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NEWS Project Sentinel reaches major milestone
the cost of MiFID II implementation in the OTC front office, is moving forward with plans to create a best-of- breed technology solution. It has announced an increase in consortium numbers from the original four to seven banks to eight to ten in the current phase. Not all the banks have been named (although all will be revealed in the near future), but we do know that ING, Nordea and Santander are involved.
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The tech solution process, meanwhile, started with a long list of 40 vendors, and that has now been whittled down to two. There is an expectation that suppliers will be named in the coming months. The next phase will define inter-operability standards for the Sentinel components, thereby allowing integration and interoperability with banks’ existing technology platforms. Sassan Danesh, Managing Partner, Etrading Software, which is running the project on behalf of the banks, comments: “The growth in consortium numbers is testimony to the benefits of collaboration in mutualising costs and lowering regulatory uncertainty through shared analysis and interpretation.”
Vincent Grandjean, Head of Product Management for The Clearing House turns to IBM
deliver a new, first of its kind real-time payments system, due to roll-out Stateside in 2017. IBM joins VocaLink to build the solution. The Clearing House has selected an IBM POWER8-based system infrastructure running Linux and AIX operating systems as the hosting platform.
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“The real-time payments solution we’re building marks an important milestone for the US banking industry, a revolution in the payments market that brings a new level of service to businesses and consumers,” says Tom Statnick, Chief Information Officer, The Clearing House. “To support our real-time initiative, it was crucial we had
he Clearing House has selected IBM to help
the right technology infrastructure in place. With IBM Power Systems running Linux and AIX as our base infrastructure, we have the security, availability and resilience required for this industry-changing undertaking.”
IBM will also offer expanded payment capabilities within its Financial Transaction Manager (FTM) portfolio. FTM, which runs on multiple platforms including IBM Power and z Systems, can help banks rapidly connect to and enable new services using real- time payments.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2016 roject Sentinel, an initiative to mutualise
Software, which is running the project on behalf of the banks, comments: “The growth
in consortium numbers is testimony to the benefits of collaboration in mutualising costs and lowering regulatory uncertainty through shared analysis and interpretation.”
Vincent Grandjean, Head of Product Management for Fixed Income Electronic Trading at Santander Global Corporate Banking, says: “Since early this year the group of Institutions have been working together at a determined and fast pace on the Sentinel initiative. The journey has now reached its next important milestone with the final selection of the partners that will allow us to implement a MIFID solution with a service model in line with the main objectives of Sentinel: To deliver, in collaboration with our peers, a MiFID II compliant and fit-for-purpose solution, achieving favourable costs through mutualisation.”
Scott Thompson
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