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Industry roundup: 17 September

Bellin’s TMS receives the SWIFT gpi for Corporates label

Bellin, a subsidiary of Coupa Software and provider of treasury software and services, has announced that it is the first company to receive the Compatible Application SWIFT gpi for Corporates label. The label, awarded in August 2020, is recognition from SWIFT that Bellin’s tm5 treasury management system meets all technical and functional requirements related to the integration of SWIFT’s gpi for Corporates technology and provides market transparency for customers.

The vendor says that the need for a certification that identifies which companies are safest for initiating gpi payments directly in their treasury management system is critical for building trust. As a result, Bellin and SWIFT ran a pilot project to develop this new label and collaborated to determine the system integration requirements and conduct the certification. The goal of the certification is to provide a reliable list of companies that meet these rigid criteria, so companies can have full transparency and fast processing when tracking funds.

The collaboration on this designation is the latest milestone for BELLIN in its work with SWIFT. It was the first TMS provider among the SWIFT gpi for Corporates Early Adopters with a customer live on gpi technology, enabling the customer to initiate gpi payments using tm5 and receive and process UETR status messages, and the first TMS provider to launch a SWIFT gpi for Corporates product offering. BELLIN was also the first authorised service provider to be allowed to conduct the mandatory independent CSP Assessment which must be carried out from 2021 as part of SWIFT’s Customer Security Programme.

 

BNP Paribas and Digital Asset to develop DLT trade and settlement apps

BNP Paribas Securities Services has announced a partnership with Digital Asset to design a number of real-time trade and settlement apps using DAML smart contracts. DAML is a smart contract platform created by Digital Asset which is used by financial institutions to automate digital agreements.

The new apps will provide market participants in Asia Pacific with real-time access to the Australian Securities Exchange (ASX) and Hong Kong Exchange (HKEX)’s anticipated distributed ledger technology (DLT)-based trading and settlement platforms. The apps will also be available to clients in markets that have not integrated DLT, bringing them the benefit of real-time workflows.

The first solution, due in 2021, is a smart elections service for corporate actions. Through the use of DAML smart contracts, all parties in the corporate action chain will receive corporate action information such as dividend reinvestment or purchase offer decisions at the same time, which should reduce processing time, improve operational efficiency and enable investors to finalise their decisions on the most current information on market factors.

BNP Paribas will connect to the ASX CHESS+ platform and the anticipated HKEX Synapse solution via the new Ledger Application Programming Interface for real-time information flows. In Australia, the bank will take a segregated node in the ASX CHESS+ distributed ledger, enabling it to offer its clients the full benefits of smart contract technology, including real-time information, rapid innovation and workflow automation from issuer to investor.

 

New Zealand first in the world to require climate risk reporting for financial services

New Zealand will be the first country in the world to require the financial sector to report on climate risks, the country's minister for Climate Change, James Shaw, has announced. The new regime will be on a comply-or-explain basis, based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, which is widely acknowledged as international best practice.

Businesses covered by the requirements will have to make annual disclosures, covering governance arrangements, risk management and strategies for mitigating any climate change impacts. If businesses are unable to disclose, they must explain why. In total, around 200 organisations will be required to disclose their exposure to climate risk. This includes large crown financial institutions, such as ACC and the NZ Super Fund.

The new climate reporting requirements will apply to:

  • All registered banks, credit unions, and building societies with total assets of more than NZ$1bn.
  • All managers of registered investment schemes with greater than NZ$1bn in total assets under management.
  • All licensed insurers with greater than NZ$1bn in total assets under management or annual premium income greater than NZ$250m.
  • All equity and debt issuers listed on the NZX.
  • Crown financial institutions with greater than NZ$1bn in total assets under management, such as ACC and the NZ Super Fund.

Overseas incorporated organisations would also be required to disclose in their New Zealand annual reporting. The NZ$1bn threshold will make sure about 90% of assets under management in New Zealand are included within the disclosure system. The External Reporting Board (XRB) will develop one or more reporting standards, which entities may either comply with, or if they do not comply, explain why not. The Financial Markets Authority will be responsible for independent monitoring, reporting and enforcement. If approved by the New Zealand Parliament, financial entities could be required to make disclosures in 2023 at the earliest. 

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