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markets; How technology-led transformation can help confront revenue pressure and unsustainable costs to achieve a new operating model and supporting IT architecture.
RBS, Stand F29 Teresa Connors, Head of Payments Market Management, RBS
Standard Chartered, Stand B30 Anurag Bajaj, Head, Correspondent Banking, Transaction Banking
The last 12-18 months have probably been the most challenging year for the global economy and banking industry [in light of Chinese and other stock market volatility, and numerous technological and regulatory changes coming to fruition –Ed.]. Off the back of it we believe compliance and innovations in FinTech will dominate conversations at Sibos 2016.
This will be my fifth Sibos and it’s set to be another fascinating show, as the payments landscape continues to evolve, at pace. Today, making and receiving real- time, faster payments in seconds is one of the biggest trends across the globe and I expect to hear more about it in Geneva.
Delivering an instant payment system is a complex task affecting nearly every aspect of a bank including – but not limited to – technology; operations; risk; credit; balance sheet management and, of course, people too, both from a customer and staff viewpoint. Changes are needed to the back and front-end to facilitate payments that in the past used to take three days to process, but can now be done in seconds, 24/7. But to optimise Return on Investment you need to design and implement a platform that is scalable and can be used to launch further innovations. That is the prize.
For major economies such as the US and EU, instant payment schemes are still in the exploration and early design stage, but in the UK we have been enjoying the benefits of the Faster Payment Service (FPS) for nearly a decade. Collaboration between countries is needed to ensure security, interoperability and a harmonious customer experience [not to mention ISO20022 messaging format standardisation –Ed]. At RBS, we process a quarter of all UK payments, so I am really looking forward to sharing that knowledge and expertise with Sibos delegates.
www.ibsintelligence.com © IBS Intelligence 2016
The banking sector continues to address the intricate balance between risk and returns amidst evolving client needs and rapid technological advances. Personally, I am excited and looking forward to the session entitled ‘Evolution of Correspondent Banking: Can Compliance Help Defend the Model’. At Standard Chartered, we are committed to leading the way in combating financial crime and believe that banking plays a major role in facilitating global commerce and financially connecting communities.
Bank of America Merrill Lynch, Stand D30 Greg Murry, Global Product Head of High Value Payments
It’s no secret that the world of payments is enjoying a proliferation of creative ideas, some conceptual, some reality. Many firms are vying for relevance in this space, from traditional banks to payment providers and social media companies. Just as newer players have learned from banks by virtue of our long history in payments, banks can and should continue to learn from other firms on how to improve upon the current state.
Several sessions at Sibos 2016 aim to share perspective on this trend, including one on Wednesday 28th September, 15:30-16:30, entitled ‘Reinventing correspondent banking: Where next?’. I’ll join other financial services leaders to discuss how we are re- thinking the current correspondent banking model. The session will consider the impact that FinTechs are having on banks’ outlook and strategies; and we will discuss how banks are adapting and improving their
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