Post-trade market infrastructure provider the DTCC is spreading the notion at SWIFT’s Sibos event that the global financial services ecosystem is now so tightly linked that it is creating a new, higher level of risk where one connection in a key chain of systems could fail and cause a lot of damage to all connected… Read More >>
SWIFT Price Cuts Deeper than Expected
SWIFT’s five-year, SWIFT2015 strategy to shrink its pricing for its messaging services has beat the cooperative’s expectations because of “strong” traffic growth, cost controls and pricing schemes, resulting in a 57 percent price reduction expected by the end of this year. Officials from the cooperative announced the strategy result at SWIFT’s annual Sibos gathering, underway… Read More >>
Gresham Rethinks the Cloud as Broadridge Gets Local
Third-party vendors Gresham Computing and Broadridge Financial Solutions are launching new offerings, timed for SWIFT’s Sibos gathering in Singapore this week. Gresham has done “a rethink” for its cloud-based Clareti Transaction Control (CTC) offering, and Broadridge is expanding its proxy processing services. Rethinking the Cloud In many ways, Gresham’s new Clareti-as-a-Service offering, is a relaunch…. Read More >>
Sibos Preview: Time to Harmonize ISO 20022-based Ops?
Harmonization around the ISO 20022 standard will be one of the key themes at the Sibos annual gathering of the financial messaging cooperative SWIFT, underway this week in Singapore at the Sands Expo and Convention Centre of the Marina Bay Sands complex. As the ISO 20022 standard has been gaining ground among industry players, SWIFT… Read More >>
SWIFT Survey Finds Jump in Corporate Actions Projects
A joint survey of 117 organizations conducted by financial messaging cooperative SWIFT and specialist consultancy CityIQ finds that the investment in automation tools for corporate actions processing has grown since the last survey in 2012 because firms have to cope with increases in volume and client demands, and need to cut costs while improving the… Read More >>
Mongolian Bank Deploys NRI’s Custodian System
Nomura Research Institute (NRI), a consulting services and system solutions vendor, reports that Golomt Bank of Mongolia has gone live with NRI’s custody solution, which will help the bank establish its custodian services, officials say. Golomt Bank, which has been introducing initiatives to accelerate development in the region’s financial sector, is the first custodian bank… Read More >>
SWIFT Signs Up 1,125 Firms for KYC Registry
Financial messaging and services cooperative SWIFT reports that it has signed up more than 1,125 financial institutions for its Know Your Customer (KYC) Registry, a centralized repository of standardized information about financial institutions that facilitates KYC compliance. SWIFT officials say that banks in 152 countries are “now on board” with the KYC Registry, which now… Read More >>
SWIFT Recertifies SmartStream’s Corporate Actions Software
SmartStream, a London-based financial transaction management software specialist, reports that its TLM corporate actions processing software has again received certified application status from the SWIFT cooperative for financial messaging and related systems. Certified application status, which is subject to yearly renewal, ensures that the application is “fully compliant with SWIFT corporate actions messaging standards,” SmartStream… Read More >>
CFTC to Keep Using DTCC-SWIFT LEI Utility
Regulator CFTC has issued an order extending the designation of a utility operated by the DTCC and SWIFT as the provider of legal entity identifiers (LEIs) for the commission’s swap data recordkeeping and reporting rules, officials say. The DTCC-SWIFT utility — which had initially been referred to via the utility’s website and in educational and… Read More >>
Fenergo Lands $75 Million in Private Equity Funding
After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm. The transaction is expected to close within the next few weeks, Fenergo officials say. Insight Venture… Read More >>
