhou Commodity options markets and the stock index option market of China Financial Futures exchange(CFFEX). It was clear to us that a sophisticated trading system would be key for our market making business and essential for providing the highest level of service to our clients. We chose Horizon because it was clear that they have the market-leading system for trading and market making options. They also have a very positive reputation in international markets.”
She continued: “Horizon’s ‘Trade Your Way’ technology gives us the trading flexibility we need, and the extensive functionality of the platform has already resulted in us looking to expand the scope of our delta one trading.’’
Clement Pelletier, Horizon Sales APAC Director, added: “It gives me immense pleasure to announce our collaboration with GHLS. It’s a successful company, energetic, passionate and forward-looking. Horizon has been going for the same amount of time as GHLS, and our engineers are constantly improving our market-leading platform. The partnership with GHLS will allow us to provide the best options and delta one to support them in their trading activities with the Dalian and Zhengzhou Commodity exchanges as well as China Financial Futures exchange.”
- 09:00 am
Deutsche Bank today announced that it has launched the first paperless import payment solution in India with its TradePay system.
Thereafter, clients can book FX contracts electronically through TradePay, thereby streamlining the payment process. The payment authorisation can be done directly on TradePay or via the importer’s ERP system. As a result, this digitised workflow solution can help to reduce complexities and delays in the supply chain, enhance controls and transparency of payments and increase speed of settlement, while meeting regulatory requirements.
Anjali Mohanty, Head of Global Transaction Banking - India at Deutsche Bank, said: “The role of treasurers has increasingly become more strategic. They are looking to their bankers for solutions, such as TradePay, that helps them gain more efficiencies and future-proof their business.”
Lisa Robins, Asia Pacific Head of Global Transaction Banking at Deutsche Bank, added: “By developing innovative solutions such as TradePay, we aim to play a role in the next phase of evolution for the transaction banking industry. We are delighted to have launched this product in India, where digitalisation is advancing rapidly.”
- 04:00 am
Temenos (SIX: TEMN), the software specialist for banking and finance, has extended its leadership in cloud-based banking and finance software with the launch of its Payment Hub in cloud on Microsoft Azure.
Our payments cloud service enables banks to transform their payments offerings at a much lower initial investment, in turn providing better value to their customers. Temenos’ Payment Hub operates as a fully embedded component of the Temenos Core Banking platform, and is available both in the cloud and on-premises. The Payment Hub can also run as a standalone payment processing engine offering banks a single solution for processing low value, high value and instant payments. The result is increased efficiency and improved user experience, driven by real-time processing that reaches beyond the payments space for a unified experience from end-to-end.
Kieran Hines, Head of Industries at Ovum, commented: “The combination of competitive pressure and regulatory-driven change in the payments space remains a key driver of increased investment in core payment capabilities for a growing number of financial institutions. Indeed, Ovum forecasts that spending on payment hub solutions will be $1.37 billion in 2017, growing to over $1.9 billion by 2021. As the maturity of vendor and cloud infrastructure offerings increases, this is feeding into a growing interest and comfort around cloud-based solutions. Indeed, Ovum’s latest ICT Enterprise Insights study finds that just over 20% of banks are planning to explore SaaS solutions as part of their payment orchestration and payment hub investment plans for 2018.”
Built from the ground up, this agile, componentized, standalone Payment Hub, paired with the global scale of Azure, enables quick time-to-market and ease of implementation while reducing maintenance effort and the total cost of ownership. The Payment Hub is designed to bring the best experience to both the user and the bank across all channels, with features like intelligent routing and settlement to find the best route for payment, and the ability to process high value, high volume and real-time payments transactions together in one solution.
Janet Lewis, Vice President of Worldwide Financial Services at Microsoft, commented: “Technology is increasingly providing financial institutions a competitive edge, and is enabling firms to deliver essential financial services to people around the world - services that can drive entrepreneurial spirit, build community, and foster creativity and purpose. We have been working with Temenos to revolutionize the banking industry - extending their Payment Hub into Microsoft Azure gives them the most complete cloud-based portfolio. By pairing their payments offering with Microsoft Azure, Temenos will enable banks to tap into this vibrant, evolving market, while also providing banks and their customers with the assurance that comes with the security, privacy and compliance built into Azure.”
- 09:00 am
Santander InnoVentures, the fintech venture capital fund of Santander Group, announced today an investment in the Mexican startup ePesos, the mobile payments company for the underbanked. ePesos has today closed a USD 6 million investment round that will enable the company to continue growing its platform serving and supporting small and medium sized enterprises across Mexico. Other institutional investors participating in the round include VilCap Investments, Pomona Impact, and Fiinlab, the innovation lab owned by Gentera. The round also saw participation from Sorenson Impact Foundation, a leading social impact fund, which is making its first investment in Mexico. This is the first investment in Latin America of Santander’s USD 200 million fund, which has already invested in 17 financial technology startups since launching in 2014.
ePesos is building the new payment rails for the underbanked and unbanked in Mexico. Through its platform, ePesos offers low-cost short-term working capital through a revolving line of credit to SMEs without a bank account. Borrowers receive and repay funds through a custom built mobile wallet. In addition, ePesos is partnering with HR software companies to provide affordable payroll advances. With ePesos, employees are able to access funds instantly without going through complicated internal procedures.
Manuel Silva Martínez, head of Investments at Santander InnoVentures, said: “Our investment in ePesos is a proof of our commitment to global financial inclusion and helping small businesses prosper – something Santander InnoVentures has made a priority. It is a privilege to support Oscar and his team scale and further contribute to inclusive growth in Mexico through providing access to much-needed financing solutions. Our investment in ePesos is also an important stepping stone in strengthening our investment strategy in Latin America and we are excited about the opportunity to make a tangible difference in the region.” Manuel will be joining ePesos’ board of directors.
Oscar Robles, founder and CEO of ePesos, said: “We are very excited about the progress we have made so far. With the continued support of our investors and strategic partners, we are confident that we are moving ahead with our mission to accelerate financial inclusion through payments technology in Latin America.”
- 05:00 am
Lloyds Bank has today announced investment into a new real-time cash management and payments platform that will allow it to enhance its payment capabilities, become market leading in its delivery to corporate and institutional clients alongside a Group-wide investment to transform its cross-border payments capability.
Consistent with the SIBOS 2017 conference theme of ‘Building for the Future’ this investment in new, API-first capabilities will allow Lloyds Bank to support its clients in embracing the opportunities emerging through open banking, with a digital infrastructure that provides advanced real-time data analytics as well as open architecture that will allow for greater collaboration with fintechs.
The new platform from the UK’s largest retail and commercial bank will completely redesign the client journey, making it quicker and easier for corporate and institutional clients to undertake complex transactions, manage their liquidity more effectively and identify operational efficiencies.
Working with leading financial services solution providers Finastra and SAP the platform will include omni-channel banking features which will deliver seamless connectivity for clients across the core digital platform which until now has not been possible. Alongside this there will be an integrated self-service and data analytics portal which will allow clients to do all their business online, providing greater visibility, tracking and efficiency, if they prefer to work in this way.
Steve Everett, managing director of product and propositions for Lloyds Bank Global Transaction Banking, said: “This is a bold investment for us to enhance our payment and channel capabilities and leapfrog competitors in our delivery to customers. It sits alongside a series of investments we have made over the past 24 months to upgrade our trade finance, invoice finance and client monies platforms ensuring we can serve our clients across all of their current and future financing, payments and liquidity needs.
“By working with two leading partners we will integrate their solutions into our award-winning client propositions, providing high quality transactional level data in real-time that will enable them to identify operational efficiencies in their businesses. This API-first platform will be unique in the marketplace, allowing us to deliver market leading propositions to all of our corporate and institutional clients.”
Russell Saunders, managing director of Global Payments at Lloyds Banking Group and board member of SWIFT, said: “We have worked collaboratively with our suppliers and partners to source best-in-class technology to handle our customers’ changing needs for safe, accessible, transparent and timely international payments, with the ability to address future change with agility. Transforming the cross-border payments capabilities of Lloyds Banking Group at this time, demonstrates the Bank’s commitment to helping Britain prosper.”
“The need for corporate banks to provide their clients with a seamless user experience as well as a high level of self-service becomes more and more imminent”, says Rob Hetherington, global head of Financial Services Industries at SAP. “Banks must not only provide first class product functionality, but also ease of consumption through open APIs as well as being flexible to meet customer expectations. By supplying real-time cash management, payments and analytics capabilities coupled with an API-based architecture, SAP is committed to helping corporate banks, like Lloyds, harness innovation to deliver unparalleled experiences.”
Nadeem Syed, CEO at Finastra, said: “The implementation of our payments solutions at Lloyds Bank signals an exciting extension of our longstanding relationship. The move enables us to support the bank’s ‘API-first’ strategy and drive for business growth. It is the first step towards a centralised payment hub at the bank, including international and domestic payments. As financial organisations increasingly embrace the move to open API and the agility benefits it can deliver, we are well placed to support the journey with our open platform approach to transformation.”
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- 03:00 am
Citizens Bank has selected payments technology company Transactis to expand its Treasury Solutions offering with electronic billing and payment solutions.
This new capability will enable Citizens’ commercial clients to distribute bills to their customers electronically and accept payments online.
As the need for more efficient payments solutions has expanded, Citizens has worked to further enhance its treasury offerings. Incorporating the cloud-based Transactis platform will enable Citizens’ thousands of commercial clients, which range from small businesses to Fortune 500 companies, to rapidly and securely send electronic bills and documents, and accept payments via web sites, phones and mobile devices.
“Citizens is committed to providing our clients with leading treasury management solutions. This technology will allow us to offer our customers advanced, high-quality billing and payment services to help them run their businesses more efficiently,” said Michael Cummins, head of Treasury Solutions at Citizens Bank.
Citizens’ clients will be able to configure the platform so they have control over how they are paid, helping to automate their receivables and streamline operations.
“Both consumers and businesses increasingly prefer viewing and paying their bills through digital channels,” said Transactis CEO Joe Proto. “We look forward to working with Citizens to make sure their commercial clients have the best electronic billing and payment services available.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
- 01:00 am
American Express has announced a new addition to its suite of business financing products, which are designed to help businesses with access to working capital and short-term financing: Business Loans.
Business Loans offer small businesses quick access to unsecured loans up to $50,000, to grow their business or to consolidate debt1. Businesses can apply for the loans through a simple online process and receive a decision in as little as 60 seconds.
“Our research shows that nearly three-quarters (74%) of small businesses have a positive view of the economy, and more than half (57%) have plans to make capital investments2”
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“Our research shows that nearly three-quarters (74%) of small businesses have a positive view of the economy, and more than half (57%) have plans to make capital investments2,” said Gina Taylor Cotter, General Manager and Senior Vice President, Global Commercial Financing for American Express. “Small businesses need access to capital with an easy application process and at competitive rates. We designed Business Loans to help address this need for smaller, general purpose loans that can help businesses make critical equipment purchases or renovations to keep up with growing demand, or consolidate business debt to help with cash flow.”
Business Loans provide versatile funding that small businesses can use to pay for purchases, pursue growth opportunities, consolidate debt and even lower their monthly payments3. Select American Express OPEN® Card Members receive an invitation to apply that includes a loan amount and rate (which can be as low as 6.98% APR4), personalized for their business. They choose to pay back their loan over one, two, or three years. Funds are disbursed typically within 3 to 5 business days upon approval and come with the safety, security and customer service of American Express.
American Express OPEN Card Members can apply for a Business Loan in three easy steps:
1. Log in to their American Express online account to see their pre-approved loan amount and APR, then apply for their loan at their pre-approved rate.
2. To apply, customers indicate how much they want to borrow and choose one of three repayment periods that best meets their needs, then see what their monthly payment could be.
3. If approved, the customer reviews the terms of their loan, and if they accept, their funds are distributed.
- 03:00 am
SWIFT has published an interim report on the proof of concept (PoC) for real-time Nostro reconciliation using a SWIFT-developed distributed ledger technology (DLT) sandbox with 33 global transaction banks, as part of its SWIFT gpi service.
The PoC is testing whether DLT can help banks reconcile Nostro accounts more efficiently and in real-time, while lowering costs and operational risk. The report provides an overview of the PoC to date, including technical objectives, early findings on the potential business benefits, as well as key challenges that still need to be addressed to achieve industry-wide adoption.
Under the current correspondent banking model, banks need to monitor the funds in their overseas accounts via debit and credit updates and end-of-day statements. The maintenance and operational work involved represents a significant portion of the cost of making cross-border payments.
Preliminary results of the PoC show that the SWIFT-developed DLT application can deliver the business functionalities and data richness required to support real-time liquidity monitoring and reconciliation. DLT provides real-time visibility to both the account owner and its servicer on the available and forecasted liquidity on the Nostro account and supports payment reconciliation and investigations by providing an enriched data model based on ISO 20022.
“The DLT PoC supports SWIFT’s goal of making cross-border payments more efficient – a mission we have championed through SWIFT gpi, which offers customers fast, transparent and traceable cross-border payments,” says Wim Raymaekers, Head of Banking Market and SWIFT gpi at SWIFT.
SWIFT’s DLT sandbox also demonstrated progress in DLT technology and helped identify issues that still need to be addressed to achieve industry-wide adoption. Specific challenges include the need to develop unique value propositions in response to the different levels of sophistication, automation and past investments of banks. In addition, it is crucial that integration with legacy back office applications and co-existence with existing processes is taken into account.
“Preliminary results from the DLT PoC are positive for this use case,” adds Damien Vanderveken Head of Research and Development, SWIFTLab and User Experience at SWIFT. Significant progress has been made, but it is still early days for the latest generation of Blockchain technology, and it will take time before it is mature and scalable enough for mission critical applications.”
- 06:00 am
B-Hive, an innovative collaboration platform connecting financial services players and FinTech startups & scale-ups, has officially opened the doors of its hub in New York City. Along with our community, B-Hive hosted its sold-out launch event at the BNY Mellon offices in New York City’s Financial District on Thursday 12th October.
Following the successful launches in London and Tel Aviv, B-Hive New York aims to build a bridge between Europe and the Americas. Working with American-based players as well as EU-based participants makes our partners and members stronger through collaboration and further innovation. Heading up B-Hive New York will be Charlotte Gréant.
New York was a clear choice for B-Hive’s latest hub location, as the city is a powerhouse in the financial services and technology industries. In addition, American companies looking to expand in Europe can leverage B-Hive’s platform that provides both support and guidance through its wide partner network —ranging from traditional financial actors to dynamic startups and government decision makers.
Fabian Vandenreydt, Executive Chairman of B-Hive, said, “New York is the heart of American financial services. And Brussels boasts a vibrant European financial center, as it is a historically strong place for market infrastructure players, insurers and banks. Even today, with many EU institutions housed in Brussels, having that close proximity facilitates open dialogue and encourages further innovation and collaboration in the EU. B-Hive is thrilled to facilitate this bridge between the two regions, as it is important to collaborate in this industry and further foster internationalization in the tech-for-fin ecosystems.”
Jo Van de Velde, Managing Director - Global head of Strategy, Product & Innovation Euroclear, said: “Congratulations to B-Hive on the official launch of their operations in New York. We believe in the strength of Belgium as a global financial center and in the value of strong connections with the Americas and other centers of innovation in the financial market. As a neutral market infrastructure with a long track record of providing high quality, reliable and respected services, our mission is to take risk out of the financial market through our open model. Collaboration and exploring new business models is an integral part of Euroclear’s strategy. B-Hive’s launch in New York shows that it is becoming the strong global network that opens opportunities across borders and allows established corporations like Euroclear to support those that will help determine the future of our business. We will be celebrating our 50th anniversary next year and we look forward to discovering new ideas and technology that will take our business into the future.”
Matt Joseph, Head of the BNY Mellon Jersey City Innovation Center, “We are excited to work together with dynamic groups like the B-Hive community that share the same goal we do- to help drive innovation and digitization in the financial services industry. BNY Mellon strongly believes in partnerships and collaboration, and we look forward to teaming up on creating new opportunities and developing solutions that meet client needs. We are a proud member of the B-Hive community and are happy to celebrate their Transatlantic movement in helping to foster creativity between the growing European and American members.”
B-Hive would like to thank its partners & members for the continuous support and enthusiasm in activating the platform. We want to thank FIT for its global partnership in particular.
B-Hive is also exhibiting at stand B03 during Sibos 2017 Toronto from October 16-19. Executive Chairman Fabian Vandenreydt will also be speaking on Wednesday, October 18, from 12:45-1:45 pm about Fintech Hubs in the EMEA region, as well as on Thursday, October 19, from 12:15-12:45 pm about KYC and data privacy. Managing Partner Assaf Egozi will speak on cyberhive You can find the full agenda at b-hive.eu/sibos2017.
