Building Tomorrow, Today
In Australia and globally, financial institutions are transforming technology and business models in order to remain relevant and competitive. At the same time, resilience and risk management are top of mind for senior executives, especially in the light of rapidly evolving cyber threats impacting the industry.
In an increasingly ‘instant’ world - where cyber-criminals are more sophisticated than ever, and new entrants are seeking to gain market share from established institutions - how do financial institutions stay resilient and secure, while continuing to innovate and navigate change? Against a backdrop of uncertainty, how can we build the future of Australia’s tomorrow, today?
With all the discussion surrounding distributed ledger technology (DLT), business leaders now confront a seemingly impossible and contradictory situation. They are dealing with a technology that has been simultaneously overhyped and underestimated. Whilst DLT is maturing as a technology, the pathway to implementation across broad and diverse ﬁnancial markets is less clear. Getting ready for DLT requires substantial investment at a time when many ﬁrms are facing ﬁnancial constraints, and it can involve working through complex and expensive issues with legacy IT systems and processes.
Members of the financial industry are not sitting on their hands. They are investigating how disruptive technologies can support their businesses and are working together in unprecedented ways to improve customer experience and efficiencies. As an example, in the correspondent banking space, the global payments innovation (gpi) initiative will deliver secure, faster, traceable & transparent cross-border payments for corporate and retail customers. The initiative group is also exploring how technologies such as DLT can improve the end of day Nostro reconciliation process. By removing friction and cost from the cross-border payments process, the banking industry will remain the provider of choice for international payments.
Beyond cybersecurity and new technologies, a topic of widespread interest is the development of Australia’s innovation agenda. The New Payments Platform (NPP) is a major industry initiative to develop a new infrastructure to support real-time payments. At the business forum, we will discuss how Australian consumers, businesses and government will benefit from a fast, versatile, data-rich payments system for making their everyday payments. We will also hear how FinTech and other industries are viewing the NPP and the opportunities it will create. On the securities side, the ASX will provide an update on their plans to replace the CHESS system with a new state-of-the-art infrastructure that will underpin the securities industry in Australia for years to come. Our panel of experts will also share their thoughts on the future of the securities services landscape; whilst ASIC will share their views on cyber security and RegTech in the securities space.
The SWIFT Business Forum Australia will focus on the key issues, challenges and opportunities facing our industry today. With innovation sweeping across the Australian payments and securities landscape, there has never been a better time to come together to share insights.
Register now to guarantee your place. Attendance is free of charge for members of the SWIFT community.
I look forward to welcoming you all on 8th June.
Managing Director, Asia Pacific