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CGI launches CGI Open Finance to power and extend the new banking ecosystem

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CGI launches CGI Open Finance to power and extend the new banking ecosystem

CGI (NYSE: GIB) (TSX: GIB.A) is pleased to announce the launch of CGI Open Finance, a solution built for the next wave of digital banking and designed to empower banks to reap the benefits of the open API economy, as well as address the challenges of open banking.

Open banking, whether driven by competition or regulation, is breaking up the traditional banking value chain, opening up the global banking industry, and profoundly changing the dynamics of the banking market. Despite the challenges this presents, CGI sees it as a great opportunity for collaboration. By leveraging CGI Open Finance, traditional banks, with the advantage of their strong reputations and longstanding customer relationships can now look to develop new value propositions and revenue streams through partnering with CGI and FinTechs.

“CGI Open Finance is modelled on our successful partnership with a leading multinational which was looking to design, develop and launch a new API-based bank said Frederik Evrard, Vice-President, CGI in Luxembourg.

“We are excited about the opportunities it offers our clients. By incorporating the latest technology and architecture with CGI’s deep banking expertise in open banking and the open API economy, we believe CGI Open Finance can transform the industry.”

CGI Open Finance is a complete solution for open banking, enabling the integration of traditional banks and their product-centric applications with FinTechs through an API and orchestration layer. More than that, CGI Open Finance supports the much wider set of non-functional requirements needed to operate an industrial strength, secure and resilient platform required for the new world of banking. It not only facilitates close collaboration with third party providers (TPPs), but also enables banks to become aggregators and provide the same services, driving real innovation. With CGI Open Finance, banks can maximize the benefits of open banking by offering new digital services and value-add partnerships to their customers.

Moreover, with its state-of-the-art open banking architecture, CGI Open Finance ensures complete compliance with the Revised Payment Service Directive (PSD2) for European financial institutions and, in the UK, compliance with the Open Banking Implementation Entity initiative in line with the Competition and Markets Authority (CMA). Its interfaces and non-functional requirements have been defined based on PSD2 requirements and leverage the power of APIs to open up the value chain for banks.

Overall, CGI Open Finance leverages a wide array of everyday banking functionalities out-of-the-box, including:

  • Secure APIs for PSD2, CMA, STET and Berlin Group transactions
  • Building blocks for the management of TPPs, including an enrolment portal, and consent management
  • Continuous integration platform for quality control, automated build and API testing
  • Sophisticated analytics and smart security
  • Access to API store
  • Billing and monetization options

CGI helps its clients realize their transformational agendas by bringing the latest thinking, innovation and technical know-how to the fore. As a trusted partner to banks across the globe, and with more than 40 years’ experience at the heart of the banking industry, CGI is well positioned to support clients in embracing the new market dynamics of open banking.

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Euro zone factories buzzing in February as demand soars

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Euro zone factories buzzing in February as demand soars 1

By Jonathan Cable

LONDON (Reuters) – Euro zone factory activity raced along in February thanks to soaring demand, a survey showed on Monday, although the burst of business led to a shortage of raw materials and a spike in input costs.

Restrictions imposed across the continent to try to quell the spread of the coronavirus have shuttered vast swathes of the bloc’s dominant services industry, meaning it has fallen to manufacturers to support the economy.

IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) jumped to a three-year high of 57.9 in February from January’s 54.8, ahead of the initial 57.7 “flash” estimate and one of the highest readings in the survey’s 20-year history.

An index measuring output, which feeds into a composite PMI due on Wednesday that is seen as a good guide to economic health, climbed to 57.6 from 54.6, well above the 50 mark separating growth from contraction.

“Manufacturing is appearing as an increasingly bright spot in the euro zone’s economy so far this year,” said Chris Williamson, chief business economist at IHS Markit.

“The solid manufacturing expansion is clearly helping to offset ongoing virus-related weakness in many consumer-facing sectors, alleviating the impact of recent lockdown measures in many countries and helping to limit the overall pace of economic contraction.”

A Reuters poll last month showed the bloc was in a double dip recession and that the economy would contract 0.8% this quarter after shrinking 6.9% in 2020 on an annual basis. [ECILT/EU]

Rocketing demand for manufactured goods pushed factories to increase staffing levels for the first time in nearly two years.

But lockdown measures disrupted supply chains and factories struggled to obtain raw materials, leading to a big increase in delivery times.

“The growth spurt has brought its own problems, however, with demand for inputs not yet being met by supply. Shipping delays and shortages of materials are being widely reported, and led to near-record supply chain delays,” Williamson said.

Those shortages allowed suppliers to hike their prices at the fastest rate in almost a decade. The input prices PMI bounced to 73.9 from 68.3.

(Reporting by Jonathan Cable; Editing by Hugh Lawson)

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Strong exports lift German factory activity to three-year high in February – PMI

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Strong exports lift German factory activity to three-year high in February - PMI 2

BERLIN (Reuters) – Higher demand from China, the United States and Europe drove growth in German factory activity to its highest level in more than three years in February, brightening the outlook for Europe’s largest economy, a survey showed on Monday.

IHS Markit’s Final Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, jumped to 60.7 from 57.1 in January.

It was the highest reading since January 2018 and came in slightly better than the initial “flash” figure of 60.6.

Factories have been humming along during the pandemic on higher foreign demand, helping the German economy avoid a contraction in the last quarter of 2020 and offsetting a drop in consumer spending amid a partial lockdown to contain COVID-19.

Many manufacturers reported higher demand from Asia, especially China, as well as the United States and European countries, with export sales posting their biggest increase since December 2017, the survey showed.

Phil Smith, Principal Economist at IHS Markit, said supply chain pressures intensified as more firms reported delays than ever before in nearly 25 years of data collection.

“There looks to be further upward pressure on inflation in the German economy from supply bottlenecks and a subsequent surge in manufacturing input costs,” Smith noted.

The survey suggested that supply disruption is making it more difficult to replenish stocks, which could complicate production in the coming months, he cautioned.

“Nevertheless, the overriding sentiment for the longer-term outlook is optimism, with a record number of manufacturers expecting to see output rise over the next 12 months.”

Still, economists expect the economy to shrink in the first quarter of this year due to a stricter lockdown, which has shut most shops and services since mid-December, and freezing temperatures that slowed construction activity in February.

(Reporting by Michael Nienaber; Editing by Hugh Lawson)

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Tech demand drives Asia’s factory revival, China’s slowdown puts dampener

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Tech demand drives Asia's factory revival, China's slowdown puts dampener 3

By Leika Kihara

TOKYO (Reuters) – Solid demand for technology goods drove extended growth in Asia’s factories in February, but a slowdown in China underscored the challenges facing the region as it seeks a sustainable recovery from the shattering COVID-19 pandemic blow.

The vaccine rollouts globally and pick-up in demand provided optimism for a vast number of businesses that had grappled for months with a cash-flow crunch and falling profits.

In Japan, manufacturing activity expanded at the fastest pace in over two years while South Korea’s exports rose for a fourth straight month in February, suggesting the region’s export-reliant economies were benefiting from robust global trade.

On the flip side, China’s factory activity grew at the slowest pace in nine months in February, hit by a domestic flare-up of COVID-19 and soft demand from countries under renewed lock-down measures.

“The big picture, supported by the latest figures, is that China’s growth remains fairly robust, but it is slowing from previously very rapid rates,” Mark Williams, chief Asia economist at Capital Economics, wrote in a note to clients.

China’s was the first major economy to lead the recovery from the COVID-19 shock, so any signs of prolonged cooling in Asia’s engine of growth will likely be a cause for concern.

With the global rebound still in early days, however, analysts say the outlook was brightening as companies increased output to restock inventory on hopes vaccine rollouts will normalise economic activity.

“The recovery in durable-goods demand is continuing, which is creating a positive cycle for manufacturers in Asia,” said Shigeto Nagai, head of Japan economics as Oxford Economics.

“As vaccine rollouts ease uncertainties over the outlook, capital expenditure will gradually pick up. That will benefit Japan, which is strong in exports of capital goods,” he said.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 50.9 in February, the lowest level since last May but still above the 50-mark that separates growth from contraction.

That was in line with official manufacturing PMI that showed factory activity in the world’s second-largest economy expanded in February at the weakest pace since May last year.

Activity in other Asian giants remained brisk.

The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) jumped to 51.4 in February from the prior month’s 49.8 reading, marking the fastest expansion since December 2018, data showed on Monday.

In South Korea, a regional exports bellwether, shipments jumped 9.5% in February from a year earlier for its fourth straight month of increase on continued growth in memory chip and car sales.

The Philippines, Indonesia and Vietnam also saw manufacturing activity expand in February, a sign the region was gradually recovering from the initial hit of the pandemic. (This story corrects to add name of institution linked to analyst comment in paragraph 5)

(Reporting by Leika Kihara; Editing by Shri Navaratnam)

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