Published
- 03:00 am
Enterprising, global digital-only bank, iam bank (iam), which launches in September 2017, will roll out free learning and therapy-based financial workshops across the UK and USA to educate and empower consumers around their financial decisions; a move which is the first of its kind.
iam understands the mental health implications that can come as a result of financial distress and aims to help and empower UK and US consumers to achieve financial wellness.Furthermore, everyone who attends a workshop, will be given the opportunity to sign-up for an exclusive iam account, giving them the tools to make their money go further; pay off their debts sooner and build their wealth and savings faster, all through their spending behaviours.
Lee Travers, Chief Executive Officer of iam, who has more than 20 years’ experience in the digital space, is passionate to change the stigma surrounding mental health and lead an open conversation around money.
"I have seen too many people torn down by financial pressures; their minds ruined, often feeling helpless and lost and not knowing where to turn to."
He adds: "We are building iam so that customers no longer need to feel alone. It will be available and accessible to everyone; we want to provide a service that no one else has provided before. At iam you will be more than your money. We will not penalise our customers with negative fees or overdraft charges, as this is neither productive or customer-focussed. Instead, our machine learning technology will keep our members one step ahead, preempting negative scenarios so that we can work together to avoid them," he adds.
Machine learning intelligence and algorithms behind iam will ensure every single member is presented with options and guidance aligned with their needs, behaviors and financial status.
- 09:00 am
OCC, (Options Clearing Corporation) the world's largest equity derivatives clearing organization, and EquiLend Clearing Services (ECS), the global securities finance trading platform and technology provider, have joined forces to bring greater access to central counterparty clearing in the securities finance marketplace.
ECS has developed a Middle Office platform to support the infrastructure for OCC's Market Loan Program by maintaining outstanding loan information for the Market Loan program; processing post-trade functions including mark to market, returns, recalls and other trade lifecycle events; and interacting with OCC's proprietary system to facilitate settlements.
ECS also has developed the ECS Gateway, which offers straight-through processing between EquiLend's industry-leading trading and post-trade services to the ECS Middle Office. OCC will use the ECS Gateway to facilitate all matched trades and lifecycle events for processing in the Market Loan Program on behalf of ECS and other loan markets.
The first bilaterally agreed disclosed trades executed on the EquiLend Clearing Services platform already have successfully flowed from the ECS Gateway through the ECS Middle Office to OCC. Clients who wish to leverage the full straight-through processing capabilities may do so by linking their proprietary systems to ECS. By using the service, clients will have the ability to submit bilaterally agreed trades to EquiLend Clearing Services for matching. ECS will then submit the matched trade to OCC leveraging the ECS Gateway and ECS Middle Office systems.
Brian Lamb, CEO of EquiLend, says: "Our strategic alliance with OCC on the Market Loan Program is a critical step toward bringing greater access to central counterparty clearing services to the securities finance market. This collaboration between EquiLend and OCC allows us to jointly build upon OCC's strong foundation in securities finance clearing. With the launch of the ECS Middle Office and ECS Gateway, securities finance market participants have clearing access while benefiting from the efficiencies they are used to with EquiLend."
Chip Dempsey, OCC Chief Commercial Officer, says: "Our collaboration with EquiLend will enhance our clearing services for securities lending. EquiLend's culture, technology and network make them an ideal partner as we work to strengthen the resiliency of the securities lending market and introduce innovations designed to expand access to and utilization of centralized clearing."
In 2016, OCC cleared more than 1.9 million new stock loan transactions, up 37% from 2015. Through April 2017, year-to-date stock loan activity is up 17% from a year ago with more than 728,000 new transactions.
- 06:00 am
The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on security measures for operational and security risks under the revised Payment Services Directive (PSD2).
The Guidelines have been developed in close cooperation with the European Central Bank (ECB), and are in support of the objectives of PSD2, such as strengthening the integrated payments market in the EU, mitigating the increased security risks arising from electronic payments, and promoting equal conditions for competition. The consultation runs until 7 August 2017.
PSD2 requires payment service providers (PSPs) to establish a framework with appropriate mitigation measures and control mechanisms to manage operational and security risks arising from the payment services they provide, and has mandated the EBA to specify the details of these requirements.
In particular, these draft Guidelines cover the governance of the operational and security risk management framework, the risk management and control models, outsourcing, the identification, classification and risk assessment of functions, processes and assets, as well as the protection of the integrity of data, systems and confidentiality, physical security and asset control.
In addition, the draft Guidelines propose requirements in relation to the monitoring, detection and reporting of security incidents and risks, business continuity management, scenario-based continuity plans, incident management and crisis communication, the testing of security measures, and situational awareness and continuous learning. Finally, in order to ensure that the security measures implemented by the PSPs are well communicated to payment service users (PSUs) the Guidelines also cover the management of the relationship with PSUs.
Consultation process
Responses to this consultation can be sent to the EBA by clicking on the "send your comments" button on the website. All contributions received will be published following the close of the consultation, unless requested otherwise. Please note that the deadline for the submission of comments is 7 August 2017 and that no attachments can be submitted. A public hearing will then take place at the EBA premises on 20 June 2017 from 13.00 to 16.00 UK time.
Legal basis and background
These Guidelines have been drafted in accordance with Article 95(3) of Directive (EU) 2015/2366 on payment services in the internal market (PSD2), which mandates the EBA, in close cooperation with the ECB, to issue Guidelines with regard to the establishment, implementation and monitoring of the security measures, including certification processes where relevant. The Guidelines are addressed to both competent authorities and PSPs.
- 07:00 am
Today, PPRO Group announced that the company is one of the 60 companies and associations operating on EU or global level in the financial and payments industry that have signed a manifesto to lobby the EU in regards to making changes to the current draft of the RTS of the PSD2. With the negotiations around the RTS proposed by the EBA reaching a crucial stage, the coalition of 60 companies strongly believes the proposed standards, specifically those in relation to the communication between fintechs and banks on behalf of the consumer, will have a negative impact as opposed to what PSD2 originally intended.
Below is the full text of the coalition manifesto:
"We, a coalition of 60 companies and associations operating across all EU Member States and at a global level in the financial services industry, have signed a manifesto seeking the European Commission to make changes to the current draft of the Regulatory Technical Standards (RTS) under the second Payment Services Directive (PSD2). If the RTS which are currently proposed by the European Banking Authority (EBA) are adopted, they will have the potential to negatively impact our companies’ business models, reversing what has been achieved by Fintech companies over the last years in Europe.
We are now drawing closer to the final, crucial stages in negotiations around the RTS. The coalition of 60 companies strongly believes the proposed standards, specifically those in relation to the communication between fintechs and banks on behalf of the consumer, will have a negative impact as opposed to what PSD2 originally intended. The proposed standards will have an adverse impact on competition, jeopardise consumer control over personal financial data, as well as have a critical negative impact on the future trajectory of innovation in Europe. The proposed standards are not only inconsistent with PSD2, but they will also force fintechs to become technologically dependent on banks, positioning the banks as gatekeepers of the fintech sector.
The manifesto outlines our mutual concerns and suggestions as to how the standards should be amended in favour of competition, innovation and consumer choice.
We, the signatories of the manifesto, believe that the EBA’s RTS not only do not reflect the principles laid down in PSD2, but are distorting them by banning such a secure proven technology as Direct Access via the bank’s existing – and well maintained – customer-facing online banking interface. We therefore, urge policy makers to align the RTS with the PSD2 text, so that it no longer forecloses specific technologies, such as Direct Access, and preserves technology neutrality and consumer choice in the payment space.
We engage in this industry-wide and important effort to safeguard the future of the European fintech industry. We do it for the benefit of all European consumers, for continued growth and innovation in e-commerce and for continued European leadership in Fintech."
About PPRO Group
PPRO Group is cross-border e-payment specialist, PPRO Group, (PPRO) removes the complexity of international e-commerce payments by acquiring, collecting and processing an extensive range of alternative payments methods for PSPs under one contract, through one platform and one single integration. PPRO’s platform supports international payment methods across more than 190 countries, allowing merchants to expand their e-commerce reach, arrange hassle-free collection and achieve higher conversion rates.
PPRO also issues Visa and MasterCard consumer prepaid cards, under its own brand name VIABUY, and enables B2B prepaid cards, under its CROSSCARD brand, which can be issued both physically (as vouchers) and as virtual cards or NFC devices (as stickers).
Founded in 2006 and headquartered in London, PPRO is an EU-certified financial institute with an e-money license issued by the British regulatory body FCA. For more information, please visit www.ppro.com.
- 02:00 am
CA Technologies (NASDAQ:CA) today announced CA Risk Analytics Network, the payment industry’s only card-issuer network that stops card-not-present fraud instantly for network members using real-time behavior analytics, machine learning and global transaction data to reduce online fraud losses by an average of 25 percent* – a potential of $2.2 billion in savings.**
As a cloud-based service, CA Risk Analytics Network incorporates a new advanced neural network model, backed by real-time machine learning, to protect 3-D Secure card-not-present (CNP) transactions. It learns from, and adapts to, suspected fraudulent transactions in an average of five milliseconds, instantly closing the gap for potential fraud using the same card or device across all members of the network.
According to Javelin’s 2017 Identity Fraud Report, explosive growth in card-not-present fraud, driven by the increasing e-commerce and m-commerce volume, as well as the EMV liability shift, contributed to the rise of existing-card fraud. “Just as e-commerce is displacing point-of-sale transactions, the same is true for the channels in which fraudsters choose to conduct their business. Among consumers, there was a 42 percent increase in those who had their cards misused in a CNP transaction in 2016, compared to 2015 levels,” the report showed.
“Detecting anomalies quickly and ensuring frictionless authentication are the first steps in preventing card-not-present fraud without impacting legitimate cardholder transactions,” said Terrence Clark, general manager for CA Technologies Payment Security solutions. “Our data scientists have applied advanced analytics and new, real-time, machine learning algorithms to the global pool of 3-D Secure, e-commerce transaction data and device insights maintained by the CA Payment Security Suite. This provides faster and more accurate online fraud detection and prevention, reducing fraud losses for network members while streamlining online shopping experiences for consumers.”
CA’s payment security solutions protect billions of online transactions supporting hundreds of millions of cards and thousands of card portfolios worldwide. CA Risk Analytics Network is open to card issuers with portfolios of any size: from global banks with millions of cardholders, to smaller, or regional financial institutions.
Support for 3-D Secure protocols today and in the future
CA Risk Analytics Network and the CA Payment Security Suite support the 3-D Secure specification today, and will support the new EMV 3-D Secure 2.0 specification, which addresses authentication and security for card-not-present, e-commerce transactions using smart phones, mobile apps, digital wallets and other forms of digital payment. The 2.0 protocol will make extensive use of device data, giving CA Risk Analytics Network subscribers a growing new source of information to reduce fraud and optimize the customer experience across all consumer shopping devices and all versions of the 3-D Secure protocol. Support for both the 1.0 and 2.0 specifications is important as adoption rates of the updated specification among card issuers and merchants will vary.
*Data based on applying the new CA Risk Analytics Network fraud model to historical customer data over a 90-day period.
** Potential savings based on existing-card account fraud of $8.8 billion in 2016, reported in “2017 Identity Fraud: Securing the Connected Life,” a Javelin Strategy & Research survey conducted among 5,028 U.S. adults over age 18.
Chris Skinner
Chairman at Finanser
Larry Summers, former director of the National Economic Council for President Barack Obama, writes a regular column in The Financial Times. see more
- 01:00 am
Today HID Global, a world’s leading provider of trusted identity solutions, unveiled a new application, HID Approve. The new solution transforms mobile device into authenticator that authorizes online access and transaction requests, including banking transactions or corporate VPN access. HID Approve upgrades the level of trust for consumers and employees to make safe transactions.
The HID Approve mobile app integrates public key-based cryptography and push technology to create a new experience for clients of banks, retailers, and healthcare providers. It enables customers to have more control over who is accessing their confidential and property information.
The new technology adds security that is far more sophisticated and user-friendly with regards to existing methods of authentication. Furthermore, it increases cyber security for digital businesses and enterprises, at the same time improving customer and employee satisfaction.
Brad Jarvis, Vice President and Managing Director, IAM Solutions with HID Global commented: “HID Approve will transform secure digital transactions in ways similar to what Uber did for car service and mobile keys did for hotel check-in. HID Approve significantly simplifies and empowers consumers to better protect their finances, reduce fraud and have greater peace of mind.”
- 01:00 am
Eze Software Group, a global leading provider of investment technology, has bolstered its Eze Portfolio Accounting module with a Reconciliation Summary dashboard.
The Reconciliation Summary dashboard is one of many features of Eze Portfolio Accounting aimed at making reconciliations simpler, easier and more accurate. Users can now view all of their reconciled and unreconciled positions by fund and custody account, and filter the information further by fund and currency. The dashboard also shows all closing cash balance differences, grouped by cash account and currency, including records with breaks and any mapping issues. Users can auto generate missing trades without having to swivel between screens.
“Reconciliation in today’s market is complex, and funds need seamless, effective tools that automate the process. The Reconciliation Summary dashboard makes it easy to see at a glance where they stand at any given point in the day,” said Bill Neuman, Managing Director, Product Management. “Eze Investment Suite’s ability to automate our customers’ toughest workflows, coupled with unparalleled support by our expert staff, ensures our clients can dedicate their resources to investing, without having to devote significant time and effort to the daily operational tasks that need to get done.”
The technology is supported by a deep bench of fund accounting experts, with Eze steadily adding to staff throughout the year. There are currently more than a dozen fund accountants and staffers with extensive fund accounting and operations expertise working across the Development, Client Services and Sales organizations. The Client Services organization in particular is skilled at facilitating reconciliation, trade management, portfolio management and accounting implementations and migrations across multiple asset classes, currencies and various types of managed funds.
“We firmly believe there’s value in having in-house experts help clients set up their Portfolio Accounting functionality and best practices to be able to create a shadow NAV as well as facilitate reconciliations and data migrations,” Neuman added.
- 09:00 am
Financial professionals using Thomson Reuters flagship desktop can now integrate their internal and partner applications through the launch of its Side by Side Integration API. Together with App Studio, Eikon’s third-party developer suite, users can extract even greater value from Eikon through a more seamless workflow on a single desktop.
“Allowing the integration of Thomson Reuters news and data with other applications on a single open platform offers our customers a customized, time-saving, and seamless workflow solution.” said Debra Walton, managing director, customer proposition, Thomson Reuters. “Leveraging our Eikon and Elektron platforms in the FinTech community gives us the ability to deliver quality solutions to financial markets. We are also delighted to be working with OpenFin as one of new FinTech partners in this effort.”
Side by Side Integration allows for external applications to hook into the communications network that Eikon apps use to exchange information. Examples include Instrument Identifiers, Portfolio, or Trade Orders that can be passed between applications.
With Side by Side Integration, partners in the fintech industry could expand the value of their targeted propositions through seamless workflows for users in an open environment. For example, Side by Side Integration makes Eikon interoperable with the OpenFin common operating layer for desktop applications, enabling easy context sharing between Eikon and all desktop applications that run using OpenFin.
“It’s vital in the financial industry to encourage interoperability, especially so on the desktop. Better connectivity across apps and services, as aided by the Side by Side Integration, makes for time-savings, productivity improvements and corresponding financial gains,” said Mazy Dar, CEO, OpenFin. “Side by Side Integration expands and empowers this trend of interoperability. OpenFin is the first platform to integrate with the Side by Side Integration API, connecting hundreds of apps to Eikon’s powerful desktop in one fell swoop, which fits perfectly with our mission."
Thomson Reuters Eikon is a powerful and intuitive next-generation open platform solution for consuming real-time and historical data, enabling financial markets transactions and connecting with the financial markets community. Its award-winning news, analytics and data visualization tools help its users make more efficient trading and investment decisions across asset classes and instruments including commodities, derivatives, equities, fixed income and foreign exchange. Eikon is a leading desktop and mobile solution that is open, connected, informed and intelligent.
The API is available through the Thomson Reuters Developer Portal. With over 20,000 external developers using APIs across all Thomson Reuters business segments, the Thomson Reuters Developer Community Portal is an enhanced developer experience, designed and built by developers for developers to meet ongoing business challenges. More information is available here, including a link to a recent webinar introducing SxS.
Side-by-Side API and the Developer Community are just two of several ways Thomson Reuters delivers open systems and solutions for the financial community. App Studio - Eikon’s app development suite - enables clients and vendors to embed their applications, content and workflows into Thomson Reuters Eikon, creating an integrated end-to-end solution.
- 01:00 am
Wipro Limited, a leading global information technology, consulting and business process services company has joined the Enterprise Ethereum Alliance (EEA) as a founding member.
EEA is a collaboration of enterprises to promote, develop and implement enterprise grade Ethereum-based blockchain applications across industries for specific business use cases.
Ethereum is an open-source, blockchain-based distributed computing platform, featuring smart contract functionality. The EEA seeks to augment Ethereum adoption as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability and security.
Wipro has been actively working on Ethereum to develop enterprise blockchain-based industry solutions and assets on a number of industry use cases. These solutions include Delivery versus Payments (DvP) settlement for securities and capital markets, skip-trace consortia for banking, peer-to-peer (P2P) insurance for the sharing economy, anti-counterfeit solution for supply chain traceability and many more.
Jeremy Millar, founder of Enterprise Ethereum said, "The EEA benefits from a diverse, yet enterprise-focused membership base. Wipro brings a global perspective on IT strategy and operations to this alliance. We are very pleased to have Wipro as a member as we launch the Enterprise Ethereum Alliance."
“We are excited to be a part of the founding team of the Enterprise Ethereum Alliance and contribute towards key aspects such as security, privacy and scalability as they will be the key determinants in accelerating blockchain adoption within enterprises. Enterprise Ethereum is a great way to fast-track enterprise adoption and Ethereum is one of the fastest growing technology platforms used by our clients for developing and deploying enterprise blockchain,” said Krishnakumar N Menon, Vice President, Service Transformation, Wipro Limited. “Enterprise Ethereum Alliance also fosters collaboration within the emerging community of blockchain developers. We look forward to working actively with the members of this alliance to shape the blockchain adoption by enterprises.”
“It’s great to have Wipro as a founding member of the Enterprise Ethereum Alliance. Having organizations like Wipro driving purpose-built solutions and accelerating innovation for businesses, adds significant credibility to the Enterprise Ethereum ecosystem,” said Marley Gray, Principal Blockchain Architect, Microsoft.
Wipro’s Blockchain Innovation Lab, which is part of its Blockchain COE (Center of Excellence), fast tracks the provisioning of blockchain environments to build use-case specific blockchain industry solutions. The COE focus is to enable client businesses innovate and to stay in tune with the emerging technology trends in blockchain by conducting proof of technology experiments around areas like scalability, performance and security of blockchain platforms. To enable enterprise level talent development on blockchain technologies like Enterprise Ethereum, Wipro has also created a Blockchain Academy to build in-house competency through a multi-level program.
