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Industry roundup: 17 March

Pfisterer implements TIS cloud-based payments platform 

German-headquartered solution supplier to the electricity sector Pfisterer decided to introduce a cloud-based payments platform to increase transparency and security in corporate payments. Supported by Schwabe, Ley & Greiner (SLG), a consulting firm specialised in treasury management, Pfisterer selected Treasury Intelligence Solutions (TIS) to provide the technology solution it was looking for.

The solution will replace an existing payment system that requires Pfisterer to work with a range of different e-banking tools. All payments will now be automated and executed from a single unified platform. The TIS solution also integrates with Pfisterer’s current treasury management system (TMS). The synergy between the two systems should allow for a fast return on investment, since payment data can be utilised immediately across the systems.

“We chose TIS after thorough market observation and comparison to other products," explained Jochen Gückel, treasurer at Pfisterer. "Compared to its competitors, the solution has a much broader functionality and usability. It meets our needs by far the best." 

TIS also convinced Pfisterer of its ability to integrate a broad range of different payment data generating systems. Centralisation and automation of payment flows, therefore, is simple. The look and feel of the user interface also contributed to the decision.


DTCC proposes global data harmonisation in derivatives trade reporting

The Depository Trust & Clearing Corporation (DTCC) has outlined a three-prong plan to further harmonise derivatives trade reporting requirements and deliver against the objectives that were originally established by the Group of 20 (G20) at its 2009 summit in Pittsburgh. In a paper titled 'Course Correction: Finding a New Path to Global Data Harmonization in Derivatives Trade Reporting', DTCC outlines its recommendations for a path forward in reaching global data harmonisation in the over-the-counter (OTC) derivatives market.

Within the paper, DTCC outlines three steps the industry should take to advance toward the transparency and systemic risk monitoring goals envisioned by the G20:

  1. Cross-jurisdictional differences: The industry, regulators and other key stakeholders must work together to eliminate cross-jurisdictional differences in the adoption of CDE trade reporting requirements to avoid ongoing re-harmonisation efforts and future regulatory amendments. This would involve paring down the CPMI IOSCO list of 110 CDE to only the most important elements that then can be aggregated across jurisdictions.
  2. ISO 20022: With the help of ISO 20022 Derivatives SubSEG working group, the industry must finish the ISO 20022 CDE message scheme for OTC derivatives, setting a definitive timetable for completion, and universally adopt a single ISO 20022 message as the common data standard and format for reporting to trade repositories. A common messaging standard would help drive data consistency across trade repositories and jurisdictions.
  3. LEI ROC: The industry must furnish the LEI ROC with adequate resources in order for it to successfully serve as the central governance body for CDE, universal product identifiers (UPI) and universal transaction identifiers (UTI), as designated by the Financial Stability Board (FSB) on 1 October 2020.


Fulton Bank streamlines FX and trade finance operations with fintech Finzly 

Finzly, a fintech provider of banking applications for payments, foreign exchange, trade finance and digital account opening, has Fulton Bank has implemented its FX STAR and EXIM STAR solutions.

Leveraging open APIs and integrating with existing core technology, FX STAR enables Fulton Bank customers to execute foreign currency transactions via a secure portal at their convenience, use multi-currency accounts to purchase foreign currencies in bulk, and initiate payments. Operationally, the bank can self-administer its internal users, manage permissions and set limits, and Fulton Bank gains additional efficiencies through the reduction of incoming support calls, emails and texts. 

Finzly’s EXIM STAR is an international trade finance solution that helps the bank more securely and efficiently manage the entire transaction lifecycle of commercial letters of credit, standby letters of credit, and documentary collections.

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