Singapore gets serious on quantum security

The Monetary Authority of Singapore (MAS), DBS, HSBC, OCBC, UOB, SPTel and SpeQtral have signed a memorandum of understanding (MoU) to embark on a quantum security collaboration and study the application of Quantum Key Distribution (QKD) in financial services. QKD is a secure communication method for exchanging cryptographic keys only known between shared parties. It can help financial institutions (FIs) protect the exchange of cryptographic keys to address the cybersecurity threats posed by quantum computing.

Quantum computing technology has developed rapidly and demonstrated the potential to break commonly used cryptography and encryption algorithms. This poses a significant cybersecurity concern. In February 2024, MAS issued an advisory to all FIs on the cybersecurity risks associated with quantum technology and provided recommendations for FIs to safeguard themselves against the identified threats, including carrying out proof-of-concept trials with quantum security solutions. More recently, MAS launched a quantum track under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to provide funding support for quantum projects and capabilities. 

This MoU builds on these initiatives and provides a collaborative framework for trialling the application of quantum security solutions in financial services. In the coming months, MAS and participating banks will experiment with QKD solutions jointly provided by SPTel and SpeQtral in the following areas: 

• Conduct a QKD proof-of-concept sandbox on financial sector use cases to evaluate its viability, effectiveness, and applicability to financial services and determine the feasibility of using QKD for quantum-safe communications within the financial sector.
• Validate the security properties of QKD, such as detecting eavesdropping attempts and preventing unauthorised access or tampering of QKD transmissions. This will help to verify QKD’s capability to provide robust security for sensitive data transfers and enhance trust in its deployment within the sector.
• Enhance technical competencies through knowledge exchange to equip MoU participants with the skillsets to support the transition towards adopting quantum security solutions when they are commercially available.

“As quantum technology advances, it is vital for the financial sector to safeguard against potential cybersecurity threats that may be brought about by the technology,” commented Vincent Loy, Assistant Managing Director (Technology), MAS. “The proof-of-concept trials will help MAS and financial institutions better understand QKD’s potential impact on operations and address challenges early. These technology trials can also inform and shape technology and cyber risk management policies towards quantum-proofing our financial systems.”

 

Nomentia to provide Business Connect from Swift

European TMS provider Nomentia has announced it will provide Swift's Business Connect service to its current and future clients. This service provides corporates with seamless Swift connectivity, supported by Nomentia's dedicated onboarding process.

Business Connect allows Nomentia to integrate Swift connectivity with its applications and cloud services, enabling secure transactions with the global financial community using Swift's Alliance Cloud interface. This embedded experience provides access to over 11,000 financial institutions globally, which should ensure a rapid onboarding process and minimal maintenance. Additionally, Business Connect simplifies bank connectivity by offering access to Swift's messaging solutions and services, which are available through the Swift API channel.

Nomentia offers a portfolio of solutions for payments, cash management, treasury management, and risk management tailored for treasury and finance teams. Nomentia Bank Connectivity as a Service enables clients to connect with banks globally through direct and local connections (such as EBICS) and Swift Alliance Lite2 for Business. With Swift transitioning from Swift Alliance Lite2 for Business Applications to Business Connect on Alliance Cloud, Nomentia says it will be among the first TMS vendors to provide this solution.

By adopting Alliance Cloud through Business Connect, Nomentia customers can benefit from embedded Swift connectivity seamlessly integrated into their operations. The vendor will oversee the entire implementation process, a move designed to ensure a smooth transition to Alliance Cloud. The Swift cloud solution can improve straight-through processing, global reach, and minimise maintenance requirements.

Add-on services that the vendor says it will offer its clients using Alliance Cloud through Business Connect include a relationship management application and Security Officer duties, eliminating the need for corporate employees to undergo Swift training or use the Alliance Cloud GUI. Additionally, through Swift, Nomentia aims to simplify compliance by facilitating the mandatory Know Your Customer Security Attestation (KYC-SA) and annual independent assessments.

 

Kyriba lands deal with Saudi German Health

Kyriba has signed Saudi German Health (SGH), a healthcare group in the Middle East and North Africa (MENA) region, as a new customer. The TMS provider will help to automate the group’s treasury management processes, enhance the security and efficiency of its financial transactions and enable SGH to manage its overall liquidity performance better.

Kyriba says it is able to support the highest data volumes – from integrating bank statements, processing and reconciling cash flows, to the generation and transmission of payments – which is critical for Saudi German Health. 

Designed to protect CFOs’ balance sheets, income statements, and cash flows against currency, commodity, and interest rate impacts, Kyriba will provide SGH with a more secure, streamlined, and controlled management of financial transactions. This should reduce the risk of errors and fraud. By automating complex treasury processes, the company will have the opportunity to achieve greater accuracy and efficiency.

“By adopting Kyriba, we’re setting a new standard for financial operations in the healthcare industry,” said Dr. Ahmed Shebl, Chief Executive Officer, Saudi German Health. “This move not only underscores our commitment to innovation and excellence but also highlights the growing trend of digitalisation in the region’s healthcare sector.”

 

Modern Treasury expands instant payments support

Modern Treasury has expanded instant payments support for mutual customers of six banks: Bank of America, Cross River, JPMorgan Chase, PNC Financial Services, U.S. Bank and Wells Fargo. Instant payments, powered by the first new payment rails in the US in more than four decades, enable businesses to move money faster and gain real-time insights into money movement as they track payments from initiation to receipt. Instant payments use the FedNow service, developed and launched by the Federal Reserve in July 2023, and the RTP network, launched in 2017 by The Clearing House. So far, over 1,000 banks and credit unions have signed on with either the RTP or FedNow networks, or both, and instant payment volume continues to grow.

Modern Treasury helps its customers access instant payment capabilities by expanding support for these rails with banks. It enables a faster way to move funds via new payment rails than traditional ACH, wire, or cheque. In addition to providing support for sending instant payments, Modern Treasury also supports the ability to access the Request for Payment (RFP) capability at a growing number of banks. As the adoption and coverage of RFP grows, customers can leverage it for faster, irrevocable, 24x7 pay-ins while also using it to address ACH’s insufficient funds risk.

“Real estate requires the ability to move money quickly, accurately, and securely,” said Bob Taylor, Vice President of Centralized Escrow Accounting for Stewart Title, a Modern Treasury customer. “Instant payments fulfil all three of those requirements, enabling us to deliver faster brokerage payouts and escrow settlements, which can now occur 24/7/365, all while reducing transaction fees.”

 

Scanco selects Nuvei to boost B2B payments for operations

Nuvei Corporation, a Canadian fintech, has partnered with Scanco Software, a software solutions provider for the manufacturing and distribution industries. The goal is to enhance Scanco’s new Invoice2Payment (i2PAY) solution.

The solution complements Scanco’s existing warehouse management capabilities with payment features, including online payment processing, email receipts, automated deposits, and advanced analytics. Collaborating with Nuvei will enable Scanco customers to access a suite of payment solutions, including Card-Not-Present and ACH processing capabilities, integrated directly into Scanco customers' enterprise resource planning (ERP) systems, including Sage, to facilitate simplified workflows, increase back-office efficiencies, and shorten invoice-to-cash cycles.

By leveraging Nuvei's ERP payments expertise and delivering near-real-time payment information, Scanco customers should be able to reconcile financial information across systems and improve visibility more efficiently.

 

Finzly and Corpay aim to deliver an enhanced FX offering for FIs

Finzly has agreed with Corpay's cross-border business to collaborate on a joint offering that brings together Finzly’s FX payment platform and Corpay’s real-time FX rates. 

This collaboration aims to provide financial institutions and their business clients with FX transaction capabilities seamlessly integrated with many payment rails. The combined solution will cover more than 200 international markets.

Businesses that need to send and receive international payments commonly use multiple siloed banking systems to make these transactions. This tends to increase the complexity and the need for manual redundant processing. As a result, these transactions can be error-prone and slow to complete. 

By integrating Corpay Cross-Border’s platform with Finzly’s FX payment platform, international payments processing can be more automated and seamlessly integrated with other domestic accounts and payment rails. Finzly’s unified API is designed to make it easier to send international payments via Swift.

 

New platform hopes to revolutionise cash flow management for SMBs

A new SaaS platform called Invoiv.com has launched specifically for small and medium-sized businesses (SMBs). The platform is designed to help users track, manage, and optimise their cash flow. It offers accounts payable (AP) and accounts receivable (AR) solutions, along with online invoice generation tools embedded with payment links, to help businesses get paid faster.

A statement from Invoiv.com said it integrates seamlessly with existing business workflows. The platform's dashboard provides full visibility into cash flow, allowing businesses to make informed decisions and stay ahead of financial challenges.

Users can quickly create and send professional invoices with embedded payment links, making it easier for customers to pay quickly and securely. The platform offers real-time data on incoming and outgoing payments, enabling businesses to maintain a healthy cash flow.

By leveraging integrated payment solutions, Invoiv.com says it can help SMBs get paid up to five times faster, which is a boon for financial stability. Options include a free plan for businesses with 10 or fewer invoices per month and tiered pricing for higher-volume users.

 

BofA names new Head of GPS Business Banking Sales

Bank of America (BofA) has named Maureen Jarvis as its new Head of GPS Business Banking Sales in the bank’s Global Payments Solutions (GPS) business, led by Mark Monaco. Jarvis will partner closely with Raul Anaya and Sharon Miller, Co-Presidents of Business Banking.

BofA’s Business Banking clients span companies from start-up to those with annual revenues up to US$50m, and are predominantly based in the US. Jarvis has held multiple senior positions within GPS, and was most recently head of GPS for Canada. With over 30 years in the industry, she has worked in Asia, EMEA and Latin America. In her new role, Jarvis will assume responsibility for driving Responsible Growth for the newly unified Business Banking organisation by deepening client relationships with treasury solutions.

Lyndsay Langford replaces Jarvis as Head of GPS Canada, reporting to Country Head Drew McDonald. Langford has also been named Head of GPS Corporate Banking Sales for Canada, reporting to Matthew Davies and Jay Davenport, Co-Heads of GPS Global Corporate Sales. She has worked at Bank of America for over 25 years, with previous roles including liquidity product management, sales, and sales support management.