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Industry roundup: 20 November

ECB selects SIA and Colt to connect to Eurosystem market infrastructures

The European Central Bank (ECB) has chosen SIA, in partnership with Colt Technology Services, for its connection to the Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway - ESMIG).

The ECB has already started to use the network infrastructure of SIA and Colt for testing activities with other central banks. SIA also provides a specific solution for the processing of all messages in order to facilitate the integration of the ECB's application software with the single ESMIG access interface. 

Last year, SIA and Colt attained one of the two ten-year ESMIG Network Service Provider licences, thanks above all to the high technological profile and strong international presence of the two companies. 

The Eurosystem Single Market Infrastructure Gateway is a fundamental component in the implementation of the TARGET2 and TARGET2-Securities consolidation project. The ESMIG project aims to enable all the players in the European financial system (central and commercial banks, central depositaries, automated clearing houses and other payment service providers) to access the platforms provided by the Eurosystem for the settlement of large-value payments TARGET2, the instant payments settlement services TIPS, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS) and possibly other new services and applications, directly through ESMIG. 


Danske Bank solution provides multi-bank account visibility for corporates 

Business customers in Danske Bank can now view their accounts and payments across multiple banks in one overview. The new solution is based on Open Banking and the bank says it is an important step towards more innovation and transparency for business customers.

Many businesses use more than one bank, and it can be both time-consuming and difficult to get an overview of accounts and payments and find the necessary data. In order to optimise and simplify the daily work, Danske Bank has developed the snappily titled “Accounts from other banks” service, which enables businesses to view accounts and payments across banks in one overview in its financial platform District.

More than hundred customers have already tested “Accounts from other banks”, and Danske Bank says that the response has been positive.

"Many pilot customers have told us that they can save a lot of time and increase efficiency as a result of the overview provided by the solution," said Charlotte Schiøttz Hassing from the bank's Corporate Digital Solutions. "This is very valuable for them - particularly in this time of corona virus, when it is necessary to make quick decisions and having the full overview of liquidity. Some of the pilot customers have actually told us that they can save as much as 4-5 hours every week as they can avoid a great deal of manual work.

"Accounts from other banks" is based on Open Banking, which is driven by the PSD2 regulations. As District aims to provide customers with a financial platform that connects their financial data and makes it easy for them to get a financial overview, this new service is another step to provide that visibility.


SWIFT RMB Tracker reveals currency drop

In October 2020, the RMB has dropped one position to the sixth most active currency for global payments by value, with a share of 1.66%. Overall, RMB payments value decreased by 17.61% compared to September 2020, whilst in general all payments currencies decreased by 2.33%. 

In terms of international payments excluding payments within the Eurozone, the RMB ranked 8th with a share of 1.09% in October 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 fourth most active currency in October 2020, with a 1.71% share. It trailed the Japanese yen (1.76% share), the euro (7.29%) and the US dollar (85.56%). While the RMB placed third in this list two years ago, in October 2018 it only accounted for a 1.50% share.

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

  • UK: 42.99%
  • China: 13.04%
  • US: 12.79%
  • Hong Kong: 8.80%
  • France: 6.72%

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


Nacha resource centre aims to assist corporate ACH users

Nacha has created an ACH Rules for Corporates Resource Center, which is dedicated to assisting businesses and other organisations that use the US ACH Network.

Nacha says that the Resource Center is a one-stop hub for corporate end users to keep up with developments to its operating rules and the ACH Network. Among the resources available are:

  • End-user briefings on specific Nacha Rules topics, including the upcoming expansion of Same Day ACH hours.
  • The latest on upcoming changes to the Nacha Operating Rules, as well as proposed rules which are open for comment.
  • Account validation resources.
  • A sign up for Nacha’s Rules News emails so that the latest information arrives directly to your inbox.

“As the country’s ACH Network continues to grow and thrive, Nacha wants to make it as easy as possible for businesses and other organisations to stay informed of changes,” said Michael Herd, Nacha senior vice president, ACH Network Administration. The ACH Rules for Corporates Resource Center is available on the corporates section of the Nacha website.

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