On 15 November 2001 the European Parliament approved a proposal on cross-border transaction fees within the European Union. The decision means that banks across the European Union will be obliged to significantly reduce the fees they charge to customers for handling cross-border payments. Under the regulation, banks will be forced – by March 1 2002 – to ensure parity in pricing between domestic and cross-border electronic payments within the Eurozone. High cross-border transaction processing costs are incurred by non-standardized and inefficient customer interfaces, and a low degree of automation in banks’ internal systems. In addition, formats within a bank are rarely compatible with the formats used by banks in another country. Customers do not always supply data in full, meaning that many cross-border payment orders have to be rectified by the banks at significant extra cost. Under the new European regulation, banks face the prospect of losing money on every cross-border transaction they make.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more