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Industry roundup: 6 July

EBA Clearing starts testing request to pay infrastructure

EBA Clearing has announced the timely start of the testing phase for its pan-European request to pay infrastructure (R2P) service, which is scheduled to go live in November 2020 in line with the launch of the SEPA Request to Pay Scheme by the European Payments Council (EPC).

Representatives of the 27 funding institutions from all over Europe took part in an online demonstration of the system. The delivery of the system and the kick-off of the testing phase mark the latest milestone in the company’s efforts to put this infrastructure service at the disposal of its future users from the earliest possible date on, in order to support their preparations for the launch of request to pay products.

This milestone follows the publication of the R2P service specifications in December 2019, which were made available to the wider community of future users and to the technical service providers and solution providers assisting them. The development of the service has been taken forward with the support of 27 funding institutions from 11 European countries.

A pan-European request to pay approach is seen as the missing piece of the puzzle for market players to create innovative payment products and services for their customers that leverage real-time messaging, the SEPA schemes and existing cost-efficient payment infrastructures, and that can be used across Europe. In particular, request to pay will enable payment service providers and the broader ecosystem to create value around instant payments, for which reach is growing rapidly across Europe.

Request to pay end-user solutions built on top of EBA Clearing’s messaging infrastructure can increase certainty, transparency and convenience of payment processes, for instance by speeding up the end-to-end process, reducing risk and easing reconciliation.

 

Currencycloud partners with Ripple to process cross-border payments 

Currencycloud has announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple’s global financial payments network, is designed to make it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.

The partnership with Ripple will allow Currencycloud to explore new mechanisms for moving money efficiently around the world, especially where regulations and limitations restrict opportunities for SMEs. 

It is expected that Currencycloud will focus on territories where smaller businesses are under-represented, ensuring clients will be able to process local pay-outs and collections in these increasingly important countries.

 

HSBC Global Asset Management appoints global head of trading, treasury management and global solutions

HSBC Global Asset Management has announced the appointment of Daniel Leon as global head of Trading, Treasury Management and Global Solutions. Leon will report into Joanna Munro, global chief investment officer and will be based in London.

Leon has over 25 years’ experience in the industry, most recently at AXA Investment Managers (AXA IM) where he was global head of Trading, Security Financing and Derivatives and before that head of Client Solutions Development. Prior to that, he held other roles among which CIO for Investment Solutions at AXA IM and head of Structured Rates Trading for Europe and Asia at BNP Paribas.

In this new role, Leon will be responsible for the strategic direction and oversight of the firm’s trading and treasury management activities as well as for global investment solutions.

On the trading side, Leon will be responsible for global counterparty relationships and for trading globally, enhancing investment performance and improving the trading platform. He will also establish a dedicated treasury management function to support client portfolios. On investment solutions, Daniel will work with existing teams to deliver client solutions that leverage the firm’s wide-ranging investment capabilities.

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