BAML and Microsoft agree blockchain deal
Bank of America Merrill Lynch has announced a collaboration with Microsoft on blockchain technology, aimed at transforming the bank’s trade finance operations. As part of the partnership –which was announced at SWIFT’s annual Sibos event – the two firms will build and test technology, create frameworks, and establish best practices for blockchain-powered exchanges between businesses and their customers and banks.
CSDs sign blockchain letter of intent
Strate, the central securities depository (CSD) of South Africa has signed a letter of intent with the National Settlement Depository (NSD) of Russia to collaborate on initiatives using distributed ledger technology. Signed at the Sibos event in Geneva, the partnership is designed to allow both parties to explore opportunities for mutual cooperation in the post-trade settlement arena.
John Lewis set to launch new finance brand
John Lewis has announced its intention to launch a new ‘John Lewis Finance' brand, which will cover the retailer's range of financial service products and provide a clearer sign-post for new and existing customers. The newly-formed umbrella brand will encompass John Lewis' growing range of financial services products – which includes insurance, foreign currency, international payments, the John Lewis & Waitrose Partnership Card and ATMs.
BBVA to create ‘digital-first hub’ in Dallas
Spanish bank BBVA is building a digital-first hub in Dallas to meet the rapidly changing demands of the banking industry and its customers’ expectations. The centre is a subsidiary of BBVA Compass, the bank’s US franchise. A team of 60 experts in data analytics, software engineering and user experience and design will be based at the new BBVA Creation Centre, who will work with local teams across the bank’s global business.
Mobile ‘preferred alternative’ to card
Four in 10 UK consumers (41 per cent) now view the mobile phone as their preferred alternative to a payment card, according to a recent study. The Mastercard Impact of Innovation study explored the attitudes to technology of more than 1,000 UK consumers.
Global banks prepare for SWIFT gpi to go live
SWIFT today announced that it has successfully completed the first phase of the global payments innovation (gpi) initiative pilot, clearing the way for the service to go live in early 2017. During the pilot, 15 global banks representing more than 30 per cent of cross-border payments successfully tested the design and core functions of the gpi, while in parallel, 10 additional global banks started to prepare for the service’s launch.
R3 completes blockchain bond trading test
R3 has collaborated with Intel and eight R3 consortium member banks to successfully test a distributed ledger prototype for bond transactions. The trial used US treasury bonds to demonstrate how blockchain technology can support trading in real-world financial markets, delivering the necessary scalability to support more than 100,000 transactions per day.
Worldline & Consorsbank extend partnership
Payments and transactional services firm Worldline has extended its partnership with Consorsbank, part of BNP Paribas, until the end of 2021. As a partner, Worldline takes over the issuing processing for Visa cards, as well as cardholder services. Worldline has been the processing provider for Consorsbank since 2007, providing a 24 hour call centre service, fraud and risk management and chargeback services.
FStech roundtable: last chance to register
Brexit is the order of the day at the InterSystems Technology Summit Panel. The UK’s decision to leave the European Union will almost certainly result in new policies that will have a direct impact on financial institutions. A host of industry experts will discuss the potential impact of Brexit and provide insight on how to prepare – while ensuring investments in information technology are kept in check.
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech.
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age