|
Completing the job of automating payments
|
|
|
11 September 2009
Catherine Banneux, SWIFT |
Facilitating cross-border payments has been at the heart of SWIFT’s mission since it was founded in 1973. While the scope of its activities has expanded significantly, payments infrastructure remains an important underpinning of many other financial services.
Exceptions and investigations
Two sessions will focus on the processing of exceptions and investigations, a manual outpost in a largely automated section of the industry. “With an industry-wide adoption plan for Exceptions and Investigations that will remove all FIN payment-related enquiry messages now in place, Sibos 2009 is the perfect time to find out how to meet the adoption deadline and what the benefits are,” says Catherine Banneux, Senior Product Manager, SWIFT.
|
This morning, as Sibos kicks off, ‘Exceptions and Investigations: Speed dating’ will bring together in an informal setting early adopters and partners of all regions and sizes, as well as SWIFT business and technical experts. Each will introduce their solution for a world where enquiries are processed end-to-end with STP. Early adopters will share with the rationale for their decision and their experience so far. SWIFT partners and service bureaux will guide participants through a broad range of implementation options, while SWIFT experts will be on hand to help build the business case or clarify SWIFT’s integrationand package solutions in the area of exceptions and investigations.
On Thursday, ‘The SWIFT for Exceptions and Investigations industry adoption plan: getting there’ will address the question of how the industry can meet the milestones of the plan that will lead to the decommissioning of FIN-related messages by the end of 2012. Panellists from Europe, US and China will challenge the myth that exceptions and investigations is a resource-intensive project. They will share their experiences in implementing newly developed off-the-shelf or remote applications that provide users with the necessary return. They will explain why they believe every SWIFT member can benefit from a cost-effective solution and why, in the current crisis, it should be considered a priority project by financial institutions. The session will be run with simultaneous translation into Japanese and Mandarin.
Liquidity risk
The past year has brought concerns about liquidity risk to the fore as the trading environment has proved more than a little challenging. The role of the treasurer is to ensure that the most effective approaches to cash and liquidity management are taken. As the speed of transactions accelerates, he must be able to rely on an intra-day cash reporting solution that allows him to communicate in a fully automated and standardised way with his counterparties.
‘How can SWIFT help you mitigate liquidity risk?’ on Tuesday morning will outline SWIFT’s solutions in this area. SWIFT has a range of intra-day cash reporting solutions that support the management of an institution’s cash accounts. These standardised solutions enable automated, streamlined processes, providing greater control over dispersed cash positions in multiple currencies and multiple locations.
This session, with simultaneous translation into Japanese and Mandarin, will bring together Peter Akwaboah, Royal Bank of Scotland, Maurice Cleaves, Deutsche Bank, Aseem Goyal, SWIFT and Tom McCabe, Asia Growth Strategies, to consider the issues.
China
Of particular interest to banks across the globe is the growth of the Chinese economy and the opportunities it presents in helping to lift the world out of recession. With China’s rapidly expanding economy and significance in global trade, there is much speculation that the Chinese Yuan will attain an international status more reflective of China’s economic weight. In the meantime, China has recently initiated a pilot programme allowing for international settlement of CNYdenominated trade transactions, seen as an important step towards free conversion of the Chinese currency. In ‘New horizons of Chinese Yuan in cross-border clearing and settlement’ on Tuesday afternoon’, industry experts will address the implications of these developments for the financial industry and discuss opportunities for domestic, regional and international banks using SWIFT. Taking part will be Stanley Chan, Hong Kong Monetary Authority, Yang Jiewen, Bank of China (Hong Kong), and Rao Lin, People’s Bank of China.
Back to headlines
|
|
|
