India and the Race to Financial Inclusion

I just returned from my annual trip to visit partners and customers in India. In one year I could see quite a difference in the infrastructure developments, but also how the pace has picked up in developing new banking services. The economy is expanding rapidly on an annual basis (8.9% in 2010),  and growth is exceeded…

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Global Adoption of ISO20022. Is it possible?

It is easy to think of ISO20022 as a Europe-only set of message definitions because of the machinations around SEPA, and so the broader value of ISO20022 and its global applicability can be lost when it is viewed only as a SEPA issue.   At Sibos 2010 I was delighted to participate in a panel discussion at the…

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Innovation at Sibos: “Mobilization” of Transaction Workflows with Luup

There are two areas of corporate payments innovation that I expect to receive more attention at Sibos this year. First is e-invoicing, a process that is gaining considerable momentum as companies seek to further digitize the financial supply chain. The second is the adoption of mobile devices for treasury transactions, but also to increase efficiencies…

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Stimulus for Road Construction? How about Payments!

Living in the Chicago area,  I’ve spent my fair share of time in traffic congestion trying to get to the airport. (Anyone familiar with Chicago ORD will also know that finding a plane that leaves on time is another challenge – but that’s a different story).  Chicago is known for having only two seasons – winter, and…

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High Performance Banking

This last month I talked to a few analysts about the market direction of core banking modernization, and I was pleased to hear that these initiatives continue to advance.  Of course, not all banks are willing to give up their legacy systems as part of the drive for technology modernization, especially in the area of core…

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Payment Screening in the Cloud

This week RBS found the spotlight in an unenviable way when it was fined GBP 5.6M by the Financial Services Authority (FSA) for insufficient controls over payments screening processes. According to news articles, the list of transgressions include a breakdown of manual procedures and also inadequate technology functionality. Regulators in the UK and USA are…

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SEPA: The Future is Integration Management

It’s not quite so fashionable to talk about SEPA these days. After all – aren’t we all wishing the rules and solutions were are all defined and implemented? But there’s still a fundamental challenge that banks (and corporate treasuries) face: integration among both legacy formats and legacy systems. Payments hubs are still often discussed as…

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SWIFT, Cloud Data, and Sibos

Closing the Door on Data Privacy? After 3 some three years, the EU Parliament has approved the Terrorist Finance Tracking Program (TFTP) which outlined the rules for investigation into suspicious payments that may have been exchanged between banks via the SWIFT network. Hopefully the final chapter on the SWIFT data privacy issue has now been…

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Prepaid Money Laundering?

In the United States, the Financial Crimes Enforcement Network (FinCEN) was established in 1990 and is, in general terms, charged with implementing measure to prevent misuse of financial systems for criminal activities. With specific regard to payments, money laundering and terror financing are the hot topics that come to mind. However, when one things about…

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An Intelligent View of Payments

Regular readers of this blog will know that I have some passion for integration technology when applied particularly to payments. However, fixing the plumbing is just one part of the challenge that banks face, another is understanding just what exactly is going on within payment operations across the different formats and applications. As we move…

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