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BACKCHAT / DIARY Backchat
investigation into whether some payments relating to its facilities in India violated the US Foreign Corrupt Practices Act, news of which sent its shares tumbling in September.
C
The IT services provider, which recently placed third, behind Tata Consultancy Services and FIS, in IDC Financial Insights’ 2016 FinTech Rankings, also revealed that President Gordon Coburn has resigned, to be replaced by Rajeev Mehta, CEO, IT Services. Cognizant gave no reason for Coburn’s departure. The company is based in the US but about three-quarters of its employees are in India.
Yet more bad news for the ‘cash is dead’ brigade (see Backchat, October issue for the previous batch of bad news). The amount of cash circulating in the UK economy is twice the level of a decade ago, notes the Bank of England. For all the hype surrounding a brave new world of digital payments (with the banks and card schemes chucking huge amounts of money at high profile campaigns to win people over), contactless cards, mobile P2P etc have not gone mainstream. Today, there are over £60 billion worth of notes in circulation.
“Over the coming years, it is likely that alternative digital payment methods will become ever more widely accepted,” says the central bank. “Even so, many people will continue to use cash in their daily lives. While the future demand for cash is not known for certain, it is not likely that cash will to die out any time soon.”
Press release quote of the month… Damien McMahon, Senior Partner at PwC: “Virtually every article in the press says blockchain, FinTech, Big Data. JTT aims to distinguish the myth from reality and provide a 360° view that is not the usual consensus, but something thought provoking.” BTW, JTT equals Journeys to Treasury, a ‘cutting edge’ (oh yes) report launched by SAP, BNP Paribas, the European Association of Corporate Treasurers (EACT) and PwC.
When you’re looking to get press coverage for your ‘360° view’ (what does that even mean?) future of treasury report, it perhaps isn’t a good idea to take potshots at the press in the process. In the case of IBS Journal, this will just result in relegation to the Backchat column. Just saying.
Meanwhile, don’t miss the next issue of our humble magazine, in which we discuss blockchain, FinTech, Big Data, sticking with the usual consensus and failing to distinguish the myth from reality…
IN THE NEXT ISSUE Feature Focus: 2016 Review and 2017 Preview ognizant Technology Solutions is conducting an internal Diary DECEMBER
5-7: World Islamic Banking Conference, Manama
www.wibc2016.com
5-7, PayExpo MENA 2016, Dubai
http://www.payexpo.com/mena/
FEBRUARY
7-8: FinovateEurope 2017, London
http://europe2017.finovate.com
MARCH
28-29: MEFTECH 2017, Abu Dhabi
www.meftech.ae
OCTOBER
4-5: PayExpo Europe 2017, London
www.payexpo.com
16-19: Sibos 2017, Toronto
www.sibos.com
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www.ibsintelligence.com © IBS Intelligence 2016
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