Fintech Innovation LabLeading-edge mobility, data analytics and credit risk solutions were among the six technology innovations demonstrated for top financial services, venture capital and technology executives at the fourth annual FinTech Innovation Lab Demo Day in New York. The Lab is a 12-week mentoring program created by Accenture (ACN) and the Partnership Fund for New York City and supported by more than a dozen of the world’s leading financial institutions to promote financial services technology (“fintech”) innovation and high tech job growth in New York City. This year’s entrepreneurs were chosen by chief technology officers from 15 participating financial institutions. The companies included Enigma, Kasisto, LMRKTS, pymetrics, RevolutionCredit and Standard Treasury. The group has spent the last 12 weeks receiving high level mentoring, product and business development advice and exposure to senior financial industry, technology and venture capital executives. The 18 previous alumni companies have raised a total of more than $76 million in financing after participating in the program since 2010.
Swift launched launched Bankers World Online directory online query tool which has been significantly upgraded to provide more data coverage, a wider breadth of financial information (including data from Reuters, Dun & Bradstreet, and Moody’s), and new intuitive features and functionalities. The service is part of the SWIFTRef portfolio, an industry-wide platform for global payments reference data. The new Bankers World Online service includes essential reference data, such as Business Identification Codes (BIC), International Bank Account Numbers (IBAN), Legal Entity Identifiers (LEI), national bank codes and more that are used to facilitate international payments and to fulfil new reporting requirements. It also includes important financial information from market data vendors and credit rating agencies, including credit ratings, shareholder information, balance sheet information, cash flows, and many more data sets about customers, suppliers and service providers.
Fiserv multi-asset post-trade processing solution, TradeFlow, is now available for financial institutions operating on Red Hat® Enterprise Linux®, the leading global provider of open source enterprise-class technology. TradeFlow for Linux is designed to meet the demand from wealth managers for secure and scalable financial solutions designed for an open source technology stack. TradeFlow for Linux allows wealth managers to minimize trading risks, reduce operating costs and enhance efficiency across a number of post-trade activities, including trade capture, data enrichment and management, confirmation and affirmation, as well as settlement and clearing. The solution integrates support for central counterparty clearing of OTC derivatives through MarkitSERV, and facilitates the automated import of Standing Settlement Instructions from Omgeo ALERT.
Fonetic integrated voice biometrics capabilities into its Dodd-Frank Trading Record Keeping Compliance Solution, offering the first solution provider to utilize voice biometrics to enhance bank compliance with Dodd-Frank Title VII mandates. Fonetic’s solution captures, indexes, analyzes and extracts relevant unstructured data from all voice, email and chat interactions to create a fully-searchable database of all communications pertaining to a bank’s traders and trades. By adding biometric voice analysis, Fonetic empowers banks to verify a caller’s identity, track their interactions, and authenticate transactions based on their unique voiceprint. With even the smallest voice sample, Fonetic can scan millions of calls and cross-match voiceprints with other known criteria – such as call content – to identify the caller. Once identified, the caller’s voice becomes searchable data that banks can use to facilitate regulatory inquiries or quickly identify inappropriate trading behaviors.
The International Swaps and Derivatives Association announced the launch of the August 2012 Dodd-Frank Protocol. Designed to allow swap market participants to simultaneously amend multiple ISDA Master Agreements for compliance with Dodd-Frank regulatory requirements, the ‘protocal’ consists of a series of amendments to existing documentation, as well as standardized questionnaires that must be completed by counterparties to satisfy new regulations, and is open to ISDA members and non-members alike.
IntraLinks global provider of inter-enterprise collaboration services and Misys financial services software forged a strategic partnership arrangement. Designed to better service participants in this $3.9 trillion dollar syndicated loan market by offering end-to-end process solutions that mitigate legal and operational risk and increase operational effectiveness, the partnership will significantly expand efforts in supporting the straight-through-processing of information that is critical to the lending process. The two companies will be launching a major upgrade to the Lenderbridge connector that currently automates the provisioning of lender access to IntraLinks’ virtual deal rooms directly from within Misys Loan IQ, embracing market standards in lender (counterparty) identifiers. This upgrade will serve as a foundation for the launch of additional loan process solutions including the complicated process of administering amendment voting.
Omgeo made available new functionality on Omgeo ProtoColl, its automated collateral management solution. The new version of ProtoColl has been developed to help market participants manage their collateral and risk management operations ahead of the implementation of complex regulatory requirements for over-the-counter (OTC) derivatives clearing. The newest ProtoColl enhancements, available in version 7.5, provide market participants with a single, holistic view of their collateral exposures across bilateral and centrally cleared (CCP) OTC derivatives trades, as well as exchange traded derivatives and other collateral-related transactions such as repurchase agreements and securities lending activities. Users can manage the entire collateral life-cycle with ProtoColl, allowing them to execute robust counterparty risk management procedures and demonstrate the results to regulators and investors.
With the deadline for migration to SEPA only 20 months away, EBA CLEARING announced key deliverables of its project geared at readying the STEP2 platform for processing large domestic volumes in an integrated euro payments environment. The Company introduced a batch processing functionality in the STEP2 SEPA Credit Transfer (SCT) Service on 30th April 2012…
LCH.Clearnet Limited, Pierpont Derivatives LLC (Pierpont Derivatives) and Nomura Securities International, Inc. (Nomura) today announced that Pierpont Derivatives is now actively clearing over-the-counter (OTC) interest rate swaps through LCH.Clearnet’s SwapClear service. Initial trades were executed and cleared by Nomura and affirmed by MarkitSERV, allowing Pierpont Derivatives to leverage MarkitSERV’s straight-through-processing affirmation process into its workflow.…
Jim Johnston has been named the Wells Fargo regional president for its Europe Middle East Africa (EMEA) operations effective January 2012. A 28-year veteran of the company, he will be based in London and report to Richard Yorke, head of Wells Fargo’s International Group. Johnston will work with other Wells Fargo business leaders to serve commercial, corporate and financial institution customers in the EMEA region leveraging the company’s global network and expanded capabilities. Johnston was most recently executive VP and chief credit officer responsible for credit and risk for Wells Fargo’s Government & Institutional Banking and Wholesale Counterparty Credit groups.
Société Générale Corporate & Investment Banking (SGCIB) has chosen to deploy Algorithmics risk solutions to develop a counterparty credit valuation adjustment (CVA) solution that the CVA desk will use to actively price and manage counterparty credit risk (CCR) across all asset classes.
Al Baraka Islamic Bank continued to perform throughout 1H/11, posting a total operating income up 57.97% and net operating income by 48.94% from the year ago period. Meanwhile, total assets increased by 8.46%, loan and investment portfolio by 13.78% and total deposits by 9% as at the end of June 2011 compared to the end of December 2010. There was net income of BD 1.28 million during the first half of 2011 compared to a loss of BD 96 thousand during the first half of 2010. This reflects an improvement in the total income of the bank which amounted to BD 8.4 million compared to BD 5.32 million during the first half of 2010, an increase of 57.97%. After deducting operating expenses, net operating income amounted to BD 954 thousand, an increase of 48.94% over the first half of 2010. The improvement in the bank’s profits reflects an increase the bank’s business both in Bahrain and Pakistan, improvement in the quality of income-generating assets as evidenced by a decline in the volume of non- performing assets and a higher income from foreign trade financing and arrangement of new financing deals.