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There is no escaping the lack of activity in the core banking software market in 2013, despite signs of a recent global economic pick-up. Other research firms may be 'predicting growth' or 'remaining bullish' with their copycat big leagues, waves, quadrants and hype cycles, but at IBS we don't have our head in the clouds and publish what is actually happening out there. It is not pretty, at least not… Read More
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IBS talks to the head of outsourcing services at SwitchMaster, a Russia-based payments processor, about its TranzAxis platform from Compass Plus, the role of the company in the Russian payments industry, and the threats and opportunities of new businesses.
SwitchMaster in Russia is a privately- owned payments processor which services 50 banks, a network of tens of thousands of ATMs and self-service kiosks, and processes around ten million cards. The company launched in H2 2011 on the TranzAxis platform from domestic provider, Compass Plus.
SwitchMaster's head of outsourcing services, Danil Pominov, says the driver for the launch of the payments processor was that there were difficulties associated with... continues (login/register).
Diamond Bank in Nigeria has been improving customer experience through all of its channels. It is now in the process of adding new payments services to its ATMs.
Nigeria is a market with huge potential for its banking industry. It has a population of almost 170 million, but there are perhaps 25 million bank accounts, believes Daniel Akumabor, head of the transaction and electronic banking division at Diamond Bank. Taking into account the people with multiple accounts, the banked population in Nigeria could be as little as ten per cent of the total, he states. On the industry side, the number of banks has come down in recent years, with the result that remaining banks are larger and better able to serve the country.
Diamond Bank serves as a case study for the growth potential of the Nigerian market. It became... continues (login/register to read).
Australia's leading EFT processing provider, Cuscal, is building off the back of a major transformation of its IT, underpinned by UK vendor Alaric. For Cuscal, it was a race against time to shift its operations in-house, as its contract with its long-standing switching services provider, First Data, was coming to an end.
Amid the flurry of technology projects at Australia's major banks (see IBS, February 2014, Country Focus: Australia), the domestic payments infrastructure is also undergoing a significant facelift, with the concerted move towards real-time payments, driven by the regulatory body APCA, now in full swing (IBS, September 2013, Project watch: Australia's real-time payments). In addition, Cuscal, the major domestic electronic fund transfer (EFT) processing provider, has also recently radically overhauled its technology, with UK-based Alaric's Authentic platform and Fractals fraud monitoring system at the... continues (login/subscribe).
Bank of America Merrill Lynch (BAML) is looking to tap into the latest corporate banking technology with its version of virtual bank accounts. It hopes that this new offering, underpinned by Nordic vendor, Tieto, will give its corporates a competitive advantage when managing payments between their labyrinth of bank accounts.
The challenge for banks in maintaining the highly lucrative and competitive corporate bank account customer has been one that many have increasingly entrusted into the hands of technology. Invariably, as the technology becomes more advanced, so do the ideas, a case in point being the emergence of virtual bank accounts. Bank of America Merrill Lynch (BAML) is in mid-development of its iteration of this type of service, introducing the technology in collaboration with Nordic vendor, Tieto.
Mike Edwards, solution packaging and communications head, global transaction services at BAML, explains that 'virtual accounts has been a term that has been around for quite some time and there are other banks, including ourselves, in other regions and parts of the world where virtual accounts are now being set up'. The premise is that instead of having multiple real bank accounts, corporates will have one master account, with as many virtual accounts as necessary spinning off from... continues (login/register).
The European authorities pushed back the SEPA deadline at the last minute in January. How has this decision been received by the industry and what are the next steps?
In January this year, IBS had the prospect of never having to write about migration to SEPA again snatched away by the European Commission (EC), which, just weeks ahead of the deadline, pushed it back six months. All domestic and intra-European credit transfers and direct debits were supposed to be migrated to the new SEPA instruments by the deadline, but, realising that migration would not be completed, the EC introduced a 'grandfathering clause', allowing for the continued processing of non-SEPA transactions until 1st August 2014.
The EC cited the latest take-up figures, which were 64.1 per cent for SEPA Credit Transfers (SCT) and 26 per cent for SEPA Direct Debits (SDD) in November 2013, and noted that 'in view of this legal end-date, banks and other payment service providers are likely to refuse... continues (login/register).