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Monthly Posts: 2018

SIBOS 2018 Sydney Wrap-up

 

 

The last two days of Sibos 2018 Sydney brought interesting debates on regulatory compliance, real-time payments (over and over again), contextual banking, managing the emerging AML and regulatory risks of new payment methods, aaand… the weakest link in cyber-security: the people!

 

Hot topic 1: Reconciling real-time payments with financial crime and fraud controls

  • How to increase speed without sacrificing security?
  • Can technology contribute to fraud and financial crime prevention, rather than simply speeding up payments?
  • How much risk is too much in terms of instant payments?
  • Financial crime compliance teams should shift their focus to prevention rather than detection!

 

Hot topic 2: The impact of open banking for corporate treasury

  • Open banking and emerging technologies are driving a digital transformation in the corporate to bank landscape.
  • Bank business models change on one side and a rich ecosystem of third party solution providers is being created on the other side.
  • Thus, corporate treasurers can now address key industry challenges in unimaginable ways.

 

 

Fast-forward on Day 3

 

Regulatory compliance uses up capital and human resources, consumes IT budgets and puts pressure on margins, but it also allows financial institutions to review their existing business models in line with current market practices to better serve their customers. The complexity of the new regulatory framework creates dynamics and fosters the innovation process in a sustainable way.

 

 

Innotribe’s Future of Money session focused on contextual banking, specifically how data, computing power and AI will bring about a revolution in hyper-personalisation and enable the promise of contextual banking.

 

 

“People don’t buy mortgages, they buy homes; they don’t take out car loans, they buy a car. This is what we mean by contextual banking – it’s about putting the right product or service in front of customers at the right time, and embedding it within the end product itself. […] Contextual banking offers a way for the industry to re-bundle financial services for their customers’ benefit, help retain customer loyalty and ultimately trust.”

 

 

Fast-forward on Day 4

 

  • We are at the beginning of API adoption for retail and wholesale banking.
  • Reach, standardization and security remain the key problems to solve in an API-connected environment.
  • Faster payments are at the center of the digital revolution.
  • Digital identity is at a crisis point and we need a holistic approach.
  • Cyber-security isn’t an individual, corporate, or even industry problem, but one that needs to be addressed globally, across multiple industries.
  • Open source communities are successful because they go beyond providing access to source code – they honor the principles of transparency, accountability, participation, collaboration, and access.
  • Wake-up call for banks in the open era: elevate service offerings in order to retain consumer loyalty!

 

 

 

SIBOS 2018 Sydney Day 2

 

 

Following our highlights and hot topics from day 1 at Sibos 2018 in Sydney, here are the most debated topics on the second day: Sibos 2018

  • Instant Payments

  • The Open Banking era

  • Innovation in correspondent banking

  • Real-time liquidity management and monitoring

  • The complexities of regulation and compliance

  • Quantum computing

  • Due diligence activities

  • Machine learning in AML

  • The World Payments Report 2018

  • and... Kleptocracy.

 

 

(World Payments Report 2018)


 

With Australia's new payments platform approaching one year live and SWIFT preparing to go live with EBA Clearing's RT-1 and Eurosystem's TIPS in Europe, morning of Sibos Day 2 broke with a SWIFT conference on Instant Payments and lessons that European banks can draw in order to position instant payments products and services in a domestic environment.

 

Thought of the day:

The success of the digital transformation will depend on

the solid and secure pillars on which it will be built.

 

 

 

 

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