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SIBOS 2017 ROUNDUP
Rolling into town – what Sibos took from Toronto
The industry’s biggest names came to play in Toronto. Apart from the rules of ice hockey and chats about the weather, a few topics dominated discussion
I
t is hard to pick out the dominant themes from any trade show as huge as this one but there were some main refrains which could be heard all through the conference and discussion forums and I’ll try to summarise them.
Let’s start with the big picture. The world wide web is “absolutely in the balance” right now, said Sir Tim Berners-Lee, its inventor, doing a keynote at Sibos this year. One might think that Berners- Lee was a bit esoteric for a Sibos speaker but much of what he had to say gave a perspective into what obstacles the wider infrastructure may put in our way as long as we stop paying attention.
In his address to the Innotribe conference stream on the past, present and future of the internet, Berners-Lee discussed what he called the ‘Balkanisation’ of the web because of restrictions such as the ‘great firewall of China’; corporate appropriation of the technology such as paywalls; and threats to ‘net neutrality’ from political populists, social media algorithms and other sources.
He is optimistic that in the long-term, a global, recentralised internet will emerge, with the desire for easy, global trade as a driver, while not negating the need to fight for security, privacy and democratic and academic freedoms. “When you publish something, it should be readable anywhere in the world” said Lee but that is not the case in many countries at the moment and the list is growing.”
I found this quite a surprising comment from him given the previously pessimistic statements he has made about the effects of big business on the neutrality of the web.
I want it now
Instant payments were one of this year’s hot topics. It was only in the last few weeks that Swift and EBA Clearing announced users of
EBA’s instant payments system, RT1, can now access the platform via SwiftNet Instant, Swift’s new instant payments messaging solution. This will be available from the early part of next month.
Australians have been told they will be able to make instant payments from January next year. As readers of our Big Interview with David Watson of Deutsche Bank will find out, this initiative started as a discussion at a Swift event just under a year ago, has been brought to fruition in record time and makes clever use of cloud technology.
The platform will be used for the real-time settlement of payments in line with the Sepa instant credit transfer (SCTinst) scheme. This was developed by the European Payments Council. The objective is to deliver payment service providers across the single euro payments area that can process payments in real time.
The shape of Artificial Intelligence to come
Celent’s August 2017 report – Artificial Intelligence in Banking: Where to Start – says that few banks have begun real production or proper research into AI. “For those who think they’re lagging, the good news is that they’re not, there’s still some time. But make no mistake: lack of progress today doesn’t mean that banks can afford to ignore AI; they must formulate a strategy to deal with the opportunities that it promises to them and to their competitors,” the report said.
www.ibsintelligence.com | © IBS Intelligence 2017
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