Outsourcing

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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.

Commerzbank faces €200m hit after ditching HSBC outsourcing deal

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Commerzbank faces €200m hit after ditching HSBC outsourcing deal

Commerzbank will write off €200 million in the second quarter after deciding to abandon plans to outsource securities settlement to HSBC, citing "technical implementation risks".

/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.

Successful strategies in adopting Hybrid Cloud in Financial Services

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Successful strategies in adopting Hybrid Cloud in Financial Services

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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.

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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).

The Floor appoints former Citi exec Attar CTO

/people

The Floor appoints former Citi exec Attar CTO

The Floor, an Israeli AI-powered vendor management outfit for banks, has appointed former Citi executive Tsafrir Attar as chief technology officer.

/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.

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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.

/regulation

DKB selects BearingPoint RegTech Factory and Abacus360 for regulatory reporting

Deutsche Kreditbank AG (DKB) will use the full-service offering of BearingPoint RegTech to meet its regulatory reporting requirements.

/wealth

SocGen Private Bank outsources international back office IT to Azqore

In a constant drive to improve the quality of service and user experience, Societe Generale signs with Azqore, a subsidiary of Indosuez Wealth Management, an agreement related to the execution of back-office operations and a large part of the IT services of Societe Generale Private Banking's international entities.

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

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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?

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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.

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