The Euro Banking Association has appointed Italy’s SIA (Società Interbancaria per l’Automazione) as the technology partner to build and operate a new pan-European Automated Clearing House for mass payments in euro. The decision to appoint SIA as the partner for the STEP2 project was confirmed by the EBA at its general meeting in Verona. The system has been commissioned in response to European regulatory pressures for banks to cut the costs of transmitting cross-border euro payments to the levels of domestic money transfer charges. Under STEP2, cross-border and domestic retail payments will be sent as files to the EBA/SIA operation center and will be then processed, cleared and sent for settlement. Settlement Services will be provided either directly by banks, through settlement agent banks or through central banks.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.