The document discusses innovation in transaction banking. It describes how some banks are becoming more innovative in developing new solutions through cross-functional teams, external partnerships, and incubator approaches. Transaction banks are also drawing from consumer banking experiences to improve their products. Major banks like JP Morgan, Citi, Deutsche Bank, and DBS are highlighted as innovating through new payment platforms, analytics tools, and mobile applications. The future of transaction banking is said to rely on adapting quickly to meet corporate treasury needs through more agile development approaches.
Blockchain & The City Amsterdam - Alejandro De La Torre - BlocktrailAlejandro De La Torre
[A] Blockchain Basics
o Wat is blockchain technologie?
o Wat betekent blockchain technologie voor de (lokale) overheid?
[B] Blockchain Showcases
o Welke blockchain toepassingen zijn er in de (lokale) overheid?
o Welke blockchain toepassingen worden er in de (lokale) overheid ontwikkeld?
This document provides a beginner's guide to investing in cryptocurrencies like Bitcoin. It outlines the basic steps a newcomer would need to take, including:
1) Depositing funds into an exchange like Coinbase to purchase cryptocurrencies
2) Storing the cryptocurrencies in a secure wallet like Blockchain or Exodus
3) Earning more cryptocurrency through methods like cloud mining, trading on exchanges, or investing in initial coin offerings (ICOs) and specific coins
The guide explains each of these steps in further detail and provides recommendations for specific exchanges, wallets, cloud mining services and trading platforms that beginners can use to get started investing in cryptocurrencies. It emphasizes the risks involved and advises readers
By examining digital currency, we aim to better understand
the impact it can have on the broader payments ecosystem.
While the concept of digital currency was introduced more
than a decade ago, recent developments have accelerated
its adoption, such as the emergence of fat-backed digital
currencies known as ‘stablecoins’; a growing community
of developers building applications on top of blockchain based networks; and rising interest among central banks to
introduce sovereign digital currencies.
Magister Advisors - Blockchain & Bitcoin in 2016 - A Survey Of Global LeadersJeremy Millar
As Bitcoin and Blockchain investment fast approaches $1bn, we have spent the last three months speaking with over 30 of the leading Bitcoin and Blockchain companies globally, plus industry groups, financial institutions and investors, to gain detailed insight and understanding of the development of the market and the direction these fascinating technologies will take in 2016.
We are pleased to share our work and findings with you and the broader community.
You can read our report ‘Bitcoin and Blockhain in 2016: A Global Survey’ here.
If you are interested in a personal briefing or a briefing for your firm, please feel free to contact us (jmillar@magisteradvisors.com).
The document discusses blockchain technology and its potential to disrupt traditional financial services through decentralization and the removal of intermediaries. It provides background on blockchain, describing it as a distributed ledger that allows for peer-to-peer transactions without third party involvement. This enables real-time settlement, lower costs, greater transparency, and other benefits. The document outlines several use cases for blockchain technology within financial services and other industries, and notes that major banks are beginning to embrace the technology despite the potential disruption it poses to existing banking models.
DeFi has the potential to assist e-commerce by providing alternative financial services built on blockchain technology. The COVID-19 pandemic led to increased demand for e-commerce as lockdowns reduced in-person retail. DeFi offers decentralized applications that allow users to exchange digital assets without needing traditional financial institutions. While early versions of DeFi had security issues, improvements like smart contract insurance help address vulnerabilities and reduce risks for users. Overall, DeFi illustrates how blockchain technology can transform the global financial system to be more transparent and accessible.
Blockchain & The City Amsterdam - Alejandro De La Torre - BlocktrailAlejandro De La Torre
[A] Blockchain Basics
o Wat is blockchain technologie?
o Wat betekent blockchain technologie voor de (lokale) overheid?
[B] Blockchain Showcases
o Welke blockchain toepassingen zijn er in de (lokale) overheid?
o Welke blockchain toepassingen worden er in de (lokale) overheid ontwikkeld?
This document provides a beginner's guide to investing in cryptocurrencies like Bitcoin. It outlines the basic steps a newcomer would need to take, including:
1) Depositing funds into an exchange like Coinbase to purchase cryptocurrencies
2) Storing the cryptocurrencies in a secure wallet like Blockchain or Exodus
3) Earning more cryptocurrency through methods like cloud mining, trading on exchanges, or investing in initial coin offerings (ICOs) and specific coins
The guide explains each of these steps in further detail and provides recommendations for specific exchanges, wallets, cloud mining services and trading platforms that beginners can use to get started investing in cryptocurrencies. It emphasizes the risks involved and advises readers
By examining digital currency, we aim to better understand
the impact it can have on the broader payments ecosystem.
While the concept of digital currency was introduced more
than a decade ago, recent developments have accelerated
its adoption, such as the emergence of fat-backed digital
currencies known as ‘stablecoins’; a growing community
of developers building applications on top of blockchain based networks; and rising interest among central banks to
introduce sovereign digital currencies.
Magister Advisors - Blockchain & Bitcoin in 2016 - A Survey Of Global LeadersJeremy Millar
As Bitcoin and Blockchain investment fast approaches $1bn, we have spent the last three months speaking with over 30 of the leading Bitcoin and Blockchain companies globally, plus industry groups, financial institutions and investors, to gain detailed insight and understanding of the development of the market and the direction these fascinating technologies will take in 2016.
We are pleased to share our work and findings with you and the broader community.
You can read our report ‘Bitcoin and Blockhain in 2016: A Global Survey’ here.
If you are interested in a personal briefing or a briefing for your firm, please feel free to contact us (jmillar@magisteradvisors.com).
The document discusses blockchain technology and its potential to disrupt traditional financial services through decentralization and the removal of intermediaries. It provides background on blockchain, describing it as a distributed ledger that allows for peer-to-peer transactions without third party involvement. This enables real-time settlement, lower costs, greater transparency, and other benefits. The document outlines several use cases for blockchain technology within financial services and other industries, and notes that major banks are beginning to embrace the technology despite the potential disruption it poses to existing banking models.
DeFi has the potential to assist e-commerce by providing alternative financial services built on blockchain technology. The COVID-19 pandemic led to increased demand for e-commerce as lockdowns reduced in-person retail. DeFi offers decentralized applications that allow users to exchange digital assets without needing traditional financial institutions. While early versions of DeFi had security issues, improvements like smart contract insurance help address vulnerabilities and reduce risks for users. Overall, DeFi illustrates how blockchain technology can transform the global financial system to be more transparent and accessible.
Blockchain case study powerpoints: Brief introShane Ninai
Blockchain technology is being used in various industries including identity, smart contracts, financial services, and land title registry. Onename is building an identity system to register identities on the blockchain, replacing passwords. Hedgy is using smart contracts to allow traders to securely create and settle derivatives contracts. Coins.ph is bringing financial services to the unbanked through mobile payments and money transfers on the blockchain. Factom partnered with the Honduran government to record land titles on the blockchain.
The document summarizes key discussions from the 2018 Consumer Electronics Show (CES) regarding blockchain technology and cryptocurrencies. Several companies highlighted blockchain applications for connected devices, decentralized data sharing, digital identity, and automating payments for autonomous vehicles. Speakers at the Digital Money Forum discussed the growth of cryptocurrencies in 2017 and expectations for regulation and adoption in 2018. While still nascent at CES, the era of decentralization and moving beyond centralized platforms is underway, with blockchain and AI enabling user sovereignty and new business models for machine-to-machine economies.
Why anonymity - unconditional anonymity - in central bank digital currency would be a disaster. Hence central bank digital currency cannot be "just like cash".
My presentation to the OMFIF Digital Monetary Institute Symposium, April 2021.
How digital identities will help realise the true potential of DeFiOliviaJune1
For all the advantages that DeFi provides to fill the void left by conventional banking, it also poses considerable risks.
First, there's the threat of regulation. Legislators will eventually join the party. Unregulated industries with millions of dollars in daily transactions are ripe for fraud. High-profile cases with nameless founders don't imply effective self-regulation.
Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of DecentralizationRaffaele Mauro
"Exponential Talk" at Business Integration Partners
Milan, 18 November 2015
Discussion about Bitcoin, Blockchain, Cryptocurrencies, Smart Contracts and Financial Innovation
Cryptocurrencies, Blockchain & Smart Contracts:The New Wave of Decentralizat...Raffaele Mauro
This document discusses the rise of cryptocurrencies, blockchain technology, and smart contracts as part of a new wave of decentralization. It describes how blockchain acts as a distributed public ledger that allows for trustless peer-to-peer transactions. Blockchain has the potential to disrupt traditional financial institutions and facilitate applications like digital identity, supply chain management, and decentralized organizations. The document outlines several scenarios for how cryptocurrencies and decentralized technologies could develop in the future.
Video: https://www.youtube.com/watch?v=9mVcWps1VQ0
First presented at the Ethereum Palo Alto meetup on August 7, 2016: http://www.meetup.com/EthereumSiliconValley/events/233053122/
All citations and references can be found in the Notes section.
I would like to thank Ian Grigg for his constructive feedback on these slides.
Presentation for Asian Financial Markets and Institutions, October 2016, HKU MBA Program. Covers basics of blockchain and distributed ledgers and discusses some current and potential applications.
Distributed Ledger Technology as Financial Market InfrastructureTim Swanson
Tim Swanson discusses the challenges of building modern financial market infrastructure (FMI) using distributed ledger technology (DLT). FMI requires international collaboration between regulated participants, unlike individual entrepreneurs building social media platforms. Regulations govern areas like capital requirements, data privacy, and smart contract legal issues across jurisdictions. Central bank-issued digital currencies (CBDCs) could allow direct peer-to-peer transactions without intermediaries, but differ from cryptocurrencies by being tied to a central bank and monetary policy. Key challenges for DLT in financial services include governance, scalability, security, integration with existing systems, identity, and legal recognition of smart contracts.
Evaluating the potential of blockchain technology to radically transform business
[Feel free to download the presentation if you'd like to view it offline]
Future Commerce: Reinventing Markets with Blockchain, by David ShrierFutureEnterprise
The document discusses how blockchain technology can reinvent markets. It begins with an introduction to blockchain and how it uses distributed ledger systems to record transactions across networks of computers. Examples are given of how blockchain could change money and payments by making them faster, cheaper and more secure. It also explores how blockchain could change financial markets and insurance by disintermediating middlemen. Opportunities discussed include improving access, reducing fraud, enhancing data analytics and more. The document promotes an online MIT course on future commerce that will cover these topics.
Originally presented on November 5, 2014 at the Inaugural CAIA-SKBI Cryptocurrency Conference 2014 hosted at Singapore Management University: http://skbi.smu.edu.sg/conference/111726?itemid=5806
Citations and references found in the notes of each slide.
Abstract:
With nearly six years of empirical data and use-cases behind the Nakamoto consensus method the community has observed that a cryptocurrency economy behaves differently than originally envisioned and intended. What has arisen from these half-a-decade of physical interactions is a nearly complete rollback of the primary attributes embodied within the first of these Nakamoto consensus protocols, Bitcoin – to the point where it may best to refer to it as Bitcoin-in-name-only (BINO). Consequently there are two other challenges within this existing BINO framework: (1) the diametrically opposed forces of speculative demand versus transactional demand; (2) decoupling coins from the ledger altogether. This presentation discusses several proposed solutions to the challenges currently being devised by a multitude of teams.
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
Blockchain @ ArenA Live (Knight Moves - 26 October)Koen Vingerhoets
"A couple of years ago Bitcoin revolutionised the way we think about money transactions and the economic systems around it. The technology behind it - Blockchain - has only started to show its potential, and today it is used for all kinds of decentralised transactions and systems. Safer contracts for house ownership in troubled regions, easier ways to rent equipment from our local government, more secure solutions for connecting devices, .. The endless possibilities challenge us to rethink long-lasting paradigms and craft all kinds of unique services and experiences. Come discover it all with us in the ARENA!" (from https://www.arena.live)
In my slides, I highlight a few facts which counter popular bitcoin beliefs. I explain why banks pursue private permissioned ledgers and showcase some projects we're running at the moment.
Introduction to Bitcoin & Blockchain - Societing Summer School 2015Raffaele Mauro
Introduction to Bitcoin & Blockchain
Societing Summer School - August 2015 @ Ruralhub
http://www.ruralhub.it/event/societing-summer-school-2015/
http://www.progetto-rena.it/blockchain-smartrurality-rural-socinn/
Hot new defi trends to stay an eye fixed on in 2022AmniAugustine
Technological advancements have appropriated the planet, and therefore the year 2022 has witnessed advances that might have otherwise taken years to progress. The pandemic may have taken a toll on our everyday lifestyle, but it's definitely fueled tech and innovation. a bit like the pandemic has given a push to technological advancements, digital currency trading is not any exception.
Digital currencies new technology new business modelShiva Bissessar
This document discusses digital currencies like Bitcoin and their potential applications and regulatory issues. It provides an overview of Bitcoin and how it works as a decentralized digital currency. It then discusses opportunities for Bitcoin in facilitating low-cost remittances and challenges around volatility, anonymity, and risks of financial crimes. The document advocates for multi-stakeholder engagement to better understand digital currencies and establish appropriate policies and regulations.
Buckets of Permissioned, Permissionless, and Permissioned Permissionlessness ...Tim Swanson
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. It is a heavily modified version of a previous presentation covering the distributed ledger landscape. All citations and references can be found in the notes.
How Successful Banks Build Their Innovation StrategyInfosys Finacle
Corporate and retail banks are facing competition
from new entrants and innovative business
models. If that wasn't enough, shrinking margins
and tighter regulatory requirements are adding to
the pressure. Going forward, innovation is
perceived as the key to growth and competitive
differentiation. Only those banks that can
successfully develop new products, services and
channels in response to the changed market
environment will survive.
Digitization is impacting the traditional business banking relationship management model in three key ways:
1. It is providing banks with improved business and customer insights through real-time, high-resolution data on customers.
2. It is allowing banks to reach out to customers more effectively through new digital channels.
3. It is increasing productivity for banks through greater process automation and virtualization.
Digitization is transforming other industries like retail banking through new customer value propositions, business models, and competitors. This disruption may also come to business banking through innovations in areas like lending. Overall, digitization raises questions about the assumptions behind traditional business banking models centered around relationship managers.
Blockchain case study powerpoints: Brief introShane Ninai
Blockchain technology is being used in various industries including identity, smart contracts, financial services, and land title registry. Onename is building an identity system to register identities on the blockchain, replacing passwords. Hedgy is using smart contracts to allow traders to securely create and settle derivatives contracts. Coins.ph is bringing financial services to the unbanked through mobile payments and money transfers on the blockchain. Factom partnered with the Honduran government to record land titles on the blockchain.
The document summarizes key discussions from the 2018 Consumer Electronics Show (CES) regarding blockchain technology and cryptocurrencies. Several companies highlighted blockchain applications for connected devices, decentralized data sharing, digital identity, and automating payments for autonomous vehicles. Speakers at the Digital Money Forum discussed the growth of cryptocurrencies in 2017 and expectations for regulation and adoption in 2018. While still nascent at CES, the era of decentralization and moving beyond centralized platforms is underway, with blockchain and AI enabling user sovereignty and new business models for machine-to-machine economies.
Why anonymity - unconditional anonymity - in central bank digital currency would be a disaster. Hence central bank digital currency cannot be "just like cash".
My presentation to the OMFIF Digital Monetary Institute Symposium, April 2021.
How digital identities will help realise the true potential of DeFiOliviaJune1
For all the advantages that DeFi provides to fill the void left by conventional banking, it also poses considerable risks.
First, there's the threat of regulation. Legislators will eventually join the party. Unregulated industries with millions of dollars in daily transactions are ripe for fraud. High-profile cases with nameless founders don't imply effective self-regulation.
Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of DecentralizationRaffaele Mauro
"Exponential Talk" at Business Integration Partners
Milan, 18 November 2015
Discussion about Bitcoin, Blockchain, Cryptocurrencies, Smart Contracts and Financial Innovation
Cryptocurrencies, Blockchain & Smart Contracts:The New Wave of Decentralizat...Raffaele Mauro
This document discusses the rise of cryptocurrencies, blockchain technology, and smart contracts as part of a new wave of decentralization. It describes how blockchain acts as a distributed public ledger that allows for trustless peer-to-peer transactions. Blockchain has the potential to disrupt traditional financial institutions and facilitate applications like digital identity, supply chain management, and decentralized organizations. The document outlines several scenarios for how cryptocurrencies and decentralized technologies could develop in the future.
Video: https://www.youtube.com/watch?v=9mVcWps1VQ0
First presented at the Ethereum Palo Alto meetup on August 7, 2016: http://www.meetup.com/EthereumSiliconValley/events/233053122/
All citations and references can be found in the Notes section.
I would like to thank Ian Grigg for his constructive feedback on these slides.
Presentation for Asian Financial Markets and Institutions, October 2016, HKU MBA Program. Covers basics of blockchain and distributed ledgers and discusses some current and potential applications.
Distributed Ledger Technology as Financial Market InfrastructureTim Swanson
Tim Swanson discusses the challenges of building modern financial market infrastructure (FMI) using distributed ledger technology (DLT). FMI requires international collaboration between regulated participants, unlike individual entrepreneurs building social media platforms. Regulations govern areas like capital requirements, data privacy, and smart contract legal issues across jurisdictions. Central bank-issued digital currencies (CBDCs) could allow direct peer-to-peer transactions without intermediaries, but differ from cryptocurrencies by being tied to a central bank and monetary policy. Key challenges for DLT in financial services include governance, scalability, security, integration with existing systems, identity, and legal recognition of smart contracts.
Evaluating the potential of blockchain technology to radically transform business
[Feel free to download the presentation if you'd like to view it offline]
Future Commerce: Reinventing Markets with Blockchain, by David ShrierFutureEnterprise
The document discusses how blockchain technology can reinvent markets. It begins with an introduction to blockchain and how it uses distributed ledger systems to record transactions across networks of computers. Examples are given of how blockchain could change money and payments by making them faster, cheaper and more secure. It also explores how blockchain could change financial markets and insurance by disintermediating middlemen. Opportunities discussed include improving access, reducing fraud, enhancing data analytics and more. The document promotes an online MIT course on future commerce that will cover these topics.
Originally presented on November 5, 2014 at the Inaugural CAIA-SKBI Cryptocurrency Conference 2014 hosted at Singapore Management University: http://skbi.smu.edu.sg/conference/111726?itemid=5806
Citations and references found in the notes of each slide.
Abstract:
With nearly six years of empirical data and use-cases behind the Nakamoto consensus method the community has observed that a cryptocurrency economy behaves differently than originally envisioned and intended. What has arisen from these half-a-decade of physical interactions is a nearly complete rollback of the primary attributes embodied within the first of these Nakamoto consensus protocols, Bitcoin – to the point where it may best to refer to it as Bitcoin-in-name-only (BINO). Consequently there are two other challenges within this existing BINO framework: (1) the diametrically opposed forces of speculative demand versus transactional demand; (2) decoupling coins from the ledger altogether. This presentation discusses several proposed solutions to the challenges currently being devised by a multitude of teams.
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
Blockchain @ ArenA Live (Knight Moves - 26 October)Koen Vingerhoets
"A couple of years ago Bitcoin revolutionised the way we think about money transactions and the economic systems around it. The technology behind it - Blockchain - has only started to show its potential, and today it is used for all kinds of decentralised transactions and systems. Safer contracts for house ownership in troubled regions, easier ways to rent equipment from our local government, more secure solutions for connecting devices, .. The endless possibilities challenge us to rethink long-lasting paradigms and craft all kinds of unique services and experiences. Come discover it all with us in the ARENA!" (from https://www.arena.live)
In my slides, I highlight a few facts which counter popular bitcoin beliefs. I explain why banks pursue private permissioned ledgers and showcase some projects we're running at the moment.
Introduction to Bitcoin & Blockchain - Societing Summer School 2015Raffaele Mauro
Introduction to Bitcoin & Blockchain
Societing Summer School - August 2015 @ Ruralhub
http://www.ruralhub.it/event/societing-summer-school-2015/
http://www.progetto-rena.it/blockchain-smartrurality-rural-socinn/
Hot new defi trends to stay an eye fixed on in 2022AmniAugustine
Technological advancements have appropriated the planet, and therefore the year 2022 has witnessed advances that might have otherwise taken years to progress. The pandemic may have taken a toll on our everyday lifestyle, but it's definitely fueled tech and innovation. a bit like the pandemic has given a push to technological advancements, digital currency trading is not any exception.
Digital currencies new technology new business modelShiva Bissessar
This document discusses digital currencies like Bitcoin and their potential applications and regulatory issues. It provides an overview of Bitcoin and how it works as a decentralized digital currency. It then discusses opportunities for Bitcoin in facilitating low-cost remittances and challenges around volatility, anonymity, and risks of financial crimes. The document advocates for multi-stakeholder engagement to better understand digital currencies and establish appropriate policies and regulations.
Buckets of Permissioned, Permissionless, and Permissioned Permissionlessness ...Tim Swanson
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. It is a heavily modified version of a previous presentation covering the distributed ledger landscape. All citations and references can be found in the notes.
How Successful Banks Build Their Innovation StrategyInfosys Finacle
Corporate and retail banks are facing competition
from new entrants and innovative business
models. If that wasn't enough, shrinking margins
and tighter regulatory requirements are adding to
the pressure. Going forward, innovation is
perceived as the key to growth and competitive
differentiation. Only those banks that can
successfully develop new products, services and
channels in response to the changed market
environment will survive.
Digitization is impacting the traditional business banking relationship management model in three key ways:
1. It is providing banks with improved business and customer insights through real-time, high-resolution data on customers.
2. It is allowing banks to reach out to customers more effectively through new digital channels.
3. It is increasing productivity for banks through greater process automation and virtualization.
Digitization is transforming other industries like retail banking through new customer value propositions, business models, and competitors. This disruption may also come to business banking through innovations in areas like lending. Overall, digitization raises questions about the assumptions behind traditional business banking models centered around relationship managers.
Banks and Regulators in Fintech: results of 2016 and trends for 2017Vladislav Solodkiy
Life.SREDA VC is a venture capital firm that invests in blockchain and fintech startups. It has offices in Moscow, Singapore, and London. The document provides details on Life.SREDA's investments, research focus, and accelerator programs. It also discusses trends in banks increasingly partnering with and investing in fintech startups to access new technologies, ideas, expertise, and customers. Some banks are launching venture arms, accelerators, and making direct investments in fintech companies. The future of banking will involve closer collaboration between traditional banks and fintech partners.
The document discusses how digital transformation is increasingly important for banks to effectively compete. It identifies three key areas where technology investments consistently deliver attractive returns: 1) enhancing the client experience, which increases wallet share, 2) improving banker productivity, and 3) marketing innovation. Leading banks are differentiating themselves by delivering tailored digital experiences combining advanced technologies and human touch. The top priorities for technology spending should be the client experience, through automating processes and providing new insights, banker productivity tools, and promoting innovation.
The document provides an overview and case studies of omnichannel banking initiatives at four financial institutions:
1) Central Bancompany's Business Analyzer tool which integrates data across channels to provide personalized customer service.
2) Standard Bank of South Africa's Guided Sales Workbench which provides customized sales prompts to agents across channels.
3) UMB Bank's advisory-based service model which uses data and analytics to engage customers through the most appropriate channel.
4) Westpac's digital platform which offers a consistent customer experience across all digital channels and devices.
The role of quality engineering in challenger and digital banksMaveric Systems
A common trait in most of these banks is using quality engineering (QE) processes and approaches to drive their methods to provide better offerings than banking incumbents.
Technological changes are fundamentally altering the banking industry, from how customers interact to how transactions are processed. Major disruptions are coming from digital payments from companies like Google and Apple, as well as fintech startups. Banks need to disrupt themselves through innovation or risk being disrupted by others. The key areas of disruption are cloud technology, mobile, social media, and data analytics.
Banks are increasingly recognizing innovation as a driver of future revenue rather than just a cost. While economic uncertainty may lead some banks to scale back innovation investments, those that view innovation as revenue-generating will benefit most as the economy recovers. Areas of focus for banking innovation over the next five years include product delivery and development to better meet evolving customer needs and behaviors. However, structural challenges like legacy systems continue to hinder banks' innovation efforts. Most respondents reported somewhat or substantially more success with innovation in the past two years compared to before the pandemic, showing that efforts to improve innovation are gaining traction.
The document discusses how digital transformation is requiring banks to innovate and improve the customer experience across multiple channels in order to remain competitive. It outlines some of the key challenges banks face in terms of budget constraints that limit their ability to invest in innovation. The document proposes that banks can free up resources for innovation by first lowering costs on existing "run the bank" operations through technologies like cloud computing. This would allow banks to shift more of their IT budget to "change the bank" projects that modernize applications and improve customer-centric services. The document advocates for a multi-layer architecture and roadmap to help banks achieve operational efficiencies while also enhancing the customer experience and driving new revenue opportunities through digital transformation.
Pervasive digital technology is fundamentally changing the retail banking business model. Here's how banking Chief Information Officers (CIOs) need to change in order to lead the digital charge, according to our recent study.
Banking and Financial services are undergoing rapid changes and it could lead to redefining the concept of baking. Banking as a Platform is a new emerging concept which would require bank/financial institutes redefining their business model to embrace invocation from outside their close environment.
Innovating banking: Lessons from the world’s leading innovators Pauline Mura
Banking is at a crossroads. Banks today are confronting increasing regulation and compliance
costs, an alarming rise in security and fraud, and more ardent customer demands – all as a
result of innovative new technologies and the emergence of aggressive, non-traditional
competitors. For many banks, profits are stagnating.
1
Regulators are stepping up enforcement across a number of areas, including consumer
protection, anti-trust, money-laundering, foreign-exchange trading and sanctions violations.
Cyber security has risen to the top of the risk agenda at financial institutions of all sizes, with
banks’ integral role in payment ecosystems leaving them entangled in the often messy
aftermath of security breaches and consequent economic and reputational loss.
To redress challenges in financial performance, banks continue to seek operational
efficiencies – simplifying operations, searching for scale efficiencies and rationalizing branch
networks. But cost savings are not enough. Generating new revenues will depend upon much
better understanding of customer demands, with banks needing to embrace novel ways of
penetrating deeper into the lives and habits of both retail and business customers
Blog-Technology – A Panacea To Mutuals’ ChallengesArup Das
Technology is transforming banking as customers demand digital services, though mutuals face challenges keeping up. Mutuals can address challenges by investing in lending and core banking technology solutions to improve customer service and loan origination. Analytics and cloud solutions allow mutuals to cost-effectively gain customers and provide business loans. Adopting technologies enables mutuals to compete on interest rates and customer experience like larger banks.
The document discusses trends in retail banking and how banks need to adapt to customers' digital lifestyles. It notes that while other industries have embraced new technologies, banking has been slow to change. Banks still focus too much on products rather than customers. However, technologies like mobile and social media offer opportunities if banks make the customer experience the priority. The document provides examples of innovative services, such as Apple allowing in-store purchases with iPhones, that banks could learn from. It argues that for banking services to succeed, they must consider customers' context, convenience and digital habits.
Digitization is challenging traditional banking but also presents opportunities. Banks will need to embrace new technologies while maintaining core operations. Branch locations will remain important but become less so over time. Banks can personalize customer experiences through digital capabilities. Embracing digital requires clear collaboration across functions, making it a CEO priority. While legacy systems are a challenge, progressive banks are investing in new technologies and capabilities. Digital may allow lowering of efficiency ratios through automation.
The document discusses the importance of establishing a digital-first culture for banks to succeed in the modern digital era. It outlines that traditional bank cultures are risk-averse, hierarchical, and slow to change, which does not suit today's fast-paced digital world. To become dynamic digital banks, the document recommends that banks adopt the cultural characteristics of digital-first businesses, such as embracing experimentation, collaboration, continuous evolution and prioritizing customer value. Changing entrenched bank cultures will be challenging but is necessary if they want to survive and thrive in the future.
Bank of the future: Digital Transformation StrategyNawaf Albadia
A guide to planning and executing Digital Transformation Strategy to build your Digital Bank of the Future. A framework to implement digital experience, digital business and digital innovation
The Responsive Bank. Feature article in Q factor Oct 2014Simon Terry
The document discusses how digital disruption is transforming the banking industry. It describes the need for banks to become more "responsive" by focusing on customer experience, autonomy, transparency, and experimentation. It provides examples of how some banks are partnering with startups, embracing social media, and launching innovation programs. The document advocates that banks embrace these changes in order to adapt and stay competitive in a rapidly changing environment.
Building a truly digital banking model remains a challenge for most domestic banks. While it’s true that there is no such thing as a sure recipe for success, some key ingredients are essential to a successful digitized bank. They are the SIX imperatives of digital banking that we will discuss in this whitepaper.
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Scry analytics article on data analytics outsourcing, nov. 18, 2014Shyam Sarkar
This document discusses knowledge process outsourcing (KPO) and data analytics outsourcing from India. It makes the following key points:
1) The KPO industry in India has grown rapidly but data analytics outsourcing specifically is overhyped, growing at a more modest rate of 18% annually through 2020 rather than the hype of reducing US shortages.
2) Most Indian firms focus on lower-level data management and business intelligence rather than predictive analytics, generating insights, or deep domain expertise required for complex analytics projects.
3) Seven myths are discussed around India's ability to meet demand for experienced analytics professionals and reduce shortages in the US. Reality is the Indian industry is still nascent
This document provides a summary of Rabindranath Tagore's 1930 travelogue "Russiar Chithi" (Letters from Russia) and discusses the politics of its translation into English and Russian. It notes that Tagore initially praised aspects of the Soviet system like education reform, but later criticized the repressive nature of Stalin's regime. The English translation of Tagore's work was censored by the British government due to criticisms of British colonial rule in India. Meanwhile, the Russian translation omitted Tagore's criticisms of communist excess. Overall, the document examines how the reception and circulation of Tagore's translated texts were influenced by various political powers and agendas.
This document describes a Java program that implements binary decision trees for classification. The program includes a nested BinTree class to represent nodes, with methods for building the tree by adding nodes, outputting the tree structure, and querying the tree by following yes/no branches. An example application is provided to classify animals using a decision tree that determines if an animal eats meat and has stripes.
Cancer genomics big_datascience_meetup_july_14_2014Shyam Sarkar
This document compares Java and Scala programming languages for applications in cancer genomics. It provides examples of DNA sequence alignment programs written in both Java and Scala using the BioJava open source library. It demonstrates how to create, compile, and run simple programs in both languages using the Eclipse integrated development environment. The examples calculate local alignments between DNA sequences and illustrate how core BioJava classes can be used to represent different biological sequence types and perform translations between DNA, RNA and protein sequences.
The SerialNumber class validates software serial numbers that are in the format of 5 letters, 4 digits, 5 letters separated by hyphens. The class takes a serial number string as input, splits it into the three groups, and validates each group by length and character type. Getter methods return whether the overall serial number is valid or invalid based on the group validation results.
This document is a report by the United Nations Educational, Scientific and Cultural Organization (UNESCO) and the United Nations Development Programme (UNDP) on the creative economy. It presents case studies and analyses of how investing in creativity and culture can generate economic opportunities and promote inclusive development at the local level. The report finds that supporting local creative industries, cultural entrepreneurship, and skills development can help open up new development pathways, especially in urban areas. It identifies critical factors for success, such as access to financing, intellectual property protection, and developing networks. The United Nations aims to be a strategic partner for local governments and communities seeking to harness their creative resources.
This document summarizes a study on Local Exchange Trading Systems (LETS) and whether they can provide benefits to small and medium enterprises during an economic crisis. It provides background on the current financial crisis and its impacts, including decreased demand, liquidity shortages, and credit constraints for small businesses. It then discusses the history and objectives of LETS, which are reciprocal credit networks that facilitate barter and local exchange using a complementary currency. The study analyzes two Italian LETS networks called Sardex.Net and Sicanex.Net to understand the services they provide and benefits they can generate for member businesses, such as increased sales, liquidity savings, and access to alternative markets.
This report examines innovative financing models for agricultural SMEs based on 100 case studies. It finds that while agricultural lending faces challenges due to farmer heterogeneity and risk, opportunities exist to expand access to financial services for farmers. The report identifies innovative models in three areas: 1) financing models that replace traditional collateral with new types of security, 2) risk mitigation models that manage risks more effectively, and 3) distribution models that lower transaction costs. These innovative models have the potential to mobilize private resources for agriculture by better addressing the needs of farmers and risks in agricultural lending.
This document discusses man's place in the universe from a philosophical perspective. It argues that evolution culminated in man, who turned physical evolution toward spiritual perfection. Man's unique ability for complex relationships and imagination allows him to realize an ideal unity with all humanity. Both the physical world and scientific truth belong to the human universe, as they can only be understood and organized by the human mind. The ultimate truth is found in human personality.
Forrester big data_predictive_analyticsShyam Sarkar
The document provides an overview of the big data predictive analytics market and solutions. It discusses how predictive analytics can help organizations reduce risks, make better decisions, and deliver personalized customer experiences by analyzing big data. The document evaluates 10 leading vendors of big data predictive analytics solutions based on their current offerings, strategies, and market presence. It finds that the ability to handle big data, easy-to-use modeling tools, and a wide choice of algorithms differentiate the leading solutions in this growing market.
The document proposes a new approach to compare stock market patterns to DNA sequences using compression techniques. Stock market data is converted to binary sequences representing increases and decreases, which are then encoded into DNA nucleotides. These nucleotide sequences are divided and matched against human genome sequences using BLAST. The analysis found certain sub-sequences of the stock market patterns matched 100% to the human genome, suggesting this approach could potentially predict stock market behavior.
1) Technology advances will soon enable sequencing a person's genome for under $1,000, exponentially increasing the number of sequenced genomes. However, this potential is limited without associating genomic data with clinical data and making it available for research.
2) A single genomic database containing inherited genomes and somatic mutations from cancer patients, along with other associated clinical and molecular data, is needed to avoid a piecemeal approach and maximize use.
3) Building such a "Million Cancer Genome Warehouse" poses technological challenges including dual clinical and research use, unified data storage and analysis, improving genomic analysis methods, streamlining data access, and ensuring privacy while enabling progress. Addressing these challenges could accelerate cancer treatment discovery.
This white paper discusses how big data and real-time analytics are important for cybersecurity. It outlines a 4-step approach: 1) collecting data from various sources, 2) integrating the data, 3) performing analytics to detect patterns and threats, 4) using HP's CORR engine to monitor data in real-time and respond quickly to threats. The paper highlights how HP's solution improves on traditional SIEM by processing more events faster using parallel processing, and enabling faster searches through a combined flat-file and relational database. This allows threats to be evaluated in real-time rather than retrospectively.
The document presents an energy scenario from Ecofys that demonstrates it is technically possible to achieve almost 100% renewable energy by 2050. This scenario raises significant challenges around energy conservation, electrification, equity, land and sea use, lifestyle, finance, and innovation that must be addressed. Making the transition to 100% renewable energy by 2050 is one of the most important tasks to ensure energy for future generations in a sustainable way.
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This document provides an overview of jobs and discusses different words used in various languages to describe jobs. It notes that jobs can be characterized in multiple ways, such as by the skills required, physical effort involved, number of people engaged, or contractual relationships. Words related to jobs do not always directly translate between languages since different societies may emphasize different aspects of jobs. The document also discusses how job-related words are sometimes used as family names or personal identifiers. It concludes that jobs are an important part of people's identities and that languages convey jobs as more than just a way to earn income but as part of who someone is.
This document discusses sustainable business and green technology. It highlights how stronger political will is needed to meet environmental goals through collaboration between governments, businesses, and NGOs. It also discusses how cement production is moving towards more sustainable practices by using industrial waste as fuel and replacing clinker, reducing emissions. Incubators are bringing different sectors together to drive clean technology innovation through partnerships and community building.
Portfolio investment opportuities in indiaShyam Sarkar
The national emblem of India depicts three lions standing back to back mounted on an abacus with carvings of an elephant, horse, bull, and lion, separated by wheels, representing strength and courage. It is an adaptation of the Ashoka Lion Capital at Sarnath. The words 'Satyameva Jayate' meaning 'Truth Alone Triumphs' are inscribed below. The emblem was adopted on January 26, 1950."
The document announces an upcoming North American Bengali Conference to be held in Las Vegas over 3 days in July 2012, featuring performances from famous Indian singers and artists as well as programs on Rabindra Sangeet, Baul music, dance, classical music, drama, and Bangla rock bands. Headlining musicians include Sankar Mahadevan, Kavita Krishnamurthy, Rupankar Bagchi, and Pandit Jasraj, while dances will be performed by Gurukul and Arpita Chatterjee. Literary figures like Swapnomoy Chakraborty and plays like Byomkesh will
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
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[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. TECHNOLOGY & TREASURY MANAGEMENT | 2013
Adapt
To Survive
B
eing innovative is much more difficult to achieve than it is to discuss. Particularly
in the highly complex, highly structured environment of the average transaction
bank. Add in ever-tightening purse strings and the absolute requirement to get
as much return on previous investments as possible; sprinkle on the vast number of new
regulations that take the lion’s share of every bank’s development budget and it is easy to
see why transaction banking and innovation do not easily go hand in hand.
And yet, some banks have been known for exactly that for a number of years. Despite
all of the challenges mentioned above they are indeed creating inventive and modern new
solutions for their corporate clients.
Although it is tough for the big transaction banks to innovate, messaging solution pro-
vider SWIFT has long touted its focus on innovation. And it is that inventive backbone that
is allowing them to, well, reinvent themselves as a go-to provider of corporate financial
communications solutions.
Meanwhile, corporate treasurers themselves must now show their own adaptability in
the face of a changing technological landscape. Social media is one realm where this is
increasingly evident, as finance execs deal with the impact—and opportunities—of social
media on their operations.
The current environment requires everyone and everything that touches on the corporate
treasury landscape to be ready to adapt and innovate in order to flourish.
Denise Bedell
Managing editor
Global Finance
dbedell@gfmag.com
50The Innovators
Global transaction banks are changing
the way they look at new solution
development and how they manage
technology investments.
54SWIFT: Courting The Corporate
Audience
A look at innovative new solutions that
SWIFT is creating to appeal to corporates
and how they are changing treasury
management and connectivity.
57The Treasury and Social Media
Social media could transform the
treasury and finance functions and are
already changing market and regulators’
perceptions of companies.
48
3. F
acing a poor global economic
outlook and seeking to recapture
investments they made to meet a
level of new regulation unseen since the
Great Depression, transaction banks are
bringing their“A”game like never before.
The way that banks look at technologi-
cal development is changing.All banks,
of course, look first at what they need
to spend on regulatory investments.All
of the big banks naturally keep an eye to
the latest market developments and spend
some of their investment dollars on ensur-
ing they are keeping up with the Joneses.
Most banks also make use of client pan-
els—or client feedback in one shape or
another—to help inform investment
decision-making.
These are the three key mechanisms
by which most transaction banks allocate
tech spending.But some banks are adding
in another layer to the development pro-
cess—setting up cross-functional internal
teams to focus on new and pioneering
technologies. Some are bringing in lead-
ers to help build a culture of innovation
throughout the organization. Many are
reaching out to external tech firms to help
them innovate.
Some banks are even going as far as
to adopt an incubator approach—creat-
ing a sandbox environment (meaning a
distinct unit with separate funding not
tied to the rest of the organization) for
the development of creative solutions to
current problems.These solutions may not
flourish, but they are given a chance to
bud—and succeed or fail based on their
respective merits.
Regardless of their approach, most
transaction banks are starting to become
more flexible and agile in how they roll
out new solutions. Old business models
and offerings are being retired as banks
reorganize their businesses to meet cor-
porate treasuries’ needs and demands in a
quicker and more agile manner.
Each bank approaches innovation dif-
ferently,but all share a common character-
istic.Whether it is setting up a CEO-led
central process improvement program that
lets all employees contribute improve-
ment ideas,like Singapore bank DBS did,
or conducting client forums and partici-
pating in benchmarking exercises like the
Royal Bank of Scotland did,it is all about
breaking down walls to communication
and encouraging dialogue.
WHY DIDN’T WE THINK OF THAT?
As transaction banks improve their effi-
ciency, standardize their technology base
and adopt best practices from the con-
sumer side, they reap more time to inno-
vate. But corporates should not expect
their banks to develop the next game
changer like the iPhone, notes Steven
Murphy, research director at industry
advisory firm CEB TowerGroup.“That’s
not what banks do,” he adds.“Innovation
in commercial banking means making it
easier to do business—receive informa-
tion faster—and improving reliability.
It also means connecting to the client
through any channel they choose.”
Multiple-channel support is growing
in importance as corporate new hires in
the finance department—often fresh from
college—are more comfortable using
technology and social media, says Stacy
Rosenthal, a senior business manager at
the global banking cooperative SWIFT.
These sorts of demands led J.P.Morgan
to develop The Community, aYouTube-
esque platform where clients can go for a
self-paced education on a variety of top-
ics.“You can take a three-minute ‘snack’
around the specifics of a foreign exchange
Increased
Competition Is
The Mother Of
InventionTransaction banks are working hard to be
more agile and innovative in meeting corporate
treasury needs. Some are succeeding better
than others, and those that push boundaries
may end up on top in an increasingly competitive
marketplace. By Rob Daly
TECHNOLOGY & TREASURY MANAGEMENT | THE INNOVATORS
50
4. organization with a wide-ranging foot-
print; this approach ensures good coor-
dination of split teams and good user
engagement early in the life cycle from
the right locations,” Jain adds.
THE CONSUMER IS ALWAYS RIGHT
Much of what is in the pipelines of the
leading transaction banks will have a
familiar look and feel to most people in
corporate treasury, as banks leverage the
consumer market experience.“Best prac-
tices in engaging in product design,devel-
opment and delivery typically come from
the consumer market unless it is bespoke
client requirements,” saysWatson.
When the transaction banks do not have
the specific consumer expertise internally,
they consult clients with technical apti-
tudes and SiliconValley firms specializ-
ing in the consumer market that possess
the expertise.According to O’Connor it
is important not to be blinded by one’s
own science—meaning firms should be
open to using best-of-breed external pro-
viders.Yet,his firm still engineers most of
its technology internally.
Deutsche Bank’s GTB is in the midst of
moving its 67 online products, including
its flagship db-direct internet platform, to
the bank’s newAutobahnApp Market.Its
corporate banking and securities business
first developed theAAM delivery channel,
which is now being rolled out bankwide,
except for the bank’s retail banking busi-
ness in Germany, Italy and Spain.
By using a standard architecture,which is
included in the bank’s app development kit,
Watson’s team has shaved significant time
from product development since“approxi-
mately 60% to 70% of a new technology
can be leveraged ‘off the shelf.’”
J.P. Morgan and Standard Chartered
also use a “develop once and deploy to
many”philosophy to meet client demand
and avoid reinventing the wheel, which
often includes the use of open-source
technology.
Notes Standard Chartered’s Jain:“We
make our channel product agnostic so we
can enhance our products and services
with ease while sustaining resilience.” n
transaction, so that you do not have to
labor through a 40-minute or two-
hour online training course,” says Lloyd
O’Connor, managing director and global
head for J.P. Morgan ACCESS.
Improving user experience is a clear
focus right now.“The days of organiza-
tions offering white-labeled products
without a common ‘look and feel’ across
various transaction services have fallen by
the wayside,” notes Rosenthal.
Some innovation might be a result of
linear development—for example, easing
use by providing a single sign-on for a
portfolio of applications—but often it is
not.“When we developed the ability to
deposit checks by photographing them
some years ago, it arose out of solving an
onboarding issue,” notes O’Connor.
Deutsche Bank started realigning its
global transaction banking business in July
2012, when the group named Rhomaios
Ram, then a managing director at GTB,
to be the business’s CIO—reporting
directly toWerner Steinmueller, member
of Deutsche Bank’s group executive com-
mittee and head of GTB.“Now our team
of developers is much closer to the prod-
uct’s end-users and researchers, which has
Rosenthal, SWIFT:
Young executives
joining treasury are
more comfortable
using new
technologies and
social media
O’Connor, J.P.
Morgan: Banks must
not be blinded by
their own science,
they should partner
externally when
necessary
made a major difference in how Deutsche
Bank thinks about developing its prod-
ucts,” says David Watson, head of global
client access product management, GTB,
at Deutsche Bank,who reports to Ram.
For other banks it is a matter of striking
the proper balance between business-line
IT teams,group-level innovation units and
those IT teams working across the bank
to develop common foundations, says
Gautam Jain, global head of client access,
transaction banking at Standard Chartered.
Such cross-team alignment makes it
easier for firms to be agile in product
development:Developers can work closely
with end users on successive designs that
eventually evolve into a finished product.
Technologists appreciate this development
model for its speed and adaptability when
project requirements change.
But this does not solve all the chal-
lenges in trying to innovate and adjust
quickly to market demands, according to
Jain.“Agile development is more suitable
for the early phases of smaller projects
in which user requirements are hard to
define and when users and IT people are
located in the same place.”
For larger projects, banks still, under-
standably, often follow a more staid, pro-
scribed development model. Standard
Chartered typically uses the “waterfall”
development model, which begins with
all of a product’s requirements defined
before flowing into subsequent design,
implementation, verification and main-
tenance phases. By dealing with an
issue during its appropriate phase, it
is less expensive than addressing it in
a later phase. “We are an international
51
5. Next-Generation Solutions From Global Transaction Banks
Bank
Major Innovations
Launched Over
The Past Year
What Stands Out What The Future Holds
Bank of
America
Merrill
Lynch
New addi-
tions to its
CashPro®
Online solution
Delivery of real time email notifications to beneficiaries as
a part of the payment process, providing detailed remit-
tance data via attached documents such as invoices and
spreadsheets. User-defined fields feature within the online
payment service, so users can enter general ledger or
other key internal identifiers, to help reconcile transactions
and improve overall payment workflow. New multichan-
nel client experience. Immediate feedback on payment
formatting errors as 100% of online transactions are being
verified against straight-through processing rules.
FX Trade Anywhere Settle Anywhere effort
will offer the ability to book a trade on a
variety of channels (phone, CashPro FX,
multibank third-party trading application)
and settle those trades on a variety of pay-
ment channels: Global Payments, CashPro
Connect or SWIFT.
Barclays Barclays Pingit
mobile pay-
ment offering
for corporates
The UK’s first service for sending and receiving money
using mobile phone numbers. Delivers benefits to corporate
treasurers—such as irrevocable and instant collections,
the ability to receive richer, more meaningful data, a new
channel to reach customers and be reached through—and
challenges the existing reliance on legacy payments, such
as cash and check.
Adding functionality to Barclays Pingit:
Improving the versatility of the platform,
delivering a richer B2B2C channel, Also:
Further roll out of corporate e-banking
platform, Barclays.Net, and a portal offering
which provides a single sign-on solution
across all products and services.
BNP
Paribas
Securities
Services
Information
Intelligence
solution
Analytics system with unified access to information; a
semantic engine to improve the search function; predictive
analytics to detect opportunities and threats; and “business
user discovery” to identify anomalies, trends, relationships.
Citi Citi(R) Mobile
Collect
A secure mobile solution to settle funds in real time at the
point of sale, with immediate confirmation to both buyer and
seller. The solution streamlines collections and reconcilia-
tion, and accelerates receivables collections to reduce DSO.
It increases the velocity of the cash conversion cycle, using
device-agnostic mobile phone and messaging technology to
initiate, approve and confirm transactions in real time.
Continued rollout of Citi(R) Mobile Collect
across Asia-Pacific and into Latin America.
Citi is also investing in, and piloting, a
variety of m-payables and m-receivables
services in targeted markets around the
world.
Citi Commerce
Services
One-stop consumer payments service for institutional clients.
The service allows merchants to sell their goods and services
via their websites in local currency by connecting through one
gateway and one bank across the globe—Citi. With one connec-
tion and one bank relationship, merchants can accelerate rev-
enues globally and eliminate the lengthy process of establishing
country-specific banking relationships. Users can quickly and
efficiently gain access to a broader consumer base.
Citi Commerce Services is now available in
Mexico and eight markets in Asia-Pacific
and will be rolled out in over 40 countries
globally by the end of 2014.
DBS Launched
new regional
corporate
internet bank-
ing platform,
IDEAL™ 3.0
Region-specific solution; customer-centric interface based
on customer usability studies. Intelligent Transfer Wizard
identifies the appropriate payment type; customizable
dashboard with one-click access to statements, remittance
advice and for transaction approvals. Seamless access to
DBS DealOnline for treasury FX services and IDEAL™ SFS
securities and fiduciary services platform, among other
solutions. Seamlessly integrates with ERP systems.
Enhancing IDEAL™ platform to enable
a user-determined approval workflow
depending on the authorization limit.
Increasing online security: enhancing
IDEAL™ with intelligence to monitor login
and transaction patterns. Improving pay-
ment transparency. Simplifying account-
opening procedures.
Deutsche
Bank
Autobahn
App Market’s
Global
Transaction
Banking
Solutions
Launched the industry’s first App-based, open-source platform
providing a single access point to Deutsche Bank’s electronic
products, services and intellectual property. Apps related to
transaction banking range from fund administration, trade
instruction and liquidity management, to securities lending and
financial supply chain management. Clients can also access
research, commentary, pricing, analytics and execution tools.
Apps can seamlessly interact with each other. The Autobahn
Development Kit and associated User Interface and User
Experience Style Guide provide open-source development tools
to enable rapid web App development.
GTB’s db direct internet (db di) offering
will become available via the Autobahn
App Market. The new Cash Manager App
will provide relevant information via a
user-friendly dashboard, allowing users to
create, authorize and reconcile payments.
It will provide consolidated overviews of
balances for accounts.
TECHNOLOGY & TREASURY MANAGEMENT | THE INNOVATORS
52
6. HSBC RMB Payments
& Collections
Solution
Enables a multinational’s Chinese subsidiaries to settle
cross-border payments and collections in renminbi
with their parent company’s overseas treasury center.
Eliminates foreign exchange exposure and optimizes
liquidity management.
J.P.
Morgan
Treasury
Services
Network
Check
Conversion
Converts a client’s check disbursements from paper to
image and then efficiently routes the electronic payment
and remittance details to the lockbox of a J.P. Morgan
receivables client, reducing payment distribution costs and
reducing paper handling costs for the receiver.
Continue network mapping of J.P. Morgan’s
global community. Further enhancements
to institutional mobile offering, and roll-out
of new solutions spanning core cash man-
agement, liquidity and trade.
J.P. Morgan
ACCESS®
Cloud-based online global cash management portal.
Image Deposit
Direct mobile
Mobile check image capture for clients to allow distribu-
tors to digitize expensive and risky check collection.
Royal
Bank of
Scotland
New SCF,
trade finance
and e-Invoic-
ing solutions
Launched Direct Presentation program to ease the letter
of credit process by allowing users to accelerate pay-
ment. Users can upload images of their documents to
RBS, enabling swifter supply and release of a cover letter
addressed to an issuing bank, thus speeding identifica-
tion of document errors and reducing overall processing
time. Also, the bank improved integration of its MaxTrad
SCF and e-Invoicing solutions to increase automation
end-to-end.
RBS
Citizens
accessPAY-
MODE-X
Launched e-payables solution that allows companies
to pay suppliers/vendors electronically. It lets enrolled
customers receive a payment back when they issue a
payment to a vendor, rather than paying a fee to issue a
payment, thus creating a new revenue stream for users.
This aligns with corporate revenue-capture efforts, and
the efficiencies arising from migrating away from check
payments to e-payments also reduce staff and processing
costs, and errors. Reduces the risk of fraud with best-
practice security solutions, including a 3-step supplier
authentication.
Launching accessMOBILE II, the bank’s
second generation corporate mobile bank-
ing offering. Upgrades include allowing
transaction initiation and approvals. Also,
in e-payables the bank is creating more
integrated, end-to-end procure-to-pay
mechanisms for e-payments and enhancing
corporate card capabilities.
UniCredit SEPA Mandate
Management
system
Portal solution to administer SEPA mandates and create
SEPA direct debits. This includes the migration of legacy
mandates by importing CSV or DTAUS-files. Can also
convert DTAUS-files containing direct debits to SEPA com-
pliant direct debit collections during migration period of a
company’s payments systems. A fully integrated interface
to Multiversa will be provided. At the start the system will
be offered in UniCredit Germany and UniCredit Italy.
“Virtual Account”
solution for
payments
management
Geared towards payment factories and in-house banks for
supplier payments, the solution, launched in 2013, can also be
used for other payments, such as managing wages, collections
(direct debits), etc. Companies can reduce number of bank
accounts, increase transparency, avoid account balances or
need for cash pools, optimize payment flows, increase match-
ing rates. Uses an IBAN, supports cross-border payments,
SEPA compliant.
Bank
Major Innovations
Launched Over
The Past Year
What Stands Out What The Future Holds
53
7. S
WIFT’s corporate solutions were
once limited to connecting com-
panies with their banks, but that
is changing.Whereas corporate members
used to represent a very small minority
of SWIFT’s membership, that minor-
ity has now grown to 10% of the total
SWIFT community.
Corporate membership reached 1,000
in October 2012, but the true number
may be much higher,according to Marcus
Hughes,director of business development
at Bottomline Technologies.“In reality,
there are more like 15,000 corporate legal
entities;in many cases they are part of mul-
tinational corporations; successfully using
SWIFT to streamline payments and cash
management on a multibank basis,”he says.
As the numbers continue to grow,
SWIFT is developing its strategy to offer
an ever-wider range of products to the
corporate market.Although connectiv-
ity to banks remains the primary solution
offered, a number of other solutions are
available or in the pipeline.
“Connectivity is now only one of the
four pillars that make up our full portfolio
of capabilities for corporates,” says André
Casterman, head of corporate and sup-
ply chain markets at SWIFT.“The goal
is to enrich the value proposition of the
portfolio, really going beyond the basic
connectivity proposition.”
Casterman says that the other three pil-
lars relate to trouble-free payments and
SEPA compliance, identity and mandate
management,and certainty and efficiency
in the supply chain.While connectivity
remains relevant for corporates looking to
implement multibank payments and cash
management solutions, Casterman says
that connectivity is not a prerequisite for
corporates to benefit from other solutions
offered by SWIFT,such as 3SKey and the
Bank Payment Obligation (BPO).
“Beyond the 1,000 [corporate] users
connected to the SWIFT network, it is
important that we help banks continue
to develop propositions which build
on SWIFT standards, but which can be
brought to the corporate market sepa-
rately from connectivity—through banks’
proprietary portals, for instance,” he says.
SWIFT is certainly working to build its
Wooing The
Corporate AudienceGoing beyond connectivity is SWIFT’s mantra to corporates
these days, but can the bank-owned organization be as fleet of
foot as companies would like? By Rebecca Brace
“Connectivity is now only one of the four
pillars that make up our full portfolio of
capabilities for corporates.”
—André Casterman, SWIFT
TECHNOLOGY & TREASURY MANAGEMENT | SWIFT
54
8. corporate offerings,but is it doing enough?
Enrico Camerinelli, senior analyst at Aite
Group,says that in some cases SWIFT’s ori-
gin as a bank-centric organization is slowing
down product development for corporates.
“In the banking world you want to take one
step at a time,to make sure that everything is
consistent with security and the restrictions
thatbanksneedtocomplywith,”heobserves.
“Butwhenapproachingcorporates,youneed
to be much faster,nimbler and more agile.”
IN WITH THE NEW
Nevertheless,for companies looking beyond
connectivity from SWIFT,there are plenty
of new products coming to market. Since
2010, SWIFT has introduced its digital
identity solution 3SKey, its MyStandards
platform and SWIFTRef,a global reference
data utility.
Another of SWIFT’s latest developments
is the BPO (Bank Payment Obligation), a
new trade instrument comparable to a let-
ter of credit, which uses SWIFT’s Trade
Services Utility to match data electronically.
“The BPO uses corporate data flows to
make it easier and faster for banks to provide
payment assurance and access to a range of
pre- and post-shipment finance solutions,”
comments Hughes.
As a guarantee issued by banks in support
of corporate trade,it should help banks pro-
vide supply chain risk mitigation and financ-
ing to their corporate customers.
And the BPO is not only suitable for
larger corporations.“This is a value prop-
osition, which is available to small and
medium-size enterprises, but that doesn’t
mean that the SME needs to join SWIFT,”
says Casterman.“They can benefit from
this innovation through their banking
portals and possibly through paper flows.”
Another interesting offering is SWIFT’s
eStatements initiative, which was devel-
oped in collaboration with Bank ofAmerica
Merrill Lynch and General Electric.The
objective is to replace paper statements with
electronic statements.“The goal is to save
in terms of manual processes and physi-
cal delivery of paper, which always has a
cost, and to provide access to the required
information in the archive,”says Casterman.
BUILDING CONNECTIONS
The introduction of Alliance Lite2 last
year brought a more attractive version of
SWIFT’s newest connectivity solution
onto the market.Casterman says,“Alliance
Lite2 is now the preferred connectivity
option for corporates joining SWIFT.”
Corporates are choosing it, accord-
ing to Casterman, because of its sim-
plicity in terms of contractual parties—
they have SWIFT as one contractual
party, and the cash management vendor
as another—and many feel that they
do not need a service bureau as a third
contractual party.
This was certainly the case for Brad
Vollmer, treasurer at Gilead Sciences.The
biopharmaceutical company set up a con-
nection to SWIFT last year as part of a
larger treasury infrastructure project and
opted to use Alliance Lite2.
“I was intrigued by the thought of hav-
ing a direct connection to SWIFT and
not having to go through a service bureau
because it was one less relationship to man-
age,” saysVollmer.“I didn’t want to own
the infrastructure because it changes so
rapidly, but nor did I want to work with
two vendors.
“My personal take is that the technol-
ogy is at the point where we don’t really
need any hardware. SWIFT is effectively
an ASP [application service provider];our
treasury workstation is an ASP, and most
of our other ancillary systems are ASPs.”
SWIFT may be expanding its portfo-
lio to include solutions aside from con-
nectivity, but as the arrival of Alliance
Lite2 demonstrates, connectivity con-
tinues to be a major component of its
corporate offering. n
Casterman, SWIFT:
Alliance Lite2 is
now the preferred
connectivity option
for corporates
Camerinelli, Aite
Group: When
approaching
corporates, you need
to be more agile
Vollmer, Gilead
Sciences: SWIFT
Alliance Lite2 has
exceeded our
expectations
Hughes, Bottomline
Technologies: The
BPO makes it easier
for banks to provide
payment assurance
Beyond Connectivity
In addition to connectivity, SWIFT offers a range of other
corporate solutions, which include the following:
• Bank Payment Obligation (BPO)—an undertaking from one bank
to another that supports trade flows by guaranteeing that payment
will be made once the relevant data has been matched electronically.
• eStatements—a solution allowing corporations to receive bank
statements electronically.
• MyStandards—a central platform allowing banks to document
their standards-related information. SWIFT is extending this tool
from the bank-to-bank to the corporate-to-bank space.
• SWIFTRef—a utility providing payment reference data such as
contact details, BIC (Bank Identifier Code), SEPA data and credit
ratings in a format compatible with ERP systems.
• 3SKey—a digital identity solution allowing corporates to authen-
ticate and approve transactions with multiple banks using a
single token.
TECHNOLOGY TREASURY MANAGEMENT | SWIFT
56
9. rule of thumb is that there should be an
appropriate set of controls over the per-
sons with authority to speak on behalf of
the corporation on social media.”
FINANCIAL COMMUNICATIONS
SouthwestAirlines is using social media as
a tool to increase engagement throughout
the company—including in the finance
department.“We’ve set the stage across
the organization,” says Linda Rutherford,
vice president of communication and
strategic outreach at Southwest Airlines.
“We’ve worked to understand the oppor-
tunities in social media,and the risks if we
do engage,and the risks if we don’t.We’ve
outlined how we’re going to govern it.”
At Southwest on earnings day,earnings
are tweeted, but just as a link back to the
release so that forward-looking language
can be referenced.“We’re not creating
independent content on quarterly results
day, but we’re using social media as a
way to increase awareness,” Rutherford
said. AutoNation, on the other hand,
had a unique hashtag and
tweeted numerous times
on the release of its quar-
terly results in April.
At Aetna, Dan Brostek,
head of consumer engage-
ment, counts among
his “new best friends”
colleagues in IR, legal,
c o m p l i a n c e, h u m a n
resources, and IT security,
as the insurance giant has
been working on social
media strategy for about
the last year and a half. He
says about 80% of his time
is spent discussing policies
N
o corporate treasury department
is an island anymore.This is par-
ticularly evident in the growing
role of social media in daily treasury and
finance interactions with internal and
external stakeholders. Increasingly, trea-
sury and finance types are participating
on platforms such as LinkedIn,Twitter
and Facebook and sharing expertise on
internal platforms like Jive andYammer,
as companies strive to make use of the
communication and collaboration oppor-
tunities that social media afford.
Adding impetus,the US Securities and
Exchange Commission effectively blessed
social media as a means of communicating
with investors when it issued guidance in
April, following an investigation of how
Netflix used Twitter to convey material
financial information.
The SEC noted it would not charge
Netflix with any violation of Regulation
FD (Fair Disclosure) and made it clear in its
guidance that using social media channels
likeTwitter and Facebook is permissible,
as long as the investing public knows to
look there. So far, about 10 companies,
including Zynga, AutoNation, and, of
course, Netflix, have issued 8-K (SEC
documentation) listing the social media
channels that they may use to convey
financial information.
The risk of violating Reg FD under-
scores the need for careful oversight,law-
yers say.“Social media is a great potential
medium for corporate communications
but, as is the case with all aspects of cor-
porate communications, it makes sense
to pay attention to compliance with the
legal details,”says Joseph Grundfest,a for-
mer SEC commissioner and a professor
at Stanford Law School.“The simplest
and procedures with these colleagues.
Brostek is also working on an internal
social business platform,which should be
in place this year.“We hope to transform
how people work today,”he said.Internal
social media platforms can enable treasury
and finance to better communicate to the
organization as a whole what they do and
what they can offer to business units.
AtWells Fargo,aside from an enterprise-
wide social media team organized within
the past eight months, internal social
media platforms have proved a great way
for the wholesale banking operation to
share best practices, said Nathan Bricklin,
SVP and head of social business strategy.
“We want to make sure there are no bar-
riers to entry to a good idea, and this is
the best way we’ve found so far.We see
these tools as new ways to address the
same old problems: communications and
knowledge-sharing.It’s getting everybody
off the bench to provide the most value to
them as individuals, and to the organiza-
tion as a whole.” n
Social InteractionSavvy executives can add value by under-
standing how and when social media can be
a tool to improve both internal and external
communication. By Hilary Johnson
AutoNation Tweets Its First Quarter
Results—Replete With A Unique Hashtag
57
TECHNOLOGY TREASURY MANAGEMENT | SOCIAL MEDIA