Misys has formed an alliance with FircoSoft, the watch list filtering solutions provider. The partnership aims to give banks greater consistency and control over the management and analysis of trade finance transactions to identify financial crime and maintain compliance with new sanctions and regulatory mandates.
The partners said that as banks are increasingly scrutinised over their correspondent banking relationships and the clients they trade with, the right know your customer (KYC) solutions are key to verifying the identity of clients, and performing KYC quickly and with confidence.
This partnership extends an 11-year valued-added resellers (VAR) relationship for payment compliance and enables banks to manage the complexities surrounding financial crime in trade more effectively.
“As the complexity and volume of trade transactions continue to grow, trade finance increasingly provides an attractive backdrop for criminal activity,” said David Hennah, head of trade and supply chain finance (SCF) at Misys.
“International trade finance is in danger of becoming one of the main vehicles for financial crime, disguising the movement of money. Our partnership with FircoSoft allows KYC and compliance to be a key differentiator for trade banks as corporate clients increasingly rely on their banking partners to take care of it.”
The most interesting outcomes of PSD2 will be derived from companies combining open banking with data from other areas like social media or government, argued Miles Cheetham, Open Banking Ltd.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.