Outsourcing

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/regulation

Basel Committee opens call for comments on management of third party risks

The Basel Committee on Banking Supervision today published a consultative document proposing Principles for the sound management of third-party risk in the banking sector.

/wholesale

Keystone Property Finance migrates portfolio to Phoebus servicing platform

Specialist lender Keystone Property Finance has migrated a second portfolio onto the Phoebus servicing platform.

/regulation

FE fundinfo launches rebate and distribution channel management service

An initiative to help streamline the rebate management process and reduce administrative burden for asset managers is being launched by FE fundinfo, the global fund data and technology company.

/markets

State Street acquires CF Global Trading

State Street Corporation (NYSE: STT) announced today it has entered into a definitive agreement to acquire CF Global Trading, a global firm specializing in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income.

/cloud

Northern Trust partners with SimCorp for outsourcing offering

As part of its continuing Whole Office™ strategy to serve client needs across the entire investment lifecycle, Northern Trust (Nasdaq: NTRS) has reached an agreement with SimCorp®, a leading provider of Software as a Service (SaaS) investment management solutions, to enable integration for efficient data exchange for clients using the SimCorp Dimension® platform.

/payments

Commerzbank hands over card processing to Nexi

Commerzbank has chosen Nets, part of the European PayTech Nexi Group, to develop a streamlined and scalable solution for processing credit, debit, and prepaid card which will be managed by Nets going forward.

/retail

Santander selects NCR to run ATM network

NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced that Santander UK has expanded its long-standing partnership with NCR, selecting NCR ATM as a Service to transform, connect and run its self-service network of more than 1,700 ATMs across the United Kingdom.

/retail

Shawbrook Bank appoints Firstsource to develop contact centre service

Firstsource Solutions Limited (NSE: FSL, BSE:532809), a global provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, has been appointed by Shawbrook Bank Limited, a fast growth specialist retail and commercial bank, to increase its customer service capacity for its retail banking users.

/retail

Aktia parcles out IT services to CGI

CGI (NYSE: GIB) (TSX: GIB.A) and Aktia (OMXH: AKTIA) have entered into a strategic partnership giving CGI responsibility for a major part of Aktia’s banking IT services, including the development and maintenance of 150 mission-critical applications.

/cloud

Finastra Managed Services arrives on AWS

Today Finastra announces the launch of Finastra Managed Services (FMS) on Amazon Web Services (AWS) to enable banks and financial institutions to access FMS in the AWS cloud.

/payments

BPC expands into the Americas and Caribbean

Leading global payments firm BPC today announced its expansion into the Americas to support the payments and processing needs of traditional financial institutions, payments processors and fintech firms.

/regulation

BNY Mellon Fund Services fined €10.8 million by Irish central bank over outsourcing arrangements

On 22 March 2022, the Central Bank of Ireland (the Central Bank) reprimanded and fined BNY Mellon Fund Services (Ireland) DAC (BNY DAC or the Firm) €10,780,000 pursuant to its Administrative Sanctions Procedure (the ASP) for 16 regulatory breaches relating to the outsourcing of fund administration activities.

/markets

Delta Capita acquires JDX Consulting

Delta Capita continues to strengthen its capability and accelerate growth with the acquisition of JDX Consulting.

/retail

CSE partners with CBI and Nexi for Open Banking development

CSE, leader in banking outsourcing, CBI, hub for technological innovation and digitalization in finance and Nexi, European leader in PayTech, sign a partnership enabling Payment Service Providers to offer a wider range of financial services to their clients over a unique interface.

/retail

Tesco Bank to transfer 200 debt collecting staff to Arrow Global in outsourcing deal

Arrow Global Group plc ("Arrow") and Tesco Bank have announced plans to transfer the collections and recoveries operations (Financial Assist) within Tesco Bank’s Customer Service division to Arrow.

/regulation

FCA finds weaknesses in some Host authorised fund management firms

Host AFMs are fund operators that delegate investment management to third party investment managers outside of their corporate group.

/wealth

Lifetri selects Caceis for outsourcing asset management middle and back office

The Dutch insurer Lifetri Group has selected Caceis for the outsourcing of the middle and back office of its asset management organisation.

/retail

Blackstone bids to take controlling interest in Mphasis

Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone have entered into definitive agreements to acquire a majority stake in Mphasis Limited (NSE: MPHASIS).

/Outsourcing

M&G outsources middle office to State Street

State Street Corporation (NYSE: STT) today announced that it has been appointed by M&G Corporate Services Limited, part of M&G plc, (M&G) to provide outsourced middle office services.

/retail

Nationwide renews with TCS

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that it has renewed its strategic partnership and services footprint with Nationwide Building Society, the world’s largest building society and one of the largest savings and mortgage providers in the UK, to help strengthen the latter’s enterprise agility and operational resilience.

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