This week, the Bank of England has announced in two separate papers that UK banks will have to restructure so that they are fully compliant with certain regulations.
The Prudential Regulation Authority (PRA) has explained in these papers that banks will have to keep back office operations organised and gather estimates for the amount these changes would cost, according to CityAM.
“Keeping the back office organised” could mean that IT and HR departments would cost firms up to five percent of their operating budgets at first and then three per cent each year after that.
CityAM also highlighted how the new regulations will require affected banks to hold up to £3.3 billion of extra capital. Alongside this, banks with deposits greater than £25 billion would be forced to divide retail business from other part of the organisation that is deemed riskier by 2019.
Barclays, HSBC and Lloyds are among the few that are expected to comply with the new regulations and smaller firms will only do so if deposits exceed £25 billion.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.