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Industry roundup: 18 September 2020

TreasuryXpress and JCAP partner on treasury solution for fiduciary and fund administrators 

TreasuryXpress has announced a partnership with JCAP Treasury Services, a provider of treasury services and risk management solutions to fiduciary and fund administration providers the Channel Islands.

With stringent region-specific regulations, the partnership will combine JCAP’s knowledge of the local market with TreasuryXpress’ treasury automation software to deliver services and solutions to help fund administrators achieve best treasury and corporate governance practices.

Through this joint offering, clients should now be able to:

  • Achieve automated and accurate cash positioning through streamlined and secure bank connectivity.
  • Improve cash utilisation and liquidity.
  • Automate the reconciliation process.
  • Monitor and mitigate counterparty risk.
  • Maximise cash ROI through secure automated payment workflow.


SEB forms unit for investments in green technology

SEB is forming a unit within the bank that will invest venture capital in green technology to contribute to a sustainable transition. The bank says there is a shortage of venture capital in the sector as investments in new, green technology often take a longer time to develop and mature than traditional venture-capital investments. The bank's new unit, SEB Greentech, is designed to support Nordic companies within this sector.

The unit is starting out with SEK 300m in investment capital, with an ambition for an increase to SEK 1bn over time. It will invest in companies that develop solutions which in a decisive way can improve the use of natural resources and reduce negative ecological impacts. This can involve investments in renewable energy, energy storage, water and agricultural technology, circular business models and waste management, for example.

SEB Greentech will be headed by Markus Hökfelt, who has been recruited from Almi Invest, where he is currently fund manager for the firm’s GreenTech fund. He will assume his new position on 1 November. Investment and exit decisions will be made by a newly formed Greentech Investment Committee. The unit will also appoint an external advisory board with experience within green technology. SEB Greentech will be a sister organisation of SEB Venture Capital, which invests venture capital in the fintech sector.


SWIFT RMB Tracker shows currency holding steady

According to the latest RMB Tracker from SWIFT, in August 2020 the RMB has retained its position as the fifth most active currency for global payments by value, with a share of 1.91%. Overall, RMB payments value decreased by 8.33% compared to July 2020, whilst in general all payments currencies decreased by 10.30%. In terms of international payments excluding payments within the Eurozone, the RMB ranked 7th with a share of 1.21% in August 2020.

As a global currency in trade finance market, based on the value of live and delivered MT 400 and MT 700 messages exchanged on SWIFT, the RMB was the third most active currency, with a 2.22% share. It trailed the euro (6.36% share) and the US dollar (86.68%). For comparison, in August 2018 the RMB was also third, with a 1.92% share.

The top economies for FX spot transactions in RMB in August 2020 were:

  • UK: 34.75%
  • China: 17.26%
  • US: 11.97%
  • Hong Kong: 8.98%
  • France: 7.24%

This is based on the value of FX confirmations, including central banks, inter-group only, looking at MT 300 messages exchanged on SWIFT.


Streamlined multi-state compliance programme launched for US payments firms

The Conference of State Bank Supervisors (CSBS) has announced the launch of a state-initiated programme whereby nationwide payments firms in the US will undergo a single comprehensive exam to satisfy all state regulatory requirements. Known as MSB Networked Supervision, the initiative will apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than US$1 trillion a year in customer funds. 

Building on years of multi-state coordination, this exam protocol will enable states to fine tune a risk-based approach to each company’s operations. When compliance issues arise, the states will be better positioned to follow up throughout the year.

The single exam will be led by one state overseeing a group of examiners sourced from across the country. By relying on experts across the state system - including in cyber security and anti-money laundering - regulators will gain more insight while also freeing up state resources. 

This initiative was an outcome of the CSBS Fintech Industry Advisory Panel, which emphasised the need to increase multi-state exam coordination. Soliciting and implementing industry recommendations is part of CSBS Vision 2020, a collection of initiatives driving toward a networked system of nonbank licensing and supervision. 

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