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Sibos 2017 at a Third Glance

 

 

 

 

...and then there was Wednesday at Sibos Toronto and along with it came highlights on ISO 20022 implementation, open banking threats and opportunities, international payments, cyber risks and malicious insiders, global uncertainties in the financial industry, correspondent banking, instant payments, RegTech, banking APIs, disruption, innovation. Quite a handful.

 

 

Plenary - The Future of Money

 

We liked this analogy: "Data centres are the oil refineries of the digital age, extracting value from raw information in the form of predictive patterns and other insights."

 

So we decided to illustrate it:

 

 

 

Bottom line: The financial industry must extract more value from their platforms and the abundance of data they possess!

 

Fine print: Financial services organizations should move from a transactional business model to one of enablement, using data to drive bigger strategic business decisions instead of merely influencing pricing and risk.

 

 

Australia and the New Payments Platform

 

Australia's NPP caught our attention and the large amount of flexibility it entails should be an inspiration for us all. While Australia's take on open banking is no secret, and we've previously scratched the surface, this particular project promises the launch of a whole new era.

 

"It's a major industry initiative to develop brand new infrastructure, to enable fast, versatile and data-rich payments 24/7."


- Katrina Stuart, NPP Australia -

 

 

Katrina also talked about the huge industry effort in terms of collaboration: "I think one of the key successes of the platform has been to define the areas where the financial institutions involved will collaborate, emphasizing that the collaboration needs to be around the infrastructure itself, around the data and the message standards, and then there will be the competition around the product layer as well as the customer interfaces."

 

Paul Franklin (National Australia Bank Ltd.) talked a bit about OSKO, the first innovative product to be delivered via NPP, which provides "the ability to make a person-to-person payment with service levels attached to it, which will give consumers the promise that their payments will be made within a number of seconds."

 

The infrastructure is distributed between gateways that are held by each of the participating institutions, so it's not a single hub in the centre of the network. Also, the architecture has been built with the ability to add new products on top of the basic infrastructure: overlay services.

 

In terms of message flows, Paul added: "We'll be sending a clearing request and getting a confirmation back before we settle; line by line settlement is an unusual thing, so this is essentially real time gross settlement on a vast scale."

 

 

Stay tuned for more insights from our final day at Sibos.

 

 

 

Sibos 2017 At a Second Glance

 

 

Day 2 of Sibos Toronto just flew by and our two musketeers on the job, Ioana and Mihai, have some fresh intel for you.

 

 

Banking Stream - Day 2

 

An early panel on blockchain had a really tough competition from the World Payments Report 2017, by Capgemini and BNP Paribas.

 

Among talks on global and regional non-cash payments volumes, APIs as key enablers for a cohesive financial ecosystem and cybersecurity related challenges, here's what caught our ears:

 

"New regulatory environments are enabling exciting new financial services business models and payments teams are the frontrunners in crossing transformational borders within many banks through innovative thinking."


- Christophe Vergne, Capgemini -

 

 

Add to that two other comments on this report (made ahead of Sibos) and the whole picture is slowly unveiled:

 

"Organizations operating across borders face continuing challenges to reconcile diverse domestic rules that cut across any initiative to work toward uniform modes of operation."

Chye Kin Wee, BNP Paribas

 

 

"Regulatory initiatives are having a big impact on the Payments industry. In the EU, PSD2 is opening the possibility of disintermediation for some banks while driving new value propositions for others."

Jeroen Holscher, Capgemini

 

 

Compliance Stream - Day 2

 

An interesting workshop on reputational risk was followed by talks on KYC compliance, the collaboration between the financial services industry and FinTechs, future trends in sanctions and the future of financial Intelligence sharing.

 

Still ringing in our heads:

The cost of compliance is high and the price of failure is even higher.

 

 

 

Securities Stream - Day 2

 

A morning conversation with Lieve Mostrey (Euroclear) and Marc Bayle de Jesse (ECB) addressed themes of interest such as market infrastructure evolutions, the impact of geopolitical changes, opportunities for greater levels of efficiency and market harmonization, the role of FinTech, and much more.

 

Mix in a forum on "APIs for beginners" (by SWIFT) and a conference on what the future could hold for the post-trade industry, distill it properly and you get... a very concentrated pill:

 

Standards play an important role in a rapidly changing banking landscape.

 

 

 

Technology Stream - Day 2

 

Cross-border payments, instant payments, APIs, blockchain, risk management, user experience... whichever topic you choose, they all depend on technology more and more and there's no going back. Since tech is in our blood, should you need a payments solution for your company (be it a financial institution, a SME or a large corporation), we're here for you.

 

Oh, and... remember SWIFT's CSP? Actually, it's not like something you could forget, but if you want to keep up with the latest updates from Sibos, you now know whom to ask :)

 

 

Over and out. Also, ready for another Sibos marathon, Day 3.

 

 

 

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