Outsourcing

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EBAday 2020: Banks, fintechs or card networks, what will be disintermediated after cloud adoption?

/cloud

EBAday 2020: Banks, fintechs or card networks, what will be disintermediated after cloud adoption?

While day one discussions centred around how open banking needs to reach a point where it is just accepted as a conventional way that consumers, corporates and banks can manage their accounts and make payments, panel sessions on the second day of EBAday 2020 focused on how the cloud and Payments as a Service (PaaS) can also act as an enabler for open banking, potentially cutting out rails that are currently acting as intermediaries.

/regulation

BearingPoint unveils 'RegTech Factory'

BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), has launched an outsourcing solution for regulatory reporting that will diminish the cost of compliance for institutions.

TCS acquires 1500 employees from Prudential subsidiary to staff new tech centre in Ireland

/people

TCS acquires 1500 employees from Prudential subsidiary to staff new tech centre in Ireland

Tata Consultancy Services is to acquire the staff and select assets of Prudential's Irish IT subsidiary Pramerica Systems Ireland.

FSB highlights risks arising from bank outsourcing and third party relationships

/regulation

FSB highlights risks arising from bank outsourcing and third party relationships

The Financial Stability Board is attempting to develop a co-ordinated regulatory approach to the risks arising from bank outsourcing and third party relationships.

WEF executive: Traditional finance business model no longer working

/devops

WEF executive: Traditional finance business model no longer working

Simon Torrance, senior adviser at corporate innovation firm, Rainmaking, claims that the traditional financial services business model is no longer working.

/regulation

Rabobank clocks in to BearingPoint RegTech Factory

Cooperative Rabobank U.A. (Rabobank), a large bank in the Netherlands, has decided on outsourcing parts of their regulatory reporting processes to BearingPoint RegTech.

/Outsourcing

State Street and SimCorp form business partnership

State Street Corporation (NYSE: STT) and investment management solutions and service provider, SimCorp (OMXC25: SIM), today announced their intent to form a business partnership to provide a premier, fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).

Sibos 2020: What percentage of cross-border payments could be made in CBDCs?

/crypto

Sibos 2020: What percentage of cross-border payments could be made in CBDCs?

Delegates discussing central bank digital currencies (CBDCs) at Sibos 2020 agree that there is a long road ahead for global mass adoption to facilitate cross-border payments.

/retail

Digital credit platform in fundraising effort

Collaborative financing platform mozzeno raised € 3,000,000 from its existing and new shareholders.

/markets

KGAL outsources fund administration to Caceis

CACEIS Fonds Service GmbH took over the fund accounting for 16 closed-end special funds from KGAL Group (KGAL).

Metro taps Wipro for IT transformation

/retail

Metro taps Wipro for IT transformation

The UK's Metro Bank has inked a multi-year contract with Indian IT services giant Wipro to deliver and transform testing and environment management services.

/people

Etrading expands managed service offering

Etrading Software, the independent, global provider of technology-led solutions designed for financial institutions and industry initiatives, has today announced three new hires in its London office, as well as a new operational layer in Asia.

/wealth

Allfunds launches B2B sub-advisory platform

Allfunds, the leading independent wealthtech and fund distribution platform, has announced plans to launch an investment outsourcing and sub-advisory B2B solutions platform for banks, wealth managers and institutional investors. This new platform branded “Allfunds Investment Solutions” will be rolled out as of Q3.

/regulation

Esma consults on cloud outsourcing guidelines

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a consultation paper on guidelines on outsourcing to cloud service providers.

Iosco consults on updated outsourcing principles

/markets

Iosco consults on updated outsourcing principles

The International Organization of Securities Commissions (Iosco) is looking for feedback on planned changes to its principles on outsourcing to service providers.

/regulation

Refinitiv survey exposes severe lack of due diligence on business supply chains

Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has published the findings of its fourth third-party risk survey.

What does the future hold for a hybrid, multi-cloud future?

/cloud

What does the future hold for a hybrid, multi-cloud future?

In the face of incessant economic volatility, political challenges and being compelled to execute continuous, complex technological adjustments, the financial services industry must acknowledge that the cloud will frame the future.

/markets

Options secures investment from Abry Partners

Options, the leading provider of cloud-enabled managed services to the global capital markets, today announced a significant growth investment by Abry Partners, a Boston-based sector focused private equity firm.

/Outsourcing

Heritage Bank and Diebold Nixdorf sign five-year deal

Diebold Nixdorf (NYSE: DBD), a global leader in driving connected commerce for the banking and retail industries, has partnered with Heritage Bank, Australia's largest customer-owned bank, to manage its entire fleet of ATMs as part of a five-year services and maintenance agreement.

/Outsourcing

Sibs to create 200 new jobs at BPO centre in Portugal

SIBS, a leader in payments processing and financial technological services in Europe, has just opened new facilities in Castelo Branco, in the Center of Portugal, where it will welcome 200 new employees in the coming months, reinforcing investment in the region and in its Business Process Outsourcing (BPO) unit in that city.

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