Central 1 Credit Union (Central 1), the primary digital banking and payments provider for credit unions in Canada, has selected Backbase, the omni-channel digital banking market leader, to revamp its MemberDirect® platform and assist Canadian credit unions in staying at the forefront of innovation by deploying technology at an accelerated rate.

Backbase will play an instrumental role in helping to deliver an improved user experience across digital solutions through constant modernization, all while impacting the highly competitive Canadian market. After a competitive selection process, Central 1’s main driver behind selecting Backbase was its expertise in delivering an omni-channel customer experience, as well as the flexibility of the Backbase platform which could integrate into Central 1’s existing architecture.

The launch of this collaboration will not only upgrade the user experience for Central 1’s clients but will drastically accelerate its roadmap for opening up the platform and giving direct control to clients.The new platform will enable Central 1 to unify its management system on an open, flexible platform that provides greater agility to integrate with existing and future solutions.

Customer user experience being its key focus, Central 1 was keen to provide credit unions with a new modernized platform that will support their digital banking needs, offering more control of their websites and the potential for future integration with other third parties.

Jouk Pleiter, CEO of Backbase said: “Having the opportunity to partner with Central 1 provides a great inroad to the Canadian market. This partnership combines the best of both worlds; a strong operational excellence and local market expertise from Central 1 combined with the leading digital banking technology from Backbase. We are delighted that Central 1 has entrusted the Backbase Platform as the foundation of its new digital member experience and we are looking forward to a rapid roll-out of the platform to all its members”.

“Our partnership with BackBase, a global leader in digital omni-channel banking solutions, accelerates Canadian credit unions towards a leadership position in the digital space,” said Oscar van der Meer, Chief Technology Officer at Central 1. “Through our cooperative model for economies of scale, we will be able to provide a leading-edge omni-channel solution to credit unions and their partners that ultimately will build a stronger digital banking eco-system for Canadian credit unions.”

Erste Group Bank AG, one of the largest financial services institutions in Central and Eastern Europe, has selected Asset Control’s AC Plus financial data management platform to help fulfil its PRIIPs and MiFID II regulatory requirements.

Erste Group is using Asset Control’s AC Plus to create a central security master for the institution and most of its subsidiaries in seven countries across the region: Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia, and Serbia. The central security master will enable the input, aggregation, normalisation and distribution of various central and local data sources to aid the production of Key Information Documents (KIDs), as required under the Packaged Retail Investment and Insurance-based Investment Products (PRIIPs) regulation due to come into force in January 2018.

KIDs will be uniform disclosure documents providing standardised information to give retail investors sufficiently clear and comparable information on the range of products available. In order to promote consistency and clarity of language, the regulation sets out mandatory rules for the form and content of the KID, which must be produced before the PRIIP can be marketed in the local country. Areas of the PRIIPs regulation run adjacent to the distribution of financial instruments requirements within MiFID II, with both impacting how firms market products to customers.

Michael Wilhelm, CIO Group Corporates and Markets at Erste Group, comments:

“PRIIPs compliance requires each subsidiary or savings bank within Erste Group to maintain their own products, and therefore the associated KIDs, which include a combination of both central and local data sources.”

“There are very strict guidelines regarding the ownership and management of such data, which led us to recognise the need for a strong data technology solution,” continues Michael Wilhelm.  “We required a platform that could manage tenant-specific data sets side-by-side with a global master data set. Having worked with Asset Control on a previous initiative, we selected AC Plus for the strength of its core functionality in modelling, normalising, consolidating and distributing reference data.”

The platform will enable Erste Group to implement highly complex cases in both a flexible manner and a short time frame. In addition, the distribution capabilities within AC Plus will enable the Erste Group to make central security master changes immediately available to the rest of the group through a ‘push’ architecture using Asset Control’s AC Connect data distribution module.

Erste Group is due to go live with Asset Control for its PRIIPs initiative in September 2017, ahead of the January 2018 compliance deadline. The Group will apply the same central security master architecture to ensure it has the necessary processes in place to meet the regulatory requirements of MiFID II, including accurate instrument classification, trading venues representation, pre- and post-trade reporting and interfacing with ESMA.

The U.S. subsidiary of Mirae Asset Financial Group, one of Asia’s leading independent financial services firms, has selected FIS™ (NYSE: FIS), a global leader in financial services technology, as its technology partner as it enters the prime brokerage, global securities lending, repo, delta one and correspondent clearing businesses in the United States.

FIS’ Securities360 solution will serve as the infrastructure to power Mirae Asset Securities (USA) current business operations as well as its future growth plans. Securities360 is a complete and integrated securities processing suite that automates and streamlines critical operations into a single platform, with industry-leading solutions for investor services, trading, compliance and risk, middle- and back-office services, securities finance, corporate actions, tax services, reconciliation and more.

“As a non-bank financial institution, and given our significant financial resources and experienced team, Mirae Asset Securities (USA) sees unique opportunities to connect with clients whose counterparties, prime brokers, clearing firms and execution agents may be rethinking their position in the market because of Basel III and other regulations,” said Robert Akeson, chief operating officer, Mirae Asset Securities (USA). “Working with FIS will give us the ability to strategically focus on our business and meet all of our clients’ needs securely, quickly and efficiently. This partnership will allow us to establish a strong foundation for growth.”

“The depth and breadth of FIS’ capabilities are unlike those of any other provider in the securities market,” said Marianne Brown, chief operating officer, Institutional and Wholesale, FIS. “Our solutions span the entire transaction lifecycle, which significantly increases our ability to reduce operational and regulatory complexity, and streamline how broker-dealers respond to new business opportunities and client needs. Leveraging FIS for our full set of end-to-end capabilities will allow Mirae Asset Securities (USA) to focus on its growth and success as it enters the market.”

FIS’ breadth of solutions, flexible deployment options and global footprint allow firms to optimize and integrate their securities solutions worldwide. Securities360 combines FIS’ unmatched domain and technology experience to create an enterprise data management system that governs trading and risk activities, simplifies enrollment and provides for content-rich investor portals, while streamlining efforts to execute trades across platforms, instruments and locations.

Mirae Asset Financial Group has a global presence with offices in 15 markets, including the United States, United Kingdom, China, India, Australia, Singapore, Hong Kong and Brazil. Over the years, the group also has made a significant commitment to the alternative investment space, including real estate, SOC, PEF and hedge funds.

Through its various subsidiaries, the Mirae Asset Financial Group has invested, allocated and maintained significant quantities of assets. As of Sept. 2016, the group had assets under management of $100 billion, wealth management-related assets of $203 billion and insurance services operations of $29 billion. Mirae Asset Financial Groups broker-dealer affiliates had a combined $5.8 billion in capital, as of the same period.

Ixaris alongside Amadeus have been selected as winners of the Best Business Card Programme at this year’s Cards & Payments Awards. The award recognises the Amadeus B2B Wallet Prepaid – a virtual card solution launched by Ixaris in partnership with global travel technology provider Amadeus. 

Amadeus B2B Wallet Prepaid has been developed specifically to enable travel agencies around the globe to make payments using a virtual prepaid card – helping them earn additional revenue, make savings on supplier services and avoid unnecessary payment surcharges. The card programme is supported by a joint Ixaris-Amadeus team established to focus on and meet the constantly evolving payment needs of the travel industry. 

On winning the Award, Alex Mifsud, CEO of Ixaris Group, commented: “Winning this award is an endorsement of our strategy, and testament to the progress we have made toward our goal of bringing unprecedented levels of efficiency to B2B payments. All of us at Ixaris are focussed on developing solutions that address inefficiencies that are specific to individual industries. For the travel industry, with ever growing, relentless competition, this means identifying new ways to drive savings and gain an edge.”

Celia Pereiro, Head of Travel Payments at Amadeus said “We are very proud to receive this joint recognition that has been made possible with Ixaris’ advanced technology and brilliant team. B2B Wallet now cements its place in the market as a reference in payments innovation, allowing our travel agency customers the power to fully optimise their cash flow and focus on the customer. We look forward to rolling this innovation out worldwide, following Amadeus’ global footprint.”

HCL Technologies (HCL), has been recognized as a Leader by Everest Group in its recently published report, “Retail Banking BPO – State of the Market with PEAK Matrix™ Assessment 2016”. According to the report, HCL has witnessed best-in-class revenue growth in retail banking BPO, supported by its strong capability in regulatory and risk management support services. It also highlights HCL’s balanced shoring mix with a strong presence in both onshore and offshore delivery locations.

For this study, Everest Group evaluated 19 retail banking BPO service providers and classified them into three categories of Leaders, Major Contenders, and Aspirants. Leaders demonstrated all–round excellence in terms of both market success and delivery capability.

“Retail banking as a market has seen increasing adoption of automation, leading to revenue cannibalization for most providers, especially those focused on more rule-based tasks,” said Manu Aggarwal, Practice Director, Everest Group. “In such an environment, HCL, with its strong capabilities in judgment-driven processes such as risk & compliance, regulatory reporting, etc., has been able to not only defend its position but also grow in a space undergoing massive transformation.”

“HCL is proud to be positioned among leaders for Retail Banking BPS by Everest Group. This recognition underscores HCL’s strengths in automation–based offerings, deep domain expertise, flexible engagement models and a unique portfolio of digital and technology–led solutions across retail origination, helping clients optimize business processes and achieve better business outcomes,” said Anoop Tiwari, Corporate Vice President and Global Head – Business Services, HCL Technologies.

For over a decade, HCL has been providing a range of Business Services to its retail banking clients, covering savings & deposits, loans, underwriting, KYC/AML, customer acquisitions and multi-product services.  With rich experience in retail banking domain, HCL has been at the forefront, addressing the changing needs of industry participants through technology and automation–led solutions and service offerings which transform business operations. HCL’s focus on digitizing operations helps clients deliver enhanced customer experience and resolve customers’ business challenges, which tremendously assists in creating deep customer relationships.

A fully automated Know Your Customer (KYC) solution for achieving superior Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF) compliance has been launched by Encompass Corporation. The software platform enables banks to meet the increasingly demanding regulatory requirements of The European Union’s Fourth Anti-Money Laundering Directive, which comes into force on the 26 June 2017.

The 4^th AML Directive includes fundamental changes to the existing procedures, which will impact banks. Changes to Customer Due Diligence (CDD), the requirement for a central register for beneficial owners, a focus on risk assessments, and the new rules for politically exposed persons (PEPs) within the UK, all present a challenge for banks who struggle to tailor legacy systems or keep up with manual process.

Encompass Confirm, the new KYC platform for AML/CTF compliance is fully automated and can be tailored to the banks specific regulatory and risk criteria.  Fully tried and tested with Uncover, Encompass’ product for restructuring and insolvency practitioners, this new system for KYC instantly aggregates and cross-refers information from 12 data providers in real time including Companies House, Experian, Equifax, The Gazette, Dun & Bradstreet, 192.com, Bureau Van Dijk, Creditsafe, redflagalert, C6 Group, Kyckr and Land Registry.

Trials of the platform have shown that on average using Encompass Confirm is 13 times faster than current systems and can cut manual costs by as much as 80%.   Being automated, it also provides a full audit trail including an instant view of beneficial ownership and control, both key parts of the anti-money laundering compliance requirements.

Wayne Johnson, CEO from Encompass said: “The fourth Anti-Money Laundering Directive adds both an extra layer of complexity, and requirement for greater clarity of process and auditing including maintaining accurate and current information on beneficial ownership.  It’s something a lot of businesses are struggling to prepare for. By automating the process, [building societies] can reduce the risks of failure to comply and also vastly improve efficiency, both at the point of need and, crucially, as and when the information needs to be updated or interrogated in the future.”

Path Solutions is proud to announce that it was awarded by the universally recognized financial magazine ‘International Finance Magazine’ as ‘Best Islamic Finance Technology Service Provider - Global 2016’.

This accolade underpins the market’s need and recognition for long overdue innovations in Islamic financial technologies. With 25 years of solid experience, Path Solutions - a Kuwaiti IT company specialized in the development and implementation of cutting-edge Sharia-compliant software solutions and services plays a pioneering role in the global Islamic software industry.

The UK-based ‘International Finance Magazine’ (IFM) Awards recognize and honour individuals and organisations who make significant contributions to raising the bar in the global financial industry through activities of note. These include path-breaking innovations and other notable achievements that impact the international finance community. The IFM Awards also shine the spotlight on organisations in niche segments and those that exhibit brilliance in the unsung corners of the financial services industry.

“We are honored to have been chosen by the esteemed editors and readers of IFM for this award which acknowledges not only our leading-edge technology, but also our vision and determination to pioneer the Islamic financial services sector”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “Winning this prestigious award for the fourth consecutive year is a notable recognition to our concerted efforts and long-term commitment, being the benchmark for Sharia-compliant technologies globally”.

Using a combination of reader nominations and expert analysis to ensure a fair and unbiased selection process and following a meticulous research and analysis by an internal team, the process is transitioned to an external research agency to provide its input. The nominees are then evaluated by a jury of prestigious international experts to whittle them into a final shortlist. The finalists undergo extensive scrutiny on the basis of innovation, growth, sustainability and in how companies lead the way in driving their industries forward among other key factors before the final award winners are announced.

According to the organizers of IFM Awards, Path Solutions was adjudged winner based on a proven track record, as well as the accelerated speed in growing its market share by expanding lately into Tunisia, Morocco and Suriname, thus registering 25 per cent increase within a short time span.

The winners of IFM Awards (Middle East & Africa) were honoured during IFM Award Ceremony held on 26^th January 2017 at JW Marriott Marquis Hotel in Dubai, UAE.  

The Award Ceremony brought together under one roof the who’s who of the international financial community, people holding C-Level positions within financial organizations, making it a highly-selective private gathering. 

To view the official announcement on IFM website and the Award Winners for the year 2016, follow the link:http://www.internationalfinancemagazine.com/awards/winners#G and then click on 2016.

Read in over 185 countries worldwide, IFM is published by International Finance Publications Ltd, UK: www.internationalfinancemagazine.com

Chargebacks911™, a Global Risk Technologies company and an internationally-renowned leader for risk mitigation, announces the appointment of Tracy Cray as Director of Card Scheme Compliance at Chargebacks911’s new Essex location.

Tracy Cray, former Chargebacks & Disputes Manager for The Royal Bank of Scotland, has led Europe’s most successful chargeback processing division for the majority of her 34-year tenure in the payments industry. She also chaired a number of chargeback and scheme forums including the European Experts Chargebacks Group.

As an unrivalled expert in the field of chargeback management and risk mitigation, Tracy’s in-depth understanding of card schemes and influential relationships within the industry will serve as the cornerstone of Chargebacks911’s latest venture—services tailored to assist issuers, acquirers, and enterprise-level merchants. The service will launch in Q1 in Europe and will be offered to qualified clients, backed by a performance and ROI guarantee.

Tracy Cray, Director of Card Scheme Compliance, commented: “When it comes to chargeback management, financial institutions are burdened in many ways—it’s impossible to stay current on constantly-evolving regulations, there is little transparency regarding the processes of other entities, and an inability to maintain compliance becomes a major liability. These hidden issues have continued to accumulate without reprieve.”

According to recent reports published by ITS, internal chargeback-related expenses have climbed by 21% since 2015 and are expected to double in 2017.

“For this reason,” Tracy continues, “the services Chargebacks911 is offering will be a godsend to many, taking the guesswork out of the equation completely with effective results that last. I couldn’t be more pleased to lead this unprecedented industry initiative.”

Monica Eaton-Cardone, Co-Founder of Chargebacks911, stated: "Tracy is undoubtedly the most astute chargeback expert I have met, with an undeniable and persistent approach to positively address the core source of any problem she takes on. Her in-depth understanding of the inner-workings of chargeback management is unmatched, and we’re thrilled to have her join our growing leadership team in the U.K.” 

Chargebacks911’s new services will include, among other things, personalised consulting and results-oriented strategies to assess current policies and procedures. By identifying oversight, errors, and unrealised opportunities, clients will experience an immediate improvement to their bottom line.

Top performing Islamic bank signs for new FusionBanking Essence Islamic solution

Misys today announced that QIIB has chosen Misys FusionBanking Essence Islamic. The bank is implementing the new solution in conjunction with Misys FusionBanking Party Management, to accelerate modern Sharia-compliant banking and build client loyalty through an enriched customer experience.

“The Islamic finance sector is highly challenging as a result of multiple players and strict regulations. In order for us to differentiate ourselves and grow, we must put the clients’ needs front and centre, providing them with superior customer service,” said Nasser Hasan Mahmoud, Head of IT at QIIB.

“We are confident that choosing the new Misys Islamic banking solution will enable us to streamline processes, improve operational efficiency, and deliver Sharia compliant products and services to our clients quicker. As a result we expect to be in the best position to fully capture and meet the needs of this growing market and obtain tangible cost reduction.”

The Islamic banking sector is fiercely competitive. Increasingly, technology is acting as a powerful enabler to help institutions automate, drive efficiencies and identify new areas of profitability.

FusionBanking Essence Islamic is a new component of the broader Essence suite. It enables banks to rapidly transform architecture without the need to rip and replace. This agile building-block concept offers rapid construction of new finance processes at a granular level, driving down the high cost-to-income ratio of Islamic banks.

Mohammed AlMawlawi, General Manager of Business Development and Marketing at QIIB said, “Our vision is to go beyond expectations. Our close collaboration with Misys enables us to achieve that goal. We are able to further apply our own innovation on top of the new solution which will support us in driving advanced banking automation and a more intelligent banking future.”

“We are committed to helping banks excel in the increasingly in-demand area of Islamic finance,” said Nadeem Syed, CEO, Misys. “QIIB will benefit from our cutting edge technology, optimising Islamic banking processes so that it can drive growth, performance and compliance. Having worked with the bank for many years, we are keen to continue supporting its transformation journey.”

QIIB has been a Misys customer since 1990, with the bank already using Misys FusionBanking Equation for core banking, alongside other Misys payment management and trade finance solutions. Combining the Islamic offering with these componentised tools delivers a comprehensive, integrated system.

With three decades of experience in Islamic markets, Misys works with hundreds of banks around the world.