This document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, which aims to introduce account number portability to the European banking market. It discusses the issues faced by banks and account holders due to the lack of ANP, and how IBANP's proposed solutions using blockchain and PSD2 regulations could address these issues by allowing account numbers to remain portable between banks. The benefits mentioned include facilitating bank reorganizations and internal/international customer mobility while reducing compliance costs. Potential objections from industry groups are addressed, and views from the European Commission supporting further evaluation of ANP are presented.
SPF PSD2 Presentation January 2016 V1.1Brendan Jones
Â
The document summarizes the key aspects of the Payment Services Directive 2 (PSD2), which aims to modernize EU payment services regulations. PSD2 introduces new requirements around strong customer authentication, access to payment accounts by third parties, and transparency of payment services and charges. It also establishes a revised regulatory framework and timelines for national implementation by 2018 and compliance with new regulatory technical standards thereafter. Overall, PSD2 is expected to drive innovation in payments and open up opportunities for new entrants through access to customer account data with consent.
PSD2 Strategic options for banks_Accenture Strategy and Accenture Payment Ser...Ilkka Ruotsila
Â
The document discusses how the revised Payment Services Directive (PSD2) will accelerate disruption of the payments industry and threaten banks' revenues by enabling third party access to customer payment accounts. Key points:
- PSD2 mandates that banks provide third party providers access to customer payment accounts via APIs, allowing new types of payment initiation and account information services.
- This access could displace banks from the payments value chain and redirect revenues from card transactions, impacting fees currently received by banks, processors and card networks.
- Payment initiation services provided by third parties may offer merchants significantly lower transaction fees than banks, incentivizing merchants to use these new services and further threatening bank revenues.
SEPA is the Single Euro Payments Area initiative that aims to simplify bank transfers denominated in euros across Europe. While SEPA offers opportunities like reduced costs and expanded customer bases for banks, it also presents challenges as banks must replace lost revenue from lower transaction fees and meet compliance costs. To address this, banks need to collaborate with customers to develop innovative products and services, cross-sell offerings, and leverage opportunities in the corporate market through services like e-invoicing to gain competitive advantages and income sources. Proper preparation is important as banks must ensure their payment processes meet SEPA requirements by deadlines or customer payments will be rejected.
The document provides an overview of the EU and UK legal framework governing payments, including the Payment Services Directive (PSD) and PSD2. PSD2 introduces new opportunities for payment initiation and account information services by requiring banks to provide access to payment account information. However, it may also result in costs for existing payment service providers who will need to make system and process changes. While new fintech entrants could take advantage of these new services, existing providers may resist the changes due to security concerns and loss of customer interaction. Overall, PSD2 presents both opportunities and challenges for existing businesses and new entrants in the evolving payments landscape.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-EcosystemđĄ David Baratta
Â
The document discusses how the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) are reshaping Europe's payments landscape by driving changes in the card payments ecosystem. PSD2 and IFR will impact acquirers, issuers, and network operators by reducing interchange fees, increasing transparency, and enabling new entrants. While this regulatory change creates uncertainty and risks disintermediation, it also provides opportunities for innovation in payment initiation services, credit and lending solutions, and for network operators to offer new infrastructure services.
A proposed cloud-based billers hub using secured e-payments systemTELKOMNIKA JOURNAL
Â
Automation of several payment processes from start to end is a challenging task, particularly when multiple payments from online and offline billers are involved. In this paper, we introduced a new aggregator system to combine all billing system types, in which it is possible to pay invoices electronically. The proposed aggregator system was designed to be employed in a cloud-based Billers Hub (CBBH) developed by the central banks. Furthermore, many applications can be realized such as; deposit e-money, withdrawal e-money, and other applications. A Gateway translator is used to apply authentication rules, security, and privacy. The proposed system was employed in the Jordanian payment gateway and successfully fulfills its purpose.
SPF PSD2 Presentation January 2016 V1.1Brendan Jones
Â
The document summarizes the key aspects of the Payment Services Directive 2 (PSD2), which aims to modernize EU payment services regulations. PSD2 introduces new requirements around strong customer authentication, access to payment accounts by third parties, and transparency of payment services and charges. It also establishes a revised regulatory framework and timelines for national implementation by 2018 and compliance with new regulatory technical standards thereafter. Overall, PSD2 is expected to drive innovation in payments and open up opportunities for new entrants through access to customer account data with consent.
PSD2 Strategic options for banks_Accenture Strategy and Accenture Payment Ser...Ilkka Ruotsila
Â
The document discusses how the revised Payment Services Directive (PSD2) will accelerate disruption of the payments industry and threaten banks' revenues by enabling third party access to customer payment accounts. Key points:
- PSD2 mandates that banks provide third party providers access to customer payment accounts via APIs, allowing new types of payment initiation and account information services.
- This access could displace banks from the payments value chain and redirect revenues from card transactions, impacting fees currently received by banks, processors and card networks.
- Payment initiation services provided by third parties may offer merchants significantly lower transaction fees than banks, incentivizing merchants to use these new services and further threatening bank revenues.
SEPA is the Single Euro Payments Area initiative that aims to simplify bank transfers denominated in euros across Europe. While SEPA offers opportunities like reduced costs and expanded customer bases for banks, it also presents challenges as banks must replace lost revenue from lower transaction fees and meet compliance costs. To address this, banks need to collaborate with customers to develop innovative products and services, cross-sell offerings, and leverage opportunities in the corporate market through services like e-invoicing to gain competitive advantages and income sources. Proper preparation is important as banks must ensure their payment processes meet SEPA requirements by deadlines or customer payments will be rejected.
The document provides an overview of the EU and UK legal framework governing payments, including the Payment Services Directive (PSD) and PSD2. PSD2 introduces new opportunities for payment initiation and account information services by requiring banks to provide access to payment account information. However, it may also result in costs for existing payment service providers who will need to make system and process changes. While new fintech entrants could take advantage of these new services, existing providers may resist the changes due to security concerns and loss of customer interaction. Overall, PSD2 presents both opportunities and challenges for existing businesses and new entrants in the evolving payments landscape.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-EcosystemđĄ David Baratta
Â
The document discusses how the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) are reshaping Europe's payments landscape by driving changes in the card payments ecosystem. PSD2 and IFR will impact acquirers, issuers, and network operators by reducing interchange fees, increasing transparency, and enabling new entrants. While this regulatory change creates uncertainty and risks disintermediation, it also provides opportunities for innovation in payment initiation services, credit and lending solutions, and for network operators to offer new infrastructure services.
A proposed cloud-based billers hub using secured e-payments systemTELKOMNIKA JOURNAL
Â
Automation of several payment processes from start to end is a challenging task, particularly when multiple payments from online and offline billers are involved. In this paper, we introduced a new aggregator system to combine all billing system types, in which it is possible to pay invoices electronically. The proposed aggregator system was designed to be employed in a cloud-based Billers Hub (CBBH) developed by the central banks. Furthermore, many applications can be realized such as; deposit e-money, withdrawal e-money, and other applications. A Gateway translator is used to apply authentication rules, security, and privacy. The proposed system was employed in the Jordanian payment gateway and successfully fulfills its purpose.
Digital Money, from a regulatory point of viewPatrick Bucquet
Â
Unclear regulation about digital money allows new comers to enter and change the market, and now regulators are struggling to push even more for financial inclusion while protecting the customers.
From local approaches to a global one, regulators and governance bodies need to share insights and anticipate developments to build a consistent framework.
mCASH om PSD2 (betalingstjenestedirektivet) pĂĽ betalingsformidling 2015Daniel R. DĂśderlein
Â
GrĂźnder og CEO i mCASH, Daniel R. DĂśderlein var invitert av programkomiteen til ĂĽ ta for seg PSD2 (betalingstjenestedirektivet del 2) og hvilke konsekvenser dette kan ha pĂĽ det norske markedet for betalingstjenester med spesiell fokus pĂĽ bankers rolle i forhold til nye tredjeparter.
2012 China Financial Industry Trends and OutlookKapronasia
Â
While the rest of the world struggles with a lingering financial crisis, Chinese Financial institutions will continue investing in financial technology innovation in 2012. New technologies such as EMV and mobile near-field payments will drive significant investment as financial institutions continue to modernize and expand both the breadth and depth of their product offerings.
This webinar from Kapronasia will look at some of the key insights from Kapronasiaâs âChina Financial Technology 2012 â Top 10 Trends Shaping the Industry" report, a comprehensive look at the key issues and challenges and how banks are overcoming them.
European banks face significant disruption from PSD2 and the evolving payments landscape. PSD2 will accelerate competition by regulating new payment institutions and requiring banks to provide third party access to customer accounts through APIs. This threatens to reduce banks' payments revenue by up to 43% by 2020 as new entrants capture market share. Banks must choose from four strategic options to respond: minimal compliance; facilitating API access; advising on new products; or expanding ecosystems. How banks adapt will impact their future revenues, business models, and role in customers' financial lives.
The UK government launched an initiative to explore digital currencies and blockchain technology in 2014, issuing a call for information. In 2015 it announced three key policies: 1) regulating digital currency exchanges to prevent money laundering; 2) developing voluntary industry standards for consumer protection; and 3) allocating ÂŁ10 million for blockchain research. The UK aimed to support legitimate firms while creating barriers for illicit actors. Subsequently, the EU proposed regulating exchanges across Europe, and in 2016 the first UK digital currency firm launched with a bank account and e-money license.
The document discusses the rise of mobile banking in Europe, with over 90% of Luxembourg customers now using online or mobile banking, and examines the leading mobile-first digital banks that are setting new standards in customer experience; it also presents the results of a benchmarking study conducted by zeb that evaluated over 115 European mobile banking apps across key dimensions of customer onboarding, user experience, everyday banking, additional services, and cross-selling, finding that challenger banks like N26 and Revolut currently lead in mobile banking excellence.
The document discusses Moldova Agroindbank, the largest commercial bank in Moldova. It highlights the bank's leadership, innovation, and growth. Specifically, it summarizes that Moldova Agroindbank has received several awards for being the most sustainable bank in Moldova, has one of the largest branch networks in the country, and offers customers convenient online banking services. It also provides details on the various financial products and services offered by the bank, including loans, credit cards, foreign exchange, and brokerage/investment services.
The document outlines some of the key challenges that must be addressed prior to the February 2014 SEPA end-date. It notes that while SEPA aims to standardize euro payments across the Eurozone, individual countries may still implement their own versions of SEPA, undermining harmonization. Additionally, national migration plans vary in their levels of preparation. The document also discusses issues around payment instrument scoping as SEPA will not replace all existing payment methods, as well as challenges with reference handling and automatic reconciliation of SEPA credit transfers.
Channel financing allows banks to finance suppliers and dealers along the supply chain. It provides working capital financing to both vendors and dealers. The bank can finance different parties like the supplier, company and dealer at different stages. Channel financing benefits suppliers, companies and dealers by providing cheaper working capital financing and improving cash flows. It also benefits banks by expanding their customer base and diversifying credit risk.
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
The document discusses various types of corporate banking services provided by banks to corporate clients. It describes funded services like working capital finance, short term finance, and bill discounting. It also discusses non-funded services like letters of credit and bank guarantees. Finally, it summarizes external commercial borrowings, import trade credit, and foreign currency options for corporate financing.
New Practices and Opportunities in Supply Chain FinanceMisys
Â
This presentation, for a Trade Innovation circle held in Istanbul, is about new practices and opportunities in Supply Chain Finance. Looking more specifically at the Bank Payment Obligation and technology innovations.
The document discusses the evolution of e-banking and various technologies used in the banking sector. It describes traditional banking services and the emergence of electronic delivery channels like ATMs, debit/credit cards, internet banking, mobile banking, RTGS and NEFT systems. While e-banking provides benefits like convenience, speed and lower costs, security issues remain a challenge. Both banks and customers must take steps to reduce security threats in order to increase popularity of e-banking.
The document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, a fintech startup with the mission of implementing account number portability. IBANP aims to introduce portability of IBAN numbers, similar to mobile phone numbers, to increase competition and reduce costs for banks and customers. It proposes using blockchain and PSD2 to allow banks to securely share customer data and payment routing through a centralized database accessed via a plug-in solution. This could facilitate internal bank account migrations, increase account holder mobility, and significantly reduce compliance costs for banks.
âThe private banks want a European digital single market for financial services and will help to actively promote it,â stresses Michael Mandel, Chairman of the associationâs Retail and Wholesale Banking Committee and Member of Commerzbankâs Board of Managing Directors with responsibility for the Business Segment Private and Business Customers. Taking as its starting point the question of how the dynamics of digitisation can be harnessed for this purpose and avoid being held back, the Association of German Banks has now published the study âDigital Payments 2020â. Mandel: âOur goal must be to enable consumers to use standardised mobile payment methods across national borders throughout Europe.â
Mandel sees a particular need to ensure in the context of the new payment services directive PSD2 that the same rules apply to all payment service providers â be they banks or fintechs. Andreas Krautscheid, Member of the Senior Management Board of the Association of German Banks, underlines: âWe certainly see room for improvement on some aspects of PSD2 in this respect.â He finds it incomprehensible, for instance, that third-party providers have legally binding access to banksâ infrastructure, but not vice versa. âOn top of that, weâre expecting the European Commission to publish an action plan on retail financial services in March. To make sure discussions move in the right direction, we want to get a debate going as soon as possible,â Krautscheid adds.
In its study, the association identifies three key areas for action: 1. mobile payment solutions need to be promoted to increase their reach in person-to-person (P2P) and point-of-sale (POS) transactions, 2. there should be more competition and freedom of choice between e-commerce payment methods, and 3. a standardised modern, digital onboarding procedure should be established to ensure services can be offered digitally and Europe-wide.
Michael Mandel: âWe shouldnât get bogged down in details in Europe but should focus on what really matters â for us that means providing payment services and having a standard procedure for registering and identifying customers.â
The IBAN Portability Project is developing a plugin that allows bank customers to keep their IBAN number even if they change banks, migrate to another country, or their bank merges with or acquires another bank. They are looking for the first banks to test their alpha version plugin in order to improve customer experience during bank transitions and simplify internal bank reorganization processes. The document outlines the problems the plugin aims to address and promotes the advantages it provides to banks and customers.
The New Payments Platform: Fast-Forward to the FutureCognizant
Â
Today's bank customers demand digital payment instruments that support real-time payments and settlements. While banks worldwide have adopted this concept, Australia's New Payments Platform (NPP), when contrasted with global models, takes this concept a step further with benefits that include all of the features today's bank customers want, such as 24x7x365 availability; real-time settlement, posting in seconds, premier messaging standards and alternate identifiers. It is thus imperative to build a carefully planned, all-inclusive NPP solution that will remain viable, profitable, efficient and serviceable from internal, regulatory, payments and customer perspectives alike.
CGAP Landscape Study on International Remittances through Mobile 2012CGAP
Â
Since the 2010 study, there has been growth in live international remittance deployments using mobile channels, though over half of planned deployments from 2010 have still not launched. Usage of existing services appears very low compared to overall mobile wallet customers. Successfully deploying international remittances through mobile money faces significant challenges, including operational difficulties, a lack of sender/recipient education and trust, and regulations. Establishing a strong domestic mobile money ecosystem first is key before launching international services. While some new models are emerging, traditional providers like Western Union still maintain large advantages through their existing networks and brand recognition. Operators remain optimistic about the long-term potential for mobile remittances.
Digital Money, from a regulatory point of viewPatrick Bucquet
Â
Unclear regulation about digital money allows new comers to enter and change the market, and now regulators are struggling to push even more for financial inclusion while protecting the customers.
From local approaches to a global one, regulators and governance bodies need to share insights and anticipate developments to build a consistent framework.
mCASH om PSD2 (betalingstjenestedirektivet) pĂĽ betalingsformidling 2015Daniel R. DĂśderlein
Â
GrĂźnder og CEO i mCASH, Daniel R. DĂśderlein var invitert av programkomiteen til ĂĽ ta for seg PSD2 (betalingstjenestedirektivet del 2) og hvilke konsekvenser dette kan ha pĂĽ det norske markedet for betalingstjenester med spesiell fokus pĂĽ bankers rolle i forhold til nye tredjeparter.
2012 China Financial Industry Trends and OutlookKapronasia
Â
While the rest of the world struggles with a lingering financial crisis, Chinese Financial institutions will continue investing in financial technology innovation in 2012. New technologies such as EMV and mobile near-field payments will drive significant investment as financial institutions continue to modernize and expand both the breadth and depth of their product offerings.
This webinar from Kapronasia will look at some of the key insights from Kapronasiaâs âChina Financial Technology 2012 â Top 10 Trends Shaping the Industry" report, a comprehensive look at the key issues and challenges and how banks are overcoming them.
European banks face significant disruption from PSD2 and the evolving payments landscape. PSD2 will accelerate competition by regulating new payment institutions and requiring banks to provide third party access to customer accounts through APIs. This threatens to reduce banks' payments revenue by up to 43% by 2020 as new entrants capture market share. Banks must choose from four strategic options to respond: minimal compliance; facilitating API access; advising on new products; or expanding ecosystems. How banks adapt will impact their future revenues, business models, and role in customers' financial lives.
The UK government launched an initiative to explore digital currencies and blockchain technology in 2014, issuing a call for information. In 2015 it announced three key policies: 1) regulating digital currency exchanges to prevent money laundering; 2) developing voluntary industry standards for consumer protection; and 3) allocating ÂŁ10 million for blockchain research. The UK aimed to support legitimate firms while creating barriers for illicit actors. Subsequently, the EU proposed regulating exchanges across Europe, and in 2016 the first UK digital currency firm launched with a bank account and e-money license.
The document discusses the rise of mobile banking in Europe, with over 90% of Luxembourg customers now using online or mobile banking, and examines the leading mobile-first digital banks that are setting new standards in customer experience; it also presents the results of a benchmarking study conducted by zeb that evaluated over 115 European mobile banking apps across key dimensions of customer onboarding, user experience, everyday banking, additional services, and cross-selling, finding that challenger banks like N26 and Revolut currently lead in mobile banking excellence.
The document discusses Moldova Agroindbank, the largest commercial bank in Moldova. It highlights the bank's leadership, innovation, and growth. Specifically, it summarizes that Moldova Agroindbank has received several awards for being the most sustainable bank in Moldova, has one of the largest branch networks in the country, and offers customers convenient online banking services. It also provides details on the various financial products and services offered by the bank, including loans, credit cards, foreign exchange, and brokerage/investment services.
The document outlines some of the key challenges that must be addressed prior to the February 2014 SEPA end-date. It notes that while SEPA aims to standardize euro payments across the Eurozone, individual countries may still implement their own versions of SEPA, undermining harmonization. Additionally, national migration plans vary in their levels of preparation. The document also discusses issues around payment instrument scoping as SEPA will not replace all existing payment methods, as well as challenges with reference handling and automatic reconciliation of SEPA credit transfers.
Channel financing allows banks to finance suppliers and dealers along the supply chain. It provides working capital financing to both vendors and dealers. The bank can finance different parties like the supplier, company and dealer at different stages. Channel financing benefits suppliers, companies and dealers by providing cheaper working capital financing and improving cash flows. It also benefits banks by expanding their customer base and diversifying credit risk.
Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.
The document discusses various types of corporate banking services provided by banks to corporate clients. It describes funded services like working capital finance, short term finance, and bill discounting. It also discusses non-funded services like letters of credit and bank guarantees. Finally, it summarizes external commercial borrowings, import trade credit, and foreign currency options for corporate financing.
New Practices and Opportunities in Supply Chain FinanceMisys
Â
This presentation, for a Trade Innovation circle held in Istanbul, is about new practices and opportunities in Supply Chain Finance. Looking more specifically at the Bank Payment Obligation and technology innovations.
The document discusses the evolution of e-banking and various technologies used in the banking sector. It describes traditional banking services and the emergence of electronic delivery channels like ATMs, debit/credit cards, internet banking, mobile banking, RTGS and NEFT systems. While e-banking provides benefits like convenience, speed and lower costs, security issues remain a challenge. Both banks and customers must take steps to reduce security threats in order to increase popularity of e-banking.
The document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, a fintech startup with the mission of implementing account number portability. IBANP aims to introduce portability of IBAN numbers, similar to mobile phone numbers, to increase competition and reduce costs for banks and customers. It proposes using blockchain and PSD2 to allow banks to securely share customer data and payment routing through a centralized database accessed via a plug-in solution. This could facilitate internal bank account migrations, increase account holder mobility, and significantly reduce compliance costs for banks.
âThe private banks want a European digital single market for financial services and will help to actively promote it,â stresses Michael Mandel, Chairman of the associationâs Retail and Wholesale Banking Committee and Member of Commerzbankâs Board of Managing Directors with responsibility for the Business Segment Private and Business Customers. Taking as its starting point the question of how the dynamics of digitisation can be harnessed for this purpose and avoid being held back, the Association of German Banks has now published the study âDigital Payments 2020â. Mandel: âOur goal must be to enable consumers to use standardised mobile payment methods across national borders throughout Europe.â
Mandel sees a particular need to ensure in the context of the new payment services directive PSD2 that the same rules apply to all payment service providers â be they banks or fintechs. Andreas Krautscheid, Member of the Senior Management Board of the Association of German Banks, underlines: âWe certainly see room for improvement on some aspects of PSD2 in this respect.â He finds it incomprehensible, for instance, that third-party providers have legally binding access to banksâ infrastructure, but not vice versa. âOn top of that, weâre expecting the European Commission to publish an action plan on retail financial services in March. To make sure discussions move in the right direction, we want to get a debate going as soon as possible,â Krautscheid adds.
In its study, the association identifies three key areas for action: 1. mobile payment solutions need to be promoted to increase their reach in person-to-person (P2P) and point-of-sale (POS) transactions, 2. there should be more competition and freedom of choice between e-commerce payment methods, and 3. a standardised modern, digital onboarding procedure should be established to ensure services can be offered digitally and Europe-wide.
Michael Mandel: âWe shouldnât get bogged down in details in Europe but should focus on what really matters â for us that means providing payment services and having a standard procedure for registering and identifying customers.â
The IBAN Portability Project is developing a plugin that allows bank customers to keep their IBAN number even if they change banks, migrate to another country, or their bank merges with or acquires another bank. They are looking for the first banks to test their alpha version plugin in order to improve customer experience during bank transitions and simplify internal bank reorganization processes. The document outlines the problems the plugin aims to address and promotes the advantages it provides to banks and customers.
The New Payments Platform: Fast-Forward to the FutureCognizant
Â
Today's bank customers demand digital payment instruments that support real-time payments and settlements. While banks worldwide have adopted this concept, Australia's New Payments Platform (NPP), when contrasted with global models, takes this concept a step further with benefits that include all of the features today's bank customers want, such as 24x7x365 availability; real-time settlement, posting in seconds, premier messaging standards and alternate identifiers. It is thus imperative to build a carefully planned, all-inclusive NPP solution that will remain viable, profitable, efficient and serviceable from internal, regulatory, payments and customer perspectives alike.
CGAP Landscape Study on International Remittances through Mobile 2012CGAP
Â
Since the 2010 study, there has been growth in live international remittance deployments using mobile channels, though over half of planned deployments from 2010 have still not launched. Usage of existing services appears very low compared to overall mobile wallet customers. Successfully deploying international remittances through mobile money faces significant challenges, including operational difficulties, a lack of sender/recipient education and trust, and regulations. Establishing a strong domestic mobile money ecosystem first is key before launching international services. While some new models are emerging, traditional providers like Western Union still maintain large advantages through their existing networks and brand recognition. Operators remain optimistic about the long-term potential for mobile remittances.
E-invoicing in Corporate Banking: A European PerspectiveCognizant
Â
This document discusses e-invoicing in corporate banking in Europe. It notes that persistently difficult business conditions have forced banks and clients to find more efficient ways to manage their financial supply chains. The document suggests that a cloud-powered, integrated approach to e-invoicing could help achieve this. However, adoption of e-invoicing in Europe has been slow due to challenges around regulations, standards, costs and technology interoperability. The document proposes that a community cloud-based e-invoicing solution managed by a trusted third party could help address these challenges and accelerate adoption of e-invoicing.
Digital Disruption Nordic Retail Banking_10june_digitalIlkka Ruotsila
Â
1) Digital disruption is rapidly impacting the Nordic banking industry as customer expectations are being driven by digital technologies and new digital entrants are addressing customer needs in new ways.
2) A study found that one third of Nordic bank revenues are at risk due to lost market share and pressure from both global and local digital disruptors attacking the entire banking value chain.
3) While Nordic banks recognize the threat, most lack a clear digital strategy and transformation plan to evolve their business models, putting more of their revenues at risk from digital disruption.
A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
The document discusses the evolution of open banking into open finance in the UK and Europe. Open banking has grown significantly since its introduction through regulation, with billions of API calls enabling new financial products and services for millions of customers. There is now interest in expanding open banking into open finance by increasing access to broader financial data across sectors, with the goal of improving consumer outcomes through greater competition and innovation. International bodies are also working to develop open finance standards beyond payments and banking at a European level.
European banks have been slow to digitally transform, with only 20-40% of processes digitized and less than 0.5% of spending going to digital. As a result, most banks only offer basic online transactions. However, over two-thirds of European banking customers will be highly adapted to the digital world in the next 5 years. Full digital transformation could increase a bank's earnings by over 40% through automating processes and moving activities online to cut costs by 20-25%. However, banks have viewed digital transformation too narrowly, failing to fully integrate new technologies across their organizations.
This presentation by the UK Competition & Markets Authority was made during a workshop on âRegulation and competition in light of digitalisationâ held by the OECD in Paris on 31 January 2018. More papers and presentations on the topic can be found out at oe.cd/wrcd.
Instant Payments allow for payments to be processed in real-time, typically within 10 seconds. While they provide benefits like convenience and the ability to pay without cards, their disruptive potential is uncertain as existing payment instruments also work well. Adoption depends on triggers for users and use cases with enough volume and value. Banks face challenges implementing Instant Payments due to costs of upgrading systems while non-banks have opportunities. For Instant Payments to succeed, the focus needs to be on the customer experience and specific high-value use cases, with cooperation across the industry to improve efficiency of infrastructure.
Open banking standards: The future of banks?Initio
Â
Open banking standards: The future of banks?: summary of the IKS (Internal Knowledge sharing) session held by Initio. Speaker: Mathieu Doyen, Business Consultant within the Digital Transformation service line.
Zvilo aims to become the first major challenger bank in the Balkans by offering digital financial solutions and disrupting outdated banking. They plan to focus on countries like Kosovo, Albania, North Macedonia, and more. Zvilo sees an opportunity due to high banking fees, poor user experience from incumbents, and a large unbanked population. Their strategy is to partner with retailers to offer supply chain financing and promote consumer banking to access customers. Financial projections show growing revenue streams from supply chain financing, consumer banking, money transfers, and interchange fees to reach over âŹ66 million in revenue by year five.
Digital india: Emerging Challenges & Opportunities for the Banking SectorArun Prabhudesai
Â
The presentation given by RBI's Harun R Khan outlines the following:
Digital Revolution: migration from cash to electronic
payments
⢠New Thrust Areas: mobile banking â BBPS - TReDS
⢠Security vs Convenience
⢠Challenges & Opportunities for banks
⢠Concluding Thoughts
It is clear the banking landscape is changing. Explore what open banking means and the impact it could have on the market. Find out more in our report at Deloitte.co.uk/Flourish. You can also discover further analysis on open banking and the future of banking generally at Deloitte.co.uk/FutureBank.
This document discusses opportunities and challenges in the banking sector. It proposes the development of a financial transactional/trading platform (FTTP) as a cloud-based marketplace that would connect financial service providers and consumers. The FTTP would provide services like retail banking, payments, lending, and serve as a front office for banks. It would aim to increase access to financial services for individuals and small businesses. The company behind the FTTP has experience developing banking software and wants to build on an existing prototype platform.
The European Commissionâs new rule on credit cards will cut 200 million commissions in Italy: will a subscription fee be introduced? With a contribution by Gabor Friedenthal, Dep. Managing Director, and Daniele Pontecorvo, SEM
Ăhnlich wie IBAN Portability Project_Public Affairs (20)
Fueling AI with Great Data with Airbyte WebinarZilliz
Â
This talk will focus on how to collect data from a variety of sources, leveraging this data for RAG and other GenAI use cases, and finally charting your course to productionalization.
Best 20 SEO Techniques To Improve Website Visibility In SERPPixlogix Infotech
Â
Boost your website's visibility with proven SEO techniques! Our latest blog dives into essential strategies to enhance your online presence, increase traffic, and rank higher on search engines. From keyword optimization to quality content creation, learn how to make your site stand out in the crowded digital landscape. Discover actionable tips and expert insights to elevate your SEO game.
Ocean lotus Threat actors project by John Sitima 2024 (1).pptxSitimaJohn
Â
Ocean Lotus cyber threat actors represent a sophisticated, persistent, and politically motivated group that poses a significant risk to organizations and individuals in the Southeast Asian region. Their continuous evolution and adaptability underscore the need for robust cybersecurity measures and international cooperation to identify and mitigate the threats posed by such advanced persistent threat groups.
Skybuffer AI: Advanced Conversational and Generative AI Solution on SAP Busin...Tatiana Kojar
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Skybuffer AI, built on the robust SAP Business Technology Platform (SAP BTP), is the latest and most advanced version of our AI development, reaffirming our commitment to delivering top-tier AI solutions. Skybuffer AI harnesses all the innovative capabilities of the SAP BTP in the AI domain, from Conversational AI to cutting-edge Generative AI and Retrieval-Augmented Generation (RAG). It also helps SAP customers safeguard their investments into SAP Conversational AI and ensure a seamless, one-click transition to SAP Business AI.
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See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
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2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
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6. Ideas and approaches to help build your organization's AI strategy.
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We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether youâre at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
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HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUpanagenda
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Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-und-domino-lizenzkostenreduzierung-in-der-welt-von-dlau/
DLAU und die Lizenzen nach dem CCB- und CCX-Modell sind fĂźr viele in der HCL-Community seit letztem Jahr ein heiĂes Thema. Als Notes- oder Domino-Kunde haben Sie vielleicht mit unerwartet hohen Benutzerzahlen und LizenzgebĂźhren zu kämpfen. Sie fragen sich vielleicht, wie diese neue Art der Lizenzierung funktioniert und welchen Nutzen sie Ihnen bringt. Vor allem wollen Sie sicherlich Ihr Budget einhalten und Kosten sparen, wo immer mĂśglich. Das verstehen wir und wir mĂśchten Ihnen dabei helfen!
Wir erklären Ihnen, wie Sie häufige Konfigurationsprobleme lÜsen kÜnnen, die dazu fßhren kÜnnen, dass mehr Benutzer gezählt werden als nÜtig, und wie Sie ßberflßssige oder ungenutzte Konten identifizieren und entfernen kÜnnen, um Geld zu sparen. Es gibt auch einige Ansätze, die zu unnÜtigen Ausgaben fßhren kÜnnen, z. B. wenn ein Personendokument anstelle eines Mail-Ins fßr geteilte Mailboxen verwendet wird. Wir zeigen Ihnen solche Fälle und deren LÜsungen. Und natßrlich erklären wir Ihnen das neue Lizenzmodell.
Nehmen Sie an diesem Webinar teil, bei dem HCL-Ambassador Marc Thomas und Gastredner Franz Walder Ihnen diese neue Welt näherbringen. Es vermittelt Ihnen die Tools und das Know-how, um den Ăberblick zu bewahren. Sie werden in der Lage sein, Ihre Kosten durch eine optimierte Domino-Konfiguration zu reduzieren und auch in Zukunft gering zu halten.
Diese Themen werden behandelt
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5th LF Energy Power Grid Model Meet-up SlidesDanBrown980551
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5th Power Grid Model Meet-up
It is with great pleasure that we extend to you an invitation to the 5th Power Grid Model Meet-up, scheduled for 6th June 2024. This event will adopt a hybrid format, allowing participants to join us either through an online Mircosoft Teams session or in person at TU/e located at Den Dolech 2, Eindhoven, Netherlands. The meet-up will be hosted by Eindhoven University of Technology (TU/e), a research university specializing in engineering science & technology.
Power Grid Model
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Power Grid Model is an open source project from Linux Foundation Energy and provides a calculation engine that is increasingly essential for DSOs. It offers a standards-based foundation enabling real-time power systems analysis, simulations of electrical power grids, and sophisticated what-if analysis. In addition, it enables in-depth studies and analysis of the electrical power gridâs behavior and performance. This comprehensive model incorporates essential factors such as power generation capacity, electrical losses, voltage levels, power flows, and system stability.
Power Grid Model is currently being applied in a wide variety of use cases, including grid planning, expansion, reliability, and congestion studies. It can also help in analyzing the impact of renewable energy integration, assessing the effects of disturbances or faults, and developing strategies for grid control and optimization.
What to expect
For the upcoming meetup we are organizing, we have an exciting lineup of activities planned:
-Insightful presentations covering two practical applications of the Power Grid Model.
-An update on the latest advancements in Power Grid -Model technology during the first and second quarters of 2024.
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-An opportunity to connect with fellow Power Grid Model enthusiasts and users.
Dive into the realm of operating systems (OS) with Pravash Chandra Das, a seasoned Digital Forensic Analyst, as your guide. đ This comprehensive presentation illuminates the core concepts, types, and evolution of OS, essential for understanding modern computing landscapes.
Beginning with the foundational definition, Das clarifies the pivotal role of OS as system software orchestrating hardware resources, software applications, and user interactions. Through succinct descriptions, he delineates the diverse types of OS, from single-user, single-task environments like early MS-DOS iterations, to multi-user, multi-tasking systems exemplified by modern Linux distributions.
Crucial components like the kernel and shell are dissected, highlighting their indispensable functions in resource management and user interface interaction. Das elucidates how the kernel acts as the central nervous system, orchestrating process scheduling, memory allocation, and device management. Meanwhile, the shell serves as the gateway for user commands, bridging the gap between human input and machine execution. đť
The narrative then shifts to a captivating exploration of prominent desktop OSs, Windows, macOS, and Linux. Windows, with its globally ubiquitous presence and user-friendly interface, emerges as a cornerstone in personal computing history. macOS, lauded for its sleek design and seamless integration with Apple's ecosystem, stands as a beacon of stability and creativity. Linux, an open-source marvel, offers unparalleled flexibility and security, revolutionizing the computing landscape. đĽď¸
Moving to the realm of mobile devices, Das unravels the dominance of Android and iOS. Android's open-source ethos fosters a vibrant ecosystem of customization and innovation, while iOS boasts a seamless user experience and robust security infrastructure. Meanwhile, discontinued platforms like Symbian and Palm OS evoke nostalgia for their pioneering roles in the smartphone revolution.
The journey concludes with a reflection on the ever-evolving landscape of OS, underscored by the emergence of real-time operating systems (RTOS) and the persistent quest for innovation and efficiency. As technology continues to shape our world, understanding the foundations and evolution of operating systems remains paramount. Join Pravash Chandra Das on this illuminating journey through the heart of computing. đ
2. FORFIRM is an ICT company specialized in the FINTECH sector
serving large clients in banking sector.
⢠The mission of FORFIRM is to experiment new technological
trends in advance in its laboratory and present to the Finance
Market disruptive innovations
⢠The different research areas are E-payments, Blockchain and
Security
⢠The company born in 2014 and with a growth of 100% on year
basis passing from 280K⏠in 2015 to the estimated 1,2Mil in
2017, is composed by a team of people passed from 2 to 21
person all with PHD or Master Degree and seniority in the IT
and Finance sectors
⢠The mission of FORFIRM is to be lead in the finance innovation
serving its clients on their specific needs and new business
trends
VARESENEXT is an innovation hub which focus is into FINTECH area.
VARESENEXT principal activity is the startups support in the early
stage with a proprietary methodology
⢠VARESENEXT vision is inspired by North European states and USA
start up hub
⢠The mission of VARESENEXT is to increase the number of fintech
start up in Italy (in particular in Varese district)
⢠The research areas are blockchain, crypto coins, digital and
physical banking merge, digital bank transformation and open
banks
IBANP is a fintech start up, spin off of FORFIRM, with the mission to
realize the Account Number Portability
THE ECO SYSTEM OF IBANP
2
3. OUR MISSION
BRINGING ANP (Account Number Portability)
TO THE BANKING MARKET
The objective of the International Bank Account Number Portability Project (IBANP)
is to introduce, in the European banking Market, the portability of IBAN as today
already happens with mobile phone numbers in the telecommunication sector
3
4. Both Banks and their Account Holders are facing multiple issues coming from the absence of any form of
ANP in Europe and from the consequences of the financial crisis
Switching barriers for the bank
accounts holders
⢠Changing IBAN requires informing all
subjects that regularly credit or debit a
Bank account
⢠This issue is particularly relevant for SME
and for Independent workers and for a
rising proportion of people who are
moving internationally for work
⢠The consequent loss in the levels of
competition brings to higher prices,
reduced efficiency and innovation
⢠This is also a barrier to entry for the
newest digital banks
High costs of reorganization for
banks
⢠As a consequence of Financial Crisis, Banks
need to reorganize and centralize their
finances
⢠This involves moving bank accounts and,
changing IBANs of thousands and
thousands of customers
⢠Those operations are very expensive and
can last for a long period of time
⢠Due to the inconveniences for account
holders, there are very high risks in terms
of losses of clients
Rising Levels of regulatory
compliance activities
⢠Banks are facing rising costs in terms of
compliance with evolving regulations
(including AML, KYC, PEP)
⢠Procedures needed to control bank
accounts and updates of IT systems in
response to new regulations can cover
over 70% of the costs related with current
accounts, also because banks manage
them on their own
⢠When a customer opens a new account,
the procedures have to be repeated from
the beginning: there is not portability of
its dossier in place
IBANP : issues and market needs
4
5. ANP: how to solve it?
Two main ârevolutionsâ can be the enablers to address the
resolution of the challenges previously presented
PSD2
⢠Open bank regulation is forcing Banks to open their
customer account data (if approved by customer) to other
Banks by using simple standard communication
Blockchain
⢠The introduction of smart contracts and trusted
identity provided by blockchain will allow Bankâs to
securely cooperate between them
⢠R3 is a concrete example of a consortium with over
100 Banks cooperating to standardize the smart
contract solution among all Banks
Both initiatives allowed us to identify and register two solutions to ANP
with ID # EP17425092.8 and EP17425091.0 under the IBANP project
5
6. ANP: How IBANP Works
Old Bank
Internal Database
2
11
2
3
4
5
2Central payment
system
Central Respository
Central Redirection Database
Central Payment Mandates
Central KYC Database
New Bank
Internal Database
The Centralized Banking Options Information Exchange
The customers use the same account
number regardless of which bank
they resides with
The Central payment system accesses a portability routing table from the
central redirection database and forward the payment to the new bank
Plug-in Plug-in
6
7. The CLOSED modality will allow the banks to share
the services of IBANP with a specific group of
banks that are part of their specific consortium /
group
The OPEN modality, will allow the banks to share
the service at European Level with all the other
banks that choose the open modality
ANP: An open and a closed IBANP solution
Consortium 1
Consortium 2
1.1
1.2
1.3
2.1
2.2
0.1
0.2
0.3
CLOSED SOLUTION
OPEN SOLUTION
7
8. ANP: THE BENEFITIS OF IBANP
The Specific Features of IBANP
1. ANP
2. Shared Platform
3. Plug-in Solution Compatible with every system
4. Closed or Open versions
5. Open License
6. Owned by the Banks and the Consumers
Specific
features
involved
Banks Digital Banks
Final
Consumers
Control
Authorities
A.1. Facilitates Reorganization of Banks reducing drastically
costs, timing and risk to lose clients
1-3 X x
A.2. Facilitates Internal Mobility of Accountsâ Holders and
eliminates related administrative burden
1-4 x x X
A.3. Reduces drastically Compliance and security Costs 2 X X x X
B.1. Facilitates Open Mobility of Accountsâ Holders 1-4 X X x
B.2. promotes a gradual Liberalization of the Market 1-4 X X
B.3. Rises Transparency in the Sector 2 X
C.1. Clients and Consumers associations have Ownership on
the product
4-5-6 X X X
C.2. No Costs of Development for the clients (the banks) 3 X X x
8
9. Main Reluctances to ANP(*)
and our response
(*) SOURCES ARE:
For EBF: European Banking Federationâs Response to the European Commission Green Paper on Retail Financial Services (2016)
For EC: Answer given by Lord Hill on behalf of the Commission to the EP : http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=P-2016-000793&language=EN
EBF: âwith ANP the current IBAN would have to be
replacedâ
⢠IBANP allows the portability of IBANs in a simple and cost effective way
⢠BUT we have already the option, in the long term, to mask the actual national IBANs with a European IBAN
EBF: âThis system would be extremely difficult to
implementâ
⢠The only thing that will need to be done in order to switch bank will be to communicate to the new bank
the codes of portability of a specific IBAN.
EBF: âANP implies complete conversion of customer
databases at banksâ
⢠Our solution doesnât require any change within the software or databases of the banks.
⢠Our solution will link banks databases with a common platformâs repository.
EC: âSuch changes are technically feasible but would
be very costly â
⢠IBANP doesnât require cost of development for the banks: the integration in the system is done through a
plug-in solution to a shared platform
⢠In the long term, once all the infrastructure for the portability of IBAN will be developed thanks to our
Closed/Open solution we can give the option to mask the actual national IBANs with a European IBAN
EC:â the corresponding costs of the introduction of a
full ANP system outweighs its potential benefitsâ
⢠Our solution reduces drastically the costs involved
⢠The CBA above ANP, supporting the preparation of PAD, didnât take into consideration the effects that the
switching barrier has on the Business Banking sector (which are much higher than in the retail one)
⢠The CBA didnât take into consideration neither the indirect effects coming from the rising up of competition
EC: âIf pan-European ANP were introduced, the SEPA
Regulation adopted in 2012 would have to be
reviewed to modify IBAN identifiersâ.
⢠Yes - SEPA Regulation (par 4.3 SEPA credit Transfer Processing Flow - and ISO 13616-1: 2007) needs to be
reviewed. Any future model of ANP would. The next review is planned for the end of 2018, with many
changes as the introduction of the fast payments in the SEPA circuit
9
10. Views of European Commission on ANP
âThe results of the study published today explain why consumers change their banks so rarely. If consumers are not able to
easily switch bank accounts, they cannot take advantage of better and cheaper banking services on offer elsewhere. The
single market is thus deprived of the competitive drive that leads to innovation, cost savings and better quality banking
services. This, in the long-run, can prove to be an obstacle to growth.â (2012)
âThe Commission agrees that pan-European portable account numbers have advantages for consumers. During the
preparation of the legislative proposal for the PAD, the Commission examined the costs and benefits of the introduction of
full Account Number Portability (ANP) in the EU but concluded that the corresponding costs appeared to outweigh potential
benefits at that timeâ. (2016)
⢠Several important steps have been taken in Europe in order to foster competition on the banking market with initiatives
such as the "Payment Service Directive" (PSD2) and the "Payment Account Directive" (PAD)
⢠PAD demands for easier ways to switch between banks and asks to member States, as a minimum instrument to support
consumers, to implement a manual switching service
⢠A deeper CBA of ANP is planned for 2019 in order to support the preparation of PAD 2
(*) SOURCES ARE:
The European Commission press release âConsumers: Switching bank accounts â 8 out of 10 mystery shoppers faced difficultiesâ, 24 Feb 2012 on the results of the Commission
monitoring report three years after the entry into force of the Common Principles for Bank Account Switching agreed y the European Banking Industry Committee (EBIC) in 2008
Answer given by Lord Hill on behalf of the Commission to the EP in 2016: http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=P-2016-000793&language=EN
10
11. Manual VS Automatic
⢠A manual switching service is expected to have higher error rates than an automatic service
⢠Even an automatic Switching Service has limits in time and do not reassure the customers on mistakes as described below
Informing third parties/fear of
missed payments
⢠Users of the manual/automatic switching service must check themselves whether:
⢠direct debits and credit transfers are forwarded correctly
⢠and whether client or suppliers have entered the new account number in their records.
⢠ANP eliminates this switching barrier
Retail and Business
⢠The actual manual switching service is not compulsory for Businesses
⢠Banks donât have incentives in liberalizing this market
⢠Nevertheless businesses would be the major beneficiaries of an ANP system
Third Parties Admin. Systems
⢠If ANP was introduced, businesses would no longer need to adjust the account numbers of customers that switch banks in their
administrative systems.
Level of Awareness and
Switching Rates
⢠Despite the application of manual/automatic switching services, switching rates in Europe are still low
⢠A study by two employees of the Dutch Central Bank (**) has shown that increasing the awareness of the switching service has no
significant effect on consumersâ switching intention.
⢠The introduction of ANP, by contrast, would have a significant effect on the intention to switch
Several competition and markets authorities around Europe are hiring research specialists in order to move the current
discussions above ANP forward(*). The results are similar: ANP would be a much more effective way to lower switching
barriers and therefore to raise the competition in the banking market than a Bank Switching Service
ANP VS Banks Switching Services
11
(*) In this presentation we refer to the Study of the benefits of account number portability, Decisio (The Netherlands, 2016) commissioned by the Netherlandâs Authority for
Consumers and Markets and to the study Account Number Portability â Report Commissioned by the Financial Conduct Authority, Moorhouse (UK, 2015)
(**) DNB working paper no. 490. Banking products: You can take them with you, so why don't you? De Nederlandsche Bank. (2015, december)
12. One of the main reasons for consumersâ painful switching experiences and their unwillingness to switch is the
fear of losing some incoming and outgoing payments to the ânewâ account. This issue obviously goes beyond
the consumer-bank relationship and involves creditors (e.g. utility companies, lenders) and debtors (e.g.
employers, fiscal authorities) who often fail to update new account credentials in their databases in a timely
manner. Ultimately, recurring payments continue to come out of the old account which may be insufficiently
provisioned or the old account may have been closed.
Account number portability (ANP) would avoid significant inconvenience to consumers and would reassure
them that no payment will be lost while switching accounts.
CUNSUMER ORGANISATION OPINION(1):
THE EUROPEAN CONSUMER
ORGANISATION
12
13. CUNSUMER ORGANISATION OPINION(2):
The UK Financial Conduct Authority
In September 2014, the UK Financial Conduct Authority (FCA) commenced a study of the costs and benefits of account number
portability (ANP) as a way of increasing competition in banking by making it easier for customers to switch provider. This report
provides 4 theoretical solutions to ANP and their advantages. IBANP is built combining the best options from this study
CUNSUMER ORGANISATION OPINION(3):
Netherlands Authority for Consumers and Markets
June 2016
Direct benefits only for the Netherlands (for the period 2017-2026) Base Scenario 1 Base scenario 2
Lower switching costs for customers EUR 174 million EUR 134 million
Lower switching costs for business EUR 159 million EUR 121 million
Fewer administrative operations for business and institutions when customer is given a new
account number
EUR 133 million EUR 133 million
Estimate of total direct benefits EUR 466 million EUR 388 million
Estimate of Indirect Benefits coming from more Competition EUR 550 million EUR 500 million
13
Recommendation of ACM to the European Commission: Stimulate other Member States to estimate (parallel to the implementation
of the PAD switching service) the social benefits of EU-wide ANP, using the framework offered by ACM as the starting point
14. The Benefits of IBANP
⢠IBANP Facilitates Reorganization of Banks reducing drastically
involved costs, timing and risk to loose clients
⢠Costs of the Migration of Data (1): M&A operations require
expensive IT assistance for the migration of data depending on the
complexity and number of IT systems involved. IBANP simplifies
those operations and doesnât involve any cost of internal
development for the clients as based on a Plugin solution
compatible with the systems of the banks
⢠Timing Required (1.3): Those operations can last 9 to 12 months
while the introduction of IBANP would reduce this time to a few
weeks.
⢠Inconveniences for Account Holders (3): Banks loose a significant
share of clients in those operations with consequent losses in terms
of investment downgrade. IBANP would reduce drastically this risk
thanks to the ANP that reduces inconveniences for account holders
⢠Communication and Retention (2): As a consequence of the risk to
loose clients, banks have to put in place customersâ retain activities
that involve costs of several Millions ⏠for an operation of average
level. IBANP would reduce those activities to formal communication
⢠Assistance to Clients for Switching (4): As imposed by PAD banks
have to take certain actions in order to inform businesses that
collect debits payments from the consumerâs previous account.
IBANP would eliminate this cost
A simulation (*)
(*) Scenario of Acquisition of 3 banks by a big banking group, involving the migration of 1,5
Million Bank accounts, an expected loss of clients of 8%, an average daily balance of users of
3.000 euros, and returns of investments of 10% with a leverage effect of 10.
THE VALUE PROPOSITION for BANKS (1):
INTERNAL MIGRATION OF BANK ACCOUNTS
NO IBANP IBANP
0. Plug-in to IBANP - 800.000
1. Migration of Data 4.000.000 146.000
1.2. Risks of Interruption of operation High No
1.3. Time of Migration of Data 9 Months 2 weeks
2. Communication and Retention 2.777.273 1.200.000
3. Loss of Clients and Investment
Downgrade
313.200.000 19.575.000
4. Assistance to clients for switching 47.045.455 0
14
15. The Benefits of IBANP
THE VALUE PROPOSITION for BANKS (2):
CLOSED ANP FOR ACCOUNT HOLDERS
⢠Rising Mobility of Work and Consequent rising Demand for ANP
⢠IBANP facilitates Mobility of Accountsâ Holders and eliminates
related administrative burden
⢠Switching Administrative Costs for Retail Consumers (1): Costs
related with opening a bank account and closing the old one are
evaluated at 100 ⏠per switching operation + loss of time. IBANP
would eliminate them. Banks could ask for a part of the savings
provided to cover the services of ANP.
⢠Cost of the Services of ANP (2): in order to offer the services of
portability banks have o pay an amount which is proportional to
the number of switching operations and to the number of requests
of a BIC to the redirection database od IBANP (in relation with the
number of bank transfers)
⢠Loss of Clients (3): Banks loose an important share of their clients
going o live abroad, with consequent losses in terms of investment
downgrade. IBANP would reduce drastically this loss
⢠Marketing Campaign and Investment Upgrade (4): We assume that
the first banks that will provide a service of ANP to mobile workers
can gain a significant share of this category of clients.
A simulation (*)
(*) Scenario of a Medium Group with 40 banks, 10.000.000 account holders, a switching rate of
0,5% with an average daily balance of users of 3.000 euros, and returns of investments of 10%
with a leverage effect of 8. In this scenario we assume that the bank is between the first offering
the ANP service and would capture a 10% of the market of Mobile people.
NO IBANP IBANP
0. Plug-in to IBANP 3.000.000
1.Swiching costs of the client (as an
indicator of their willingness to pay)
5.500.000 (+) 2.750.000
2. Cost of the Services of ANP 5.949.440
3. Loss of Clients and Investment
Downgrade
104.400.000 10.440.000
4.Maketing Campaign and Investment
Upgrade
(+) 206.300.000
15
16. The Benefits of IBANP
THE VALUE PROPOSITION for BANKS (3):
MANAGEMENT OF CURRENT ACCOUNTS WITH
REDUCTION OF COMPLIANCE COSTS
A simulation (*)
⢠Management and update or regulatory compliance represents
today the most relevant IT cost for current accounts (up to 70% in
2017).
⢠IBANP would drastically Reduce Compliance Costs of clients
thanks to:
⢠The Portability of Personal Accounts Dossiers: IBANP would
reduce them drastically thanks to the fact that client folders will
be passed from a bank to another bank and to the centralization
in a unique office of all the normative activities of the
consortium.
⢠Economies of Scale and Reduced Individual Price: IBANP would
sell this reduced (per single bank) amount of compliance services
at a lower individual price.
⢠The upgrade of the IT system would be done once for all the
members of the platform. (*) Scenario of a Medium Group with 40 banks, 10.000.000 account holders, in a year of
high regulatory updates
NO IBANP IBANP
0. Plug-in to IBANP - 3.000.000
1. Annual Regulatory Compliance Costs 26.410.000 10.428.000
1.1. Annual Upgrade of IT systems in
response to regulatory Changes
8.000.000 200.000
1.2. Costs of Compliance (PEP, KYC, AML) of
opening of New Accounts (Per year)
1.050.000 228.000
1.3. Closure Current Accounts 360.000 0
1.4 Annual Compliance Monitoring (PEP,
KYC, AML) and update data for all the clients
17.000.000 10.000.000
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17. Advocacy Key Elements and Barriers for IBANP
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BARRIERS AND ADVOCACY ELEMENTS OUR RESPONSE AND COMMENTS
The concentration of the activities of such a
strategic area in a private company is dangerous and
would not be allowed
⢠Creation of a Consortium of banks and Associations of Consumers: Banks and consumers will manage and own the
platform
⢠The software of the platform is open AND based on GNU licensing model allowing third parties to build new commercial
products;
Traditional Banks are reluctant towards a solution
that may foster competition in their sector
⢠Correct communication with banks explaining LT opportunities
⢠Proposition of other competitive Advantages
⢠The needs of reorganisation of the market are pushing in this direction
Europe may prefer another Model of ANP. There are
several theoretical options under analysis
⢠We registered two different solutions to ANP.
⢠We believe the market is ready only for the solution presented under this presentation.
⢠The second model would use the same technical infrastructure in order to propose a European unique IBAN coding
system
Our solution requires Openness of personal financial
data of customers
⢠Solved by PSD2 (which will be applied as of 2018) that will require banks to open data on their clients
Requires improvement in the SEPA regulation on the
composition of IBAN
⢠Next revision to SEPA is planned for 2018.
⢠Other expected changes are going in this direction
In order to trigger this solution at European level
ANP has to become compulsory
⢠Not a market barrier as our solution has a potential market that is independent
⢠EC is planning a new CBA on ANP for PAD2 in 2019
⢠We will actively collaborate with consumer associations to promote this change
18. OUR VISION OVER THE GOVERNANCE OF IBANP
Governance structure: the platform should be owned by a consortium of banks and associations of consumers and FORFIRM as
Technical Partner. The CDA of IBANP should be composed by Representatives of Banks and Consumers
Redistribution of Revenues: Revenues of its activities would be redistributed following a model that will be decided by its members
over the following voices:
⢠The further development and management of the platform (including the services that will be provided by FORFIRM )
⢠Returns to the members
⢠Investment into Innovative Fintech Startups with a fund promoting innovative solutions promoting the liberalization of the
sector
Banks
Tecnical
partner
Associations of consumers
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19. In 2016, FORFIRM has been involved directly as IT consultant for an important German Bank in an operative tentative to
centralize in its Frankfurt branch foreign bank accounts. At the end, the operation was limited at the retail segment as the
risk of losing clients was too high in the corporate segment. This experience brought us to the conclusion that an innovation in
the field was required
⢠March 2016 - design of the solutionâs architecture: adopting the TOGAF (Open Group Architecture Framework)
⢠October 2016 â development of prototype APLHA in COBOL with a focus on performance and cyber security.
⢠December 2016 - Interconnection of prototype ALPHA with SEPA circuit communication standards: In this phase we have integrated the IBANP
software with a payments bank emulator and tested the E2E flow.
⢠August 2017 - Registration of two patents regarding our tactical ST solution (described above) and our strategic LT solution (that building on the
shared platform will propose to mask the actual National IBANs with EU IBANs)
⢠December 2017 - April 2018: Development of BETA Prototype
⢠April-October 2018: TEST with Pilot Bank
⢠December 2018: Finalisation of Candidate Version of IBANP
Current Stage of Development of IBANP
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