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Swift launches insurance platform 15-Jun-2009 The first transactions on the new Swift Insurance service have been exchanged between Rüschlikon Initiative members Aon Benfield, Willis and Swiss Re. The central platform for electronic exchange of reinsurance accounting and settlement transactions, which was announced at last year's Sibos, will be run as a pilot for 12 months. This will enable the pilot firms to fully implement the necessary changes and to validate the service. The service will then be available to any firm that wants to participate. Formerly known as the Insurance Working Group, the Rüschlikon Initiative aims to build a prototype that will solve insurance industry |
Clearstream commits to T2S 15-Jun-2009 Clearstream Banking Frankfurt (CBF), the German central securities depository and Clearstream Banking Luxembourg will sign the European Central Bank's (ECB's) memorandum of understanding on Target2 Securities (T2S). T2S, due to go live in 2013 will provide a single, borderless pool of pan-European securities, as well as a core, neutral, state of the art settlement process.The memorandum of understanding formalises CSDs' commitment to the project and defines a path leading to the signature of the agreements for development, migration and operation of the new system for securities settlement. Clearstream is also one of the founding partners of Link Up Markets, a |
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Will Asia Pacific financial institutions drive a broader international economic recovery? Michael Cheung, head of China at Swift, talks to Heather McKenzie about the issues that banks in the region face and the role Swift plays
What do you expect to be the main areas of discussion for regional institutions during Sibos? |
When the ECB starts talking about reference data, perhaps the rest of the industry can start taking standards seriously. Jean-Claude Trichet, president of the European Central Bank must have a lot on his mind, what with the imminent collapse of national economies and all. Still, he has found time to broach a subject that we are all too familiar with ? standards. "We very much welcome the current dialogue between the ECB and CESR on the possibility of creating a standard... |
The credit crunch is sending banks and financial institutions back to basics, with many taking stock of what constitutes core business for them and what simply gives the impression of being core. For instance, such a process will lead many to realise that cash management, including multicurrency payments and trade finance activities - which require a costly and continuously-monitored infrastructure - are a result of core business activities, and are not core businesses... |
