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Industry roundup: 14 May

Deutsche Bank unveils new FIC coverage model

Deutsche Bank has announced a new coverage model for its Fixed Income & Currencies (FIC) Sales team, tailored to the changing behaviours and needs of institutional clients as fixed income markets evolve.

The new coverage model, which will initially be introduced in Europe for Rates and Credit flow products, provides clients with senior coverage access and expertise across two main coverage channels, Flow & Liquidity and Solutions. 

Deutsche Bank says it is striving to create a new and relevant model for the present but also put itself in a strong position to meet client needs in the years ahead as market liquidity access continues to evolve in sophistication, driven by technology, regulation and focus on cost and efficiency. The new approach brings together more targeted expertise from the bank's salesforce and will be delivered alongside the bank’s technology, electronic trading capabilities and bespoke solutions framework, in order to create increased consistency of coverage, pricing and liquidity.

The more focused model aims to improve the overall client experience harnessing Deutsche’s client analytics to anchor and lead client conversations by data, to differentiate the client offering versus other models.


AFP partners with HOFT on FP&A exam prep courses

The Association for Financial Professionals (AFP) and the Hub of Finance Transformation (HOFT) have announced a formal partnership to offer exam preparation courses for finance professionals based in the Middle East Africa & Asia Pacific regions The courses are designed to equip financial professionals with the tools they need to earn the Certified Corporate FP&A Professional (FPAC) certification.

The FP&A credential, sponsored by AFP, establishes a set of core competencies for the corporate FP&A profession and addresses areas that are not necessarily covered by a traditional degree. As it is the only credential specific to FP&A, FPAC credential holders step to the forefront as financial experts, strategic and adept communicators, and trusted advisors to the business. Certified FP&A professionals are also equipped with planning, forecasting and analysis skills combined with an ability to see the overall strategy of the organisation.

By partnering together, AFP and HOFT are helping finance professionals within the Middle East Africa & Asia Pacific regions to transform their careers by using a strategic finance leadership framework to become finance leaders of the future. HOFT has a world class team of experts in finance, finance transformation, finance business partnering, FP&A, strategy, emerging technologies, data analytics and leadership who have global experience within large groups of multinational and Fortune 100 companies.

"This collaboration with HOFT helps AFP transform financial professionals into global strategic finance leaders," said Himashi Soriano, managing director of APAC at AFP. "This path to earning AFP’s FPAC credential will help practitioners in these regions distinguish themselves among their peers."


Banking Circle joins P27 initiative 

Global financial infrastructure provider Banking Circle has joined the P27 Nordic payment initiative as a front-runner bank in creating bulk-clearing for the Danish Krone, underlining its commitment to building a global payments infrastructure. P27 has been acknowledged as a vital initiative to address the disparate clearing systems currently operating across the Nordic region. Banking Circle sees its membership of P27 as a crucial piece in the jigsaw to remove the cost and time currently experienced in domestic and cross border payments to and from the region.

P27, named for the 27 million people it will serve in the Nordic region, is an initiative between several leading banks that all share a common goal to create the world’s first digital platform through which businesses and consumers can make real-time, domestic and cross border payments. Like Banking Circle, P27 believes payments should be faster and cheaper and that collaboration is the way this can be achieved. Banking Circle holds an important role in the initiative, as a driving force in the creation of clearing for the Danish Krone.

"Our membership of P27 means we are tackling another region in the global economy," said Anders la Cour, co-founder and chief executive officer of Banking Circle. "Banking Circle is already an active member in the Nordic community and a member of the Nordic Payments Council. Joining P27 was, therefore, the next natural step for us. As part of this initiative, we will be able to provide our bank and payments business partners with the ability to offer their customers faster, easier and lower cost payments to and from the region."


Payee scams on the rise, report finds

Advocacy group P20 is calling on the financial services industry to work together to combat payee scams which have increased exponentially since the start of the COVID-19 pandemic in 2020.

It has published a report titled ‘Best Practice Approaches for Combating Payee Scams’, which highlights the increasing number of payee scams across the globe, with recommendations to mitigate the issue.

This report evaluates a range of options to help protect customers and banks and reduce the ability of fraudsters to benefit from generic weaknesses in the ‘push payment’ market. Key to this is collaboration across borders and a call for development of a global approach to combating payee scams.

Central to the recommendations are improving customer education and awareness, developing better fraud data, detection systems and prevention techniques, collaboration to standardise definitions and creating a framework for deeper collaboration across the payment industry. The report was compiled with input and analysis by experts from a range of payment industry partners and advisors including Mastercard, The Clearing House, J.P. Morgan, NatWest, McKinsey & Co., Hogan Lovells, Fiserv and Featurespace.

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