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Industry roundup: 15 October

Cloud-based services expand: BNY Mellon moves wire payments into Microsoft Azure 

Wire payments are the backbone of the global payments network, enabling institutions to move trillions of dollars around the world each day. Until now, the infrastructure supporting these high-value payments has relied upon on-premises processing centres, and while they remain the bedrock of payments functionality, sharply elevated payments activity during the height of the pandemic-related trading volatility focused attention on how best to enhance the resiliency of critical market infrastructure.     

BNY Mellon believes that:

  • migrating wire payments into Azure is the most efficient way to expand capacity while simultaneously increasing industry resiliency by introducing an alternative workflow outside of physically hosted servers in processing centres
  • While cloud-based payments are not designed to replace on-premises wires, they represent an important channel for capacity expansion during episodes of market volatility and could act as a pressure valve in the case of a risk event or some other disruption impacting processing centres. Furthermore, cloud-based wires increase industry bandwidth almost immediately, versus the six-month time horizon, it would take to build a comparable physical payment processing centre.   

Cloud-based wire payments are the latest innovation BNY Mellon has introduced into the global payments infrastructure. Others include:

  • Real-Time E-Bills & Payments service for retail customer bill pay
  • Last month, BNY Mellon announced it was the first US bank to support SWIFT Go.


Cryptocurrencies keep on growing: new treasury management protocol coming

Parcel, a crypto startup based in India, has raised $2.5 million in seed funding to build a treasury management protocol for decentralized autonomous organizations (DAOs).

Parcel aims to help DAOs and open-source projects to automate their payments and treasury management through its network. Parcel is built on Gnosis Safe, a smart contract wallet that runs on Ethereum.


Unlocking Africa initiative

Citi has been selected as a commercial partner for the ‘Unlock Africa’ initiative. The new initiative is designed to help UK and African businesses to trade effectively, to stimulate trade, commerce and inward investment. Supported by both UK and African public sector organisations, the initiative will provide practical assistance to both UK and African domiciled businesses to promote bi-lateral trade. 

The programme’s emphasis is on the most innovative and fastest-growing organisations in the UK and Africa; those that are experiencing the highest growth rates and have the opportunity to further scale up within high potential markets. The initiative has been specifically designed to create a cohesive network of support for these businesses by providing access to resources and commercial partners and will enable vetted businesses to connect with buyers, suppliers, and distributors to increase trade, commerce, and investment throughout Africa and the UK.

The trade initiative will be deployed through three modules:

  • a cloud-based trading and collaboration platform
  • workflow and thought leadership resources;
  • an interactive and searchable customer relationship management database.


Contour partners with Shenzhen FinTech Institute of the People’s Bank of China

Contour, the digital trade finance network, has partnered with the Shenzhen FinTech Institute, a subsidiary of The People's Bank of China (PBOC) to look at opportunities to boost China’s trade ecosystem and further the adoption of trade digitisation across Asia.

The cooperation between Contour’s blockchain-based platform and the Shenzhen FinTech Institute’s Trade Finance Platform (TFP) aims to overcome this issue by encouraging more businesses to use digital LCs and harness technology that will shorten the settlement time and make trade more efficient, transparent and secure.

 Contour is the world's first open-to-all, decentralised trade finance network. 15 institutions are now using Contour’s technology with their customers in a live business environment across 50+ countries.


Deutsche Bank issue fourth part in its “Guide to ISO 20022 migration” series

The pressure is building worldwide for banks and corporates to move to ISO 2022.

This guide provides an in-depth update on the industry transition to ISO 20022 – the new global and open standard for payments messaging.

Deutsche Bank believes that their paper comes at a critical time for migration. While the delivery is firmly en route, further efforts are still required to make sure the extra time granted by the extension of the SWIFT implementation date permits the industry to reach the ISO 20022 destination safely. This paper details how market infrastructures have used the extension to prepare explores the new SWIFT transaction management platform (and the in-flow translation service) and explains how ISO 20022 will be used in the end-to-end payment journey.


New Treasury Systems and Sealfx partnership for end-to-end FX trade automation

Treasury Systems Sweden AB and Sealfx AB, two leading fintech companies in the treasury industry has today entered a strategic partnership to offer corporate clients powerful end-to-end FX trade automation and currency risk management.

This new partnership brings together:

  • Treasury Systems provide core treasury application development focusing on financial instruments and derivatives, currency- and interest rate risk management, accounting and market valuation.
  • Sealfx develops digital services that both simplify and streamline the currency management process for companies that operate internationally. Trades created by Sealfx are seamlessly fed into Treasury Systems for back-office control, accounting, analysis and reports.

The partnership enable them to offer fully automated FX Management for clients with global exposures.

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