Though we are all aware of the fact that there are scores of companies that buy stock imagery, things are changing as many companies are paying people for images they click with your cameras, smartphones or tablets.

If you want to earn a few bucks quickly and you are wondering how to make money with pictures, then you need to scroll down and know about the top websites that are worth checking out.

• EyeEm

This app helps android users and Apple users to make money with pictures as it is available for iOS and Android. The best thing about this website is its variety of photo enhancing filters. The pictures are sold in partnership with Getty Images.

• Foap

You can earn 5 bucks easily when you sell photos via this website. The approval process depends largely on your ratings as a member. Each time you upload a new photo, you will need to rate images with other members. This ensures that every member has a rating. The more positive ratings you have, the higher would be your chances of approval.

• Alamy

Most people have heard of Alamy as reputed newspapers, publishing houses and magazines buy images from this platform. It has an app called Stockimo that allows you to make money with pictures by letting you upload pictures clicked via a mobile device. This website is meant for class photographers as you can get up to 500 dollars for a picture. The average sale price is about 90 dollars and a photographer gets flat 20 percent fee for any photo that’s sold. You are also free to sold the photos repeatedly if you are willing to go through the approval process again and again.

• Twenty20

This website pays you 20 percent of each picture that earns money. The price of each picture is decided by the company, and the charges are usually based on the size of the photo. The minimum price claimed by the website is 10 dollars.

• ScoopShot

This website mainly caters to websites that are looking for photos of a specific nature. If you seriously want to work hard to sell your photos, then this assignment-based website is perfect for you. When a request comes, you submit photos to fulfill the request, and the person/company that raised the request chooses the photos he or she likes. This app is available for Android and iOS.

• Clashot

If you want to make money with pictures and don’t want to go through a lot of legal red tape then you should try the mobile app known as Clashot. It allows you to upload any picture you want. The ones that get approved are put up for sales. The ones that don’t get approval still get visibility online.

• Fotolia

This app is a bit complicated as the photos you upload here get ranked, and there are some exclusivity deals as well. The payment system is quite generous as you get to earn anywhere from 20 percent to up to 60 percent for the photos that were uploaded by you and sold.

Now that you know about the websites/apps that help you make money with photos, you should learn to target specific niches that are underrepresented in order to ensure that your pictures sell quickly.

CAMRADATA, a leading provider of data and analysis for institutional investors, has launched a Private Markets Database giving investors who are looking for more diversification in their investments access to a new private markets screen within CAMRADATA Live.

CAMRADATA Live enables asset managers to showcase their strategies and allows institutional investors and investment consultants to analyse them all in one easy place.

 Over 2,500 investors and consultants use the portal to search and analyse nearly 6,000 investment products offered by more than 700 asset managers.

Now clients can search in eight private market categories – allowing them to make more informed investment decisions. These categories include: Commodities, Infrastructure Debt, Infrastructure Equity, Natural Resources, Private Debt, Private Equity, Real Estate and Real Estate Debt.

Sean Thompson, Managing Director, CAMRADATA said, “This is an exciting time for CAMRADATA. Not only have we seen our business expand into Europe, MENA and Asia, but this year, we have also been busy developing new services to give our clients even greater value and insight. Adding private markets to CAMRADATA Live further enhances our market offering.

“Increasingly, investors are seeking alternative investments to achieve greater yield and portfolio diversification. Private markets have seen tremendous growth in recent years and we’ve launched this new facility in response to client demand and interest in these types of assets from the institutional investor.

“We encourage investors who are not currently using our online manager research platform, CAMRADATA Live, to get in touch, as it would provide them with a wealth of information at no cost.  Investors will be able to take full advantage of the range of opportunities and strategies in traditional asset classes and now private markets as well, with the confidence that they have robust, up-to-date information at their fingertips,” adds Mr Thompson.

For more information on CAMRADATA visit www.camradata.com.

Switzerland is set for sturdy growth of 2.4% this year and 2.0% in 2019, though further Swiss franc appreciation against the euro remains a risk should investors turn again to the currency to hedge against tensions in global trade and EU politics.

For the updated rating report, click here.

Switzerland’s credit profile reflects its exceptionally strong fundamentals, low levels of debt and sound fiscal management.

Switzerland furthermore benefits from a strong external position, effective financial policy settings and highly developed capital markets, underpinned by the safe-haven status of the Swiss franc.

The Swiss currency however constitutes a potential source of economic uncertainty. The depreciation of the franc against the euro at end-2017, alongside strong external demand, drove the economy’s buoyant growth in the first two quarters of 2018 at 3.2% YoY. In line with the Federal Government’s and IMF’s estimates, Scope expects GDP growth of 2.4% for 2018 due to the continued strong performance of its main trading partners and robust domestic demand, supported by investment and favourable labour market trends, before flattening out to 2.0% in 2019, as the global economy slows down.

The main risks to future growth stem from international trade tensions and regional political uncertainty, which could create renewed safe-haven pressures on the Swiss franc. This has been amply demonstrated in the past, triggering the SNB’s heavy currency intervention leading to a quadrupling in the size of the central bank’s balance sheet since the financial crisis.

On the domestic front, Swiss banks’ exposure to real estate, with mortgage lending accounting for around 85% of total domestic bank lending, is a source of potential economic instability given elevated household loan-to-income ratios, up 10 percentage points since 2013 to around 50% in 2017. Risks are somewhat mitigated by Swiss households’ ample financial assets, amounting to 370% of GDP.

In addition, while Scope is confident in continuing constructive relations between Switzerland and the EU, also with regards to concluding a new bilateral framework agreement, two key potential strains could emerge, given:

• First, the right-wing Swiss People’s Party’s collection of more than 100,000 signatures (to be validated by the Federal Chancellery) necessary for a national vote to discontinue the existing free movement agreement with the EU. A similar referendum in 2014 took place, though the Swiss parliament later voted to ensure new legislation conformed with EU rules.
• Second, the status of the Swiss stock exchange within the EU. In December 2017, the EU granted a one-year stock-market equivalence to Switzerland, while the Federal Council adopted a contingency measure, under which, if no extension is made by December 2018, it would require EU stock exchanges to apply for permission to trade in Switzerland.

Scope currently rates Switzerland at AAA with a Stable Outlook. This publication does not constitute a credit rating action. For the last credit rating action release, click here.

Global Banking & Finance Review – Q&A with Tim Simon, Chairman of Madiston LendLoanInvest

With the decline in lending by high street banks in the UK and the growth of alternative financial lenders, what are the major risks a borrower encounters when choosing an alternative lender?

Tim Simon, Chairman of Madiston LendLoanInvest

It is important that borrowers understand the detail of the agreement they’re entering into, the charges the alternative lender makes and what happens in the event of a borrower’s circumstances changing or a borrower defaults. To prevent misunderstanding or bad practice in the future, from 1^st April this year the P2P Lending market will be regulated by the Financial Conduct Authority and that is already having a positive impact on the market and reducing the risks associated with it. Reputable alternative lenders are welcoming the regulation as are the main trade bodies like the P2P Finance Association whose members make up the lion’s share of the market.

Please give a brief description of Madiston LendLoanInvest and how you came into fruition.

Madiston LendLoanInvest is a very flexible P2P Lending site that enables lenders and borrowers to choose how they want to manage their money. There are two markets – Bidding and Matching – with tools for automatic bidding and re-bidding to make life easier for lenders.  The Bidding Market shows borrowers’ loan requests so they can put their case directly to lenders.  Lenders can also see the borrower’s credit category and all the bids from other lenders so they have information to make individual decisions on each loan request. The automated Matching Market is for borrowers and lenders who would rather the system did all the work for them. With the tools available, lenders have granular control in the Matching Market too, using AutoLend to set up and flex their lending parameters and ARBU (automatic response to bumped-off underbid) to automatically make new bids if their first offers were too high.

Madiston LendLoanInvest is built on Madiston plc’s own P2P Lending software, designed from the outset as a commercially available, customisable platform. Tim Simon, CEO of Madiston, has a background in FinTech (with market leading software for the securities and banking market) but first came across P2P Lending when he was researching music crowd funding for his son’s band. Seeing the potential of alternative finance, he researched the market and now Madiston has the software to provide lenders and borrowers with more choice, and corporates looking to enter the market with a software platform to suit.

What services do Madiston LendLoanInvest offer that differ from their competitors?

The Bidding Market is different within the personal lending space – most P2P lenders for personal loans use the “behind the scenes” Matching Market style. The Bidding Market is seen more often in business lending but we’ve implemented it for lenders on personal lending giving them the opportunity to decide for themselves if they’d like to help individual borrowers but, perhaps, at a higher interest rate.

Madiston LendLoanInvest offers more flexibility for borrowers – if borrowers want to be specific and borrow £1,110 over 15 months, they can. They are not shoe-horned into one, three or five year loans and they can borrow in £10 increments over £1,000. By borrowing only what they need over the shortest period they can afford, borrowers can contain their costs.

It provides more control for lenders – in addition to the controls they have to set up their lending, they are kept informed of every action and transaction affecting their portfolio (they can switch email notifications on or off) with a dashboard and drill-down capability so they can see, to the penny, where their money is, where their interest is coming from, when repayments will be made and how the charges have been calculated.

It caters for experienced P2P lenders – during our research, we learned that lenders were frustrated because they wanted the opportunity to use their own skills and knowledge on the P2P platforms to increase the return on their money. Direct choices on the Bidding Market, detailed parameter settings on AutoLend and ARBU, combined with the information on the dashboard, means they can now get to know the platform and flex their lending parameters as they see fit to get the most from their money.

Do you offer borrowers financial advice?

We don’t offer financial advice but extensive information about the risks, rewards and costs involved is available on the site.

With regards to lenders, how do your services benefit them?

We have built a system which we believe offers many benefits to lenders, not least:

Wider range of borrowers so higher interest rates on offer. One of the most important considerations for lenders is the return they can expect from their investment. Madiston LendLoanInvest includes a wider range of creditworthy borrowers. These are borrowers who just dip below the credit levels offered on the market leading sites, but still pass the credit, affordability and stability checks. These borrowers are under-served in the market at the moment, sitting on the cusp of B/C credit categories but are often attractive to lenders as they are prepared to pay a sensible level of interest to reflect that. At the moment, there are Loan requests on the site where the borrower has only a few credit stars but has offered an attractive target interest rate of 15 per cent. Lenders set their own risk and reward model by choosing borrowers from the range on offer.

Two markets so lenders can control their lending, their way.  We operate two markets – a Bidding Market and a Matching Market – so lenders can choose how much involvement they want in their day-to-day lending, from total automation to making individual decisions on every loan.

Lenders’ bids on the Bidding Market are transparent, eBay style. This market is visible on the site, so Lenders can see competitive bids and decide the optimum interest rate to bid for the most competitive loans. This is fascinating to watch as you see bidding strategies in action.

Five portfolios available on the Matching Market for automatic lending.  Lenders can set up their portfolios as they wish, perhaps with different risk and reward objectives, giving them granular control over how their money is matched with borrowers. They can set up these portfolios once and let the system apply their parameters without further involvement or they can use their experience to flex the settings over time to improve their returns.

System tools to help achieve the best returns. ARBU is a tool that re-bids automatically if initial bids are too high to be included in the more competitive loans. This avoids the frustration of being outbid at the last minute and missing out on a loan offering attractive rates. Again, lenders choose their own settings so ARBU bids according to their preferences.

An optional Compensation Scheme to protect lenders against defaults and late payments. We offer an optional compensation scheme to lenders so they can opt in if they’d like to have some protection against potential defaults and late payments.

Change in Instalment Plan protects lenders from loans ending early. If a borrower decides to repay his/her loan early, it is the lender that is potentially inconvenienced. The lender, or the system, has to reallocate the money to new loans with an inevitable delay in getting back to earning interest. The Change in Instalment Plan gives the freedom to the borrower to repay early but a small charge is made and lenders are compensated as a result.

Comprehensive information so lenders know exactly what is happening with their money.  Quite rightly, lenders like to be kept informed about all events that affect their money. To do this we provide email notifications that inform lenders about everything from a bid on a loan to lenders’ questions and borrowers’ answers on Loan Requests they’re bidding on. This information is also available through an easy to use and informative dashboard, ensuring lenders know exactly where their interest is being earned and how charges are calculated to the penny.

Interest on holding account balances. Madiston LendLoanInvest passes on any interest received in the Client Money account so even when a lender’s money is not lent out, it is still earning a level of interest.

What plans do you have for 2014 to further the activities of Madiston LendLoanInvest in order to provide fair loan options as well as upholding the regulations and high standards of the Peer-To-Peer Finance Association?

Fair is the optimum word – our site is designed to offer a fair balance between lender and borrower with market forces driving the interest rates agreed, so they both feel like the process has been rewarding. As a member of the P2PFA we have been actively involved in the consultation with FCA, the Treasury, HMRC and others to ensure the regulation does its job and we welcome the high standards being set. Madiston LendLoanInvest’s new facilities will be:

• Secondary market for lenders to sell their loan slices
• Flexible loan product to provide a better solution for borrowers than having rolling credit card balances at high interest
• Business lending

LOM architecture and design has been selected to design a state-of-the-art facility that will be Santander’s new world-class digital hub workplace facility. Located in Milton Keynes, the new complex is anticipated to open in 2022, subject to planning, and is expected to accommodate over 5,000 employees.

Santander are the leading employer in Central Milton Keynes.

The brief called for a workplace campus that would foster an agile, sustainable and innovative workplace for the future, reinforcing Santander’s global reputation as ‘the best bank to work for’.

LOM’s winning concept for developer Osborne and Co envisages an entirely new typology of office building for the banking sector, creating a stronger sense of community for Santander staff and a stronger identity for the bank within the wider Milton Keynes community. The campus will provide a sustainable future for the bank, both environmentally and economically. The new digital hub will support and foster collaboration and growth, while reinforcing the reputation of Milton Keynes as a centre for tech innovation. LOM’s design aims to increase permeability and access through the building and the site.

The ground level is conceived as an open, fluid, publicly accessible and flexible space that can be reconfigured and ‘curated’ to suit changing requirements. The design concept proposes a community ‘destination’, where pedestrian activity is enlivened by ‘pop up’ retail units – creating a vibrant and attractive environment for both bank staff and the wider community.

The new building will support health and wellbeing, including a fitness centre, cycle storage and a restaurant and café offering healthy food options. The working environment is informed by a biophilic approach – maximising natural light and ventilation to enhance air quality and encourage direct connections with nature. A sequence of three naturally-lit, connecting atria feature imaginatively planted linear gardens. The upper floors of the building offer flexible workspace arranged around these internal atria.

The proposed site occupies a prominent position opposite the station square and is immediately visible on arrival into Milton Keynes by train.

Nathan Bostock, Chief Executive, Santander UK, comments: “We are excited to be sharing our proposals for this major investment in Milton Keynes, reflecting our long-term commitment to the local area. We want a workplace which truly reflects our culture and our vision for the future, which is based on innovation and harnessing new technology to make banking simpler and more personal for our customers.

“Milton Keynes is already one UK’s leading technology hotspots, and with the new MK:U university on the horizon, we believe it is set to become an even greater magnet for technology talent. Our proposed new campus will give us a world-class home in Milton Keynes, which both our colleagues and the local community can take pride in.”

Richard Hutchinson, Director, LOM, adds:

“Conceived as a ‘compact campus’ Santander’s new digital hub will create a state-of-the-art workspace, offering flexibility and encouraging community engagement through innovative design and place making.”

Conor Osborne, Director, Osborne and Co, adds: “We are naturally delighted to have been chosen as Santander’s development partner. Its new UK digital hub in Milton Keynes will set a benchmark for large scale developments in this country – and we are excited to build a world-class facility tailored exactly to their needs.”

Guy Wellings, Project Director, WSP says: “With the future in mind for Santander’s new Digital Hub in Milton Keynes, we have thought meticulously about all areas of the engineering, transport and environmental practices of the building in order to provide a smart, sustainable, connected and structurally unique work space that promotes an innovative and contemporary identity for Santander. We look forward to preparing for the next stages and continuing the exciting transition to the new culture of future workplaces.”

Subscription model complements perpetual licensing option;
Professional Services maximise investment in information capture;
New desktop scanners deliver embedded image processing at lower price point.

 Alaris, a Kodak Alaris business, is expanding its portfolio to provide several convenient and affordable new options for purchasing its award-winning information capture solutions.

Alaris Capture Pro Software and Alaris Info Input Solution  are now available as one-year subscriptions in addition to existing perpetual licensing options.

Affordability is the key benefit to customers. According to a survey conducted by IDC[i], the acquisition cost of solutions is the largest hurdle for businesses to clear when automating document-based workflows. A subscription model offers a lower barrier to entry. Customers can pay as they go and align spending with usage of the software instead of investing in a large upfront capital purchase.

An added benefit is that subscription-based pricing gives customers the flexibility to scale up and down based on needs of the business. “Alaris is committed to support clients who choose traditional perpetual licenses as well as those who prefer a subscription-based model,” said Don Lofstrom, President & General Manager, Alaris, a Kodak Alaris Business.

Extending the advantage with Alaris Professional Services

Professional Services are designed to extend the advantage of owning a scanner from Alaris. Alaris analysts, consultants, and trainers have a wealth of image science expertise and are committed to delivering technical and operational support to help customers plan, upgrade and optimise their document capture solution.

Alaris Professional Services include:

• Technical Resources that deliver knowledge-based services such as scanner relocation, product installation and configuration.
• Higher order Technology Services such as IT Systems Diagnosis and Adoption Services that require specialised knowledge about capture systems, IT infrastructure and processes.
• Strategic Consultancy Services that deliver the “blue prints” for meaningful changes to the customer’s business environment through system integration plans and solution architecture.
• Tactical consultancy including Training and Optimisation Services focused on improving operational efficiency and increasing productivity.

Alaris Professional Services are commercially available in the US & Canada and EMEA regions now and will be available in other regions in the coming months.

Alaris Tiered On-Site Services deliver productivity and peace of mind

Repair and maintenance service is one of Alaris’ distinct competitive advantages. New Tiered On-Site Service plans are tailored to maximise investment while providing customers with more clearly defined options so they can select (and pay for) precisely the level of service they need.

“Our field and remote service team is constantly training to address the needs of well over 100,000 Alaris and OEM scanners across the world,” said Lofstrom. “First-time fix rates greater than 91% means our image science experts not only fix it right, but do so with the minimum interruption to our customers’business. Alaris is ISO-9001 certified and we only use genuine repair parts. Our unique ability to serve customers around the world with responsiveness, technical accuracy, and professionalism is unmatched in the industry.”

Award-winning scanners underpin the IN2 Ecosystem

Alaris is expanding its award-winning S2000 Scanner line with the addition of the Alaris S2040 Scanner. With a list price of £576, the new 40 page-per-minute device delivers all the embedded image processing power of the S2050 and S2070 Scanners at a lower price point for customers who want a more affordable option. The S2040 features the latest Alaris Perfect Page technology and is bundled with Smart Touch Software. It also supports the Alaris Passport Accessory and the Integrated A4/Legal Size Flatbed Accessory.

“The Alaris S2040 Scanner offers fast and reliable scanning, versatile media handling, and intelligent, automated features to simplify scanning and optimise business processes,” said Lee Davis, Editor for Scanners and Solutions at BLI. Earlier this year, Alaris won Buyers Lab’s prestigious Scanner Line of the Year Award for an unprecedented third consecutive year. “Alaris continues to set the standard for what a scanner needs to be in the age of digital transformation,” said Davis.

[i]IDC White Paper, sponsored by KodakAlaris, Automate Your Information Capture Workflow, August 2017

Denmark’s second largest insurance company now has deep insight into the end-user experience, proactively resolving issues before they occur

 Nexthink, a leader in digital employee experience management software for enterprises, today announced that Topdanmark A/S, a leading Danish insurer, selected Nexthink to increase the visibility of its IT environment.

Nexthink helps Topdanmark A/S improve incident reduction and resolution while optimising service delivery and cost savings. Using Nexthink, the organisation’s IT team now has a real-time picture of its applications and services, greatly improving the quality of services provided to the organisation’s 2,450 employees.

As a leading insurance business, Topdanmark A/S has a significant technology footprint consisting of over 3,700 devices. Prior to Nexthink, the organisation’s IT team used a homegrown script-based solution to monitor device performance, which led to time-consuming and labor-intensive investigations, as well as occasional crashes.

Søren Wagner, IT Architect, Topdanmark A/S, commented: “Our main goal at Topdanmark A/S is to help our customers take care of their insurance and pensions. To make this a reality, the IT organisation’s primary concern is ensuring employees have a top-notch digital experience. Prior to adopting Nexthink, a browser crash forced us to rethink our digital experience strategy. We realised that we should focus on monitoring the end-user experience for improved outcomes.”

Thanks to Nexthink, Topdanmark A/S now has data from every device such as desktops, laptops and virtual devices readily available. This means the team can now analyse, visualize and act in real-time across all end-user computing data, proactively detecting and correcting issues at their source.

An important goal for Topdanmark A/S was to reduce downtime for the organisation’s employees. Due to the improved visibility of its IT real estate, the business’ IT team can now discover critical device and user information instantly, verifying that critical systems are running. This helps deliver faster IT incident resolution, ultimately driving better employee experience.

Wagner added: “Nexthink has changed the way we work as we are now able to leverage real-time data from its comprehensive dashboards early on in our conversations with the business. This has resulted in better service provisioning, as well as improved decision-making which is now based on facts instead of subjective input.”

With increasing pressure to become more effective and productive, a new analytics tool for large accountancy practices promises to provide comprehensive insights into business performance, resulting in greater efficiency and the foresight to maximise strategic direction.

IRIS Accountancy Solutions has launched IRIS Analytics in response to partners in practice requiring greater insight into the practice performance.

Issues such as the lack of visibility in client billing, job costs and staff productivity are preventing practices from truly understanding what’s working well and where improvements to service provision can be made. Without insights into key financial, operational and productivity KPIs, partners may miss changing environments and will be unable to respond.

Nick Gregory, Chief Product and Marketing Officer at IRIS says, “Most firms recognise the need to gain a better understanding of their business performance but lack the tools to achieve this. The ability to obtain comprehensive insight into business performance enables practices to identify issues early, drill down into the detail, develop strategies to address them and ensure the business achieves its goals. Analytics can also be used to highlight gaps in a firm’s offerings, allowing the practice to develop new services to support the next generation of clients.”

IRIS Analytics screen shot

IRIS’ view of analytics is supported by an ACCA technology report, ‘The race for relevance – technology opportunities for the finance function’[i] where it highlights the importance of the tools. “Analytics can help companies to see patterns in their data that enable them to predict issues and triggers before they happen, instead of being forced to react to them after the event. It speeds up finding answers to problems, eliminating data silos and ‘democratising’ data itself.”

The information within IRIS Analytics is provided in graphical representation with the ability to drill down for detailed analysis. Partners also have access to historical data allowing comparison to prior performance, set targets for future success and assess achievements against them.

IRIS Analytics is the latest solution to help accountancy practices embrace digital transformation as a catalyst for change. Its best in class tools manage the entire business, from attracting and managing clients through to added value consultancy and practice productivity.

For further information visit:
https://www.iris.co.uk/iris-solutions/accountants-in-practice/iris-analytics/

[i] http://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/the-race-for-relevance/pi-race-for-relevance.pdf

Apps are not only meant for playing games or editing your pictures. Many useful apps can help you plan your budget and save money.

Sounds interesting? Scroll down to read about easy to use apps that help you save money.

• Bill Tracker

If you often miss paying the bills on time because of your busy schedule, then this app is meant for you. It will allow you to keep the due dates and amount totals in one place only. You will also get notifications for pending payments, and due dates will be highlighted on the calendar to let you view all the payment dates easily. Bonus, its password protected.

• Mint

This app is meant for people who prefer to stay within the budget limits. It tracks all the financial accounts from different accounts and records as well as categorizes every transaction smoothly. It also notes your spending habits and creates a budget for you. This app allows you to deactivate access from the phone through the Mint website which will come handy in keeping your data secure.

• Shopkick

This app is best suited for people who want to find great deals and discounts at stores like Best Buy, Macy’s Target, etc. You can earn points for different purchases, inviting friends to join and just for walking into a store. The points you earn can be transformed into gift cards at stores that are partnered with it.

• Ibotta

This app lets users earn real money for shopping. You can start by going through varied offers in the product gallery and selecting the ones you want. Every time you finish a task like taking a poll or watching a video, the pending cash is added to the account which can be accessed when you buy the products from retailers who are partnered with Ibotta. After the purchase is verified, cash can be added to your PayPal account or turned into a gift card.

• You Need a Budget (YNAB)

Well, what we like best about this app is it’s to the point name. This app has an easy to use interface that’s highly detailed. The software operates by following four simple rules, save for a rainy day, give every dollar a job, live on last month’s income and roll with the punches. The app will change the way you manage money and will make finances stress-free.

• RetailMeNot

If you often spend hours in looking for relevant and latest coupons, then this website is for you. It allows you to seek deals and coupons from popular stores like Starbucks, Sephora, J Crew, Forever 21 and many more. The coolest thing about this app is that it saves you from the hassle of printing the coupons. All you need to do is to show your phone to avail a deal. You also get notifications for expiration dates so that you can do that last-minute shopping before the deal ends.

• SnipSnap

Last on the list is SnipSnap, another coupons app that allows you to find the best deals with various brands. It also allows you to take pictures of printed coupons and transforms them into digital and mobile-ready versions. You are also allowed to peruse through an online directory and see coupons your friends have snipped. How cool is that!

According to a 2014 study, 69 percent of businesses had at least an application or a part of their infrastructure on the cloud.

With a significant number of business depending on the cloud, it’s security on public cloud be given a serious thought!

Features like flexibility, scalability, immediacy and primary cost-effectiveness move businesses to harness the capabilities of the cloud to their benefit.

However, it is noteworthy that despite the growing dependency on the cloud, existing and growing concern makes business owners cringe over the cloud’s security.

As per a 2014 study, 61 percent of the companies found cloud security as a managerial-level concern.

Security is one of the key obstacles that stand in the path of cloud adoption!

Savina Maryann

So, now the question arises. How do we deal with the supposed security concerns of the cloud?

1) Choice of Apps
In most cases, cloud-adoption starts with app usage, especially those most important to day-to-day business operations. Therefore, it is always essential to assess if the public cloud is the right solution for your business needs or if every app that you use as part of your business does really need the cloud. Once this is done, you’ll have to look for a public cloud computing service provider who has got your security plan all sorted out. Mandate this in your Service Level Agreement too and reinforce this more frequently if required.

2. Additional Security:  It always beneficial if business owners take up security as their own responsibility, this can be done in the following ways:
• The business owner needs to come up with security policies on cloud services Dos & Don’ts
• Assessment of vendor encryption capabilities
• Encrypting data as an individual step before uploading it to the cloud is important
• A mutual collaboration over security ensures a safer environment for healthy business operations

public cloud

3) Engaging the Right Third-Party:
Make it a point to cross-check with what your cloud service provider said and what they’re provided. Can’t do it by yourself? Engage a third-party audit service. Third-party auditing entities can audit and assess application of security standards, processes and procedures at a cloud provider and check to see if that’s what they told the client. Moreover, an extended audit over a period of time can assure the business owner of his safe transition to the cloud.

4) Embed Authentication:
Not all, but most of them do provide authentication services for public cloud instances. But in case you are still doubtful, nothing like getting your own tools for adding that extra layer of authentication to your cloud security. But watch out for these layers of security getting to interfere with application performance and later on brand reputation.

5) Scrutinize Singing in and Monitoring: 
Studying your cloud service provider’s monitoring and logging for physical cloud instances is also an important measure. Compare with other CSP’s logging and monitoring before you sign the dotted line of the Service Level Agreement. Doing this may bring to light some discrepancies (if any).

6) Bracing Up Against Disaster:
One of the important things you’d want to check is if your CSP is ready and available for an emergency. Yes, when you experience a security breach or a downtime, you will definitely want to have your provider address the situation immediately. Conduct a thorough study and see if your service provider has it all to take care of your security concerns.

7) Closing Books On a Peaceful note: 
It’s time to close the contract, you’re on the hunt for a new vendor maybe. In that case, you have to ensure that your data will be secured and given back to you unhampered. You may want to use it internally or forward it to the next cloud provider. How do you do that? Have it written in your SLA; make it mandatory for the current vendor to return all the data that you reserved with them.

Conclusion:
Your cloud journey’s safety is not only your provider’s responsibility, it is a mutual task that the both of you have to share. While security can pose a threat to business over the cloud, measured steps will help reduce the risk of a Cloud breach. Weigh out all the options!

Inviting applications from OTC Derivative ISIN users to encourage wider participation in the development of the DSB Road Map

The Derivatives Service Bureau, founded by the Association of Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs) for OTC Derivatives, has today announced plans for broader industry representation within the DSB’s Product Committee, and is now inviting applications to participate.

From 8^th January 2019, representation will include two new categories, custodians and data vendors, to expand on the existing buy-side, sell-side and trading venues, thereby increasing voting members from 9 to 15. Participation is also open to trade associations as non-voting members, as well as ensuring a balanced representation of asset class knowledge and geographical representation. This latest DSB announcement reflects increasing industry participation in the DSB, and calls from within the industry to be involved in developing the DSB ISINs Road Map.

Emma Kalliomaki, Managing Director of ANNA and the DSB, said, “Being a global utility with widespread industry representation, expertise and collaboration at its core, the DSB is committed to the use of standard identifiers to make the OTC derivatives market a more stable environment within which to trade. Having broader industry participation on the Product Committee to discuss the best possible ISIN creation and use will only serve to bring greater transparency and efficiency to the OTC derivatives market.”

Malavika Solanki, a member of the DSB Management Team, said, “Working successfully with industry over the past eighteen months, the DSB has produced a fully automated open and easily accessible near-real-time allocation of ISINs for 82 product templates. By expanding the composition and structure of the Product Committee and including trade associations in discussions, the DSB can continue to remain agile and flexible as industry’s use of the DSB service evolves. Some examples include additional use cases, hierarchies for ISINs and the creation of proprietary ISINs.”

From 2019, Product Committee discussion will move from developing ISIN products and defining product templates, to solving additional OTC Derivative ISIN use cases and examining the introduction of hierarchies, as well as discussions on what to prioritise. The DSB values representation on a fair and equitable basis within the ISIN user community, and so will be allocating voting participation with 3 representatives from each sector.

The existing Product Committee was constituted for a 2 year period, and this will dissolve at the beginning of January 2019, to be replaced by the new Product Committee. Please follow the links for more details about how to apply and to view a copy of the new Product Committee charter and download the application form. Interested OTC Derivative users of ISINs have until 2^nd November this year to put in their applications, with new Product Committee details being announced on the 4^th December.

Global Banking and Finance Review named Euler Hermes “Fastest Growing Credit Insurance Company GCC” in 2014, for the second consecutive year. The awards honor companies specifically for expertise in the banking and finance industry, and recognize Euler Hermes for its continuing efforts to deliver high quality products and services.

“With over 100 years of experience, Euler Hermes continues to provide customers with the services and knowledge they need to be able to trade and develop successfully,” said Wanda Rich, editor of Global Banking & Finance Review. “Their ongoing commitment to quality is evidenced by their increasing customer retention and growth.”

Massimo Falcioni, CEO, Euler Hermes GCC, said, “We are honored that Global Banking and Finance Review has conferred this award to Euler Hermes for the second year in a row. We also particularly recognized that much of it is due to our customers renewing their trust in our services. This award is an inspiring start for 2014 and we will continue to focus on delivering tailor-made solutions to protect companies of all sizes and sectors against payment defaults.”

The judging panel focused on the following criteria:

• A global network with risk offices in key markets, countries and regions
• A comprehensive risk database and worldwide risk platform
• An extensive range of products tailored to meet customer needs
• Customer retention
• An increase in premium portfolio
• Global and local services and support
• Investment in ongoing education and training, delivering highly skilled and professional staff
• Financial standing

Euler Hermes established operations in Dubai (U.A.E.) sponsored by Alliance Insurance PSC in 2006 and in cooperation with Allianz Saudi Fransi Cooperation Insurance, a joint venture between Allianz Group and Saudi Fransi Bank, in Saudi Arabia in 2008. Euler Hermes GCC is part of the Euler Hermes Mediterranean Countries, Middle East and Africa (MMEA) region, currently employing 600 people and covering 12 countries.

About Euler Hermes

Euler Hermes established operations in Dubai (U.A.E.) sponsored by Alliance Insurance PSC since 2006 and in Saudi Arabia in cooperation with Allianz Saudi Fransi Cooperation Insurance, a joint venture between Allianz Group and Saudi Fransi Bank, since 2008. Euler Hermes is also present in Bahrain, Kuwait, Oman and Qatar. Euler Hermes GCC is part of the Euler Hermes Mediterranean Countries, Middle East and Africa (MMEA) region, currently employing 600 people and covering 12 countries. www.eulerhermes.ae

Euler Hermes is the global leader in trade credit insurance and a recognized specialist in the areas of bonding, guarantees and collections. With more than 100 years of experience, the company offers business-to-business (B2B) clients financial services to support cash and trade receivables management. Its proprietary intelligence network tracks and analyzes daily changes in corporate solvency among small, medium and multinational companies active in markets representing 92% of global GDP. Headquartered in Paris, the company is present in over 50 countries with 6,000+ employees. Euler Hermes is a subsidiary of Allianz, listed on Euronext Paris (ELE.PA) and rated AA- by Standard & Poor’s and Dagong. The company posted a consolidated turnover of €2.5 billion in 2013 and insured global business transactions for €789 billion in exposure at the end of 2013. Further information: www.eulerhermes.com, LinkedIn or Twitter @eulerhermes.

Global financial markets have undergone a major transformation in the last couple of years and the biggest surprise of this transformation is a strong comeback of the US dollar. At the beginning of 2017, the dollar was trading weak and the analysts expected the weakness to continue through 2018. Twenty months later, the global financial markets appear much different. The most trending theme in financial markets in the recent months has been the strength of the dollar, and there are indications that its rise may continue – at least for a while. Reflecting the strength of the greenback, the US Dollar Index (see image below), which tracks the value of the US Dollar against a basket of major currencies, jumped 5% this year, before shedding some of its gains last fortnight.

Source: MarketWatch

Dollar Strengthens Against Global Currencies

After remaining weak through 2017, the US dollar has made a strong comeback this year – largely on the back of a strong US economy and the protectionist policies of the Trump Administration. The strength of the greenback has, unfortunately, taken a toll on other global currencies. The Chinese Yuan is trading 10% off its high of the year, while the Brazilian Real is down 18.4%, the Russian Ruble is down 14.75%, the Pakistan Rupee is down 9.7% and the Indian Rupee is down 8.9% year-to-date (YTD) against the dollar (See Table: Leading Global Currencies Vis-a-Vis the US Dollar). The Turkish Lira and Argentinian Peso have been the biggest losers, both down close to 40% since the beginning of the year. Not only the Emerging Market (EM) currencies, the US dollar’s strength has also put pressure on the Developed Market currencies such as the Euro (down 3.45% YTD), Canadian Dollar (down 3.77% YTD), Pound Sterling (down 4.69% YTD) and the Australian Dollar (down 6.75% YTD).

Source: FXtop.com

Dramatic Meltdown of the Turkish Lira

The meltdown of the Turkish Lira against the US dollar has been much sharper than  other currencies. While Lira had been one of the worst-performing currency in the world this year following Turkey’s deteriorating economic fundamentals (High external debt of US$ 467 billion, which is more than 50% of its GDP, and high inflation of 15.9%). Once NATO allies, Turkey is currently at odds with the US over their conflicting interests in Syria, the US’ objections to Turkey’s plan to purchase Russian defence systems and an American pastor held by Turkey for two years on terror charges. Amid the ongoing confrontation, the Lira crashed by another 20% on 10 August after the Donald Trump administration doubled the tariffs on Steel and Aluminium from Turkey. Following the ensuing sell-off, the Lira touched a historic low of 6.95 against the US dollar on 13 August 2018 – halving from about 3.52 at the beginning of 2017. Lira’s continued depreciation against the US dollar makes it more expensive for it to service its dollar-denominated debt. This stoked fears that its troubles could spread to the other countries due to the exposure of global financial institutions to Turkey’s banking system.

What’s in store for other markets?

Will the US dollar continue to strengthen further? And what does this mean for other markets?

While some market watchers believe that the strong dollar may affect the Emerging Markets, especially those which maintain high dollar-denominated debts (see table: Leading Global Currencies Vis-a-Vis the US Dollar), another section of experts suggests that Turkey’s troubles are specific to the country and should not cause contagion effect in the region or the other Emerging Markets. In a recent note, the global rating agency Moody’s Investor Service opined that a correction in Turkish Lira highlights the external vulnerability and sensitivity to a rise in the cost of debt of some emerging and developing countries. (See table: Vulnerability to Costly Debts)

About InstaReM

InstaReM is a Singapore-headquartered cross-border payments company. Founded in 2014, InstaReMis licensed as a Money Services Business in Singapore, Hong Kong, Australia, Malaysia, India, Europe and USA. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast low-cost cross-border payments to more than 55+countries. Since starting operations in 2015, InstaReM has raised US$ 18 million in two rounds of funding. Its investors include Global Founders Capital, Vertex Ventures (VC arm of Temasek Holdings),Fullerton Financial Holdings, GSR Ventures and SBI-FMO Emerging Asia Financial Sector Fund.

For more details please visit www.instarem.com

Source: Moody’s Investor Service

Countries with high current account deficits, high external debt repayments and very high foreign-currency government debt are most exposed to the impact of a stronger US dollar.

The strength of the dollar could be detrimental to economies with large trade deficits or massive foreign debts. The increase in the value of the dollar means an equivalent increase in the cost of servicing the dollar debt in the local currency, and this may undermine the global economic system, potentially causing defaults or even bankruptcies, causing serious damage to global economic growth. But in a connected world, which country can risk a slowdown? The answer is simply no one!

Slowdown in EMs Not Good for Developed Economies

The American CEOs, manufacturers and business groups fear that American growth may slow if the economies of its trading partners get jeopardized. Stock prices of British firms exposed to Turkey have already been affected. There are fears that some of the European Union banks could report significant losses on loans to Turkish businesses. Germany’s Chancellor Angela Merkel also expressed concerns that Turkey’s troubles could spread to the European Union, either by way of losses to some of the banks – especially Spanish and Italian – exposed to the bad loans from Turkey or from a possible rise in migration.

An eventual correction in the US dollar may provide some relief to the currencies of Emerging Markets. The Economist Intelligence Unit (EIU), the research and analysis wing of The Economist Group, expects the US economy to begin losing momentum around early-to-mid of 2019 following its escalating trade dispute with China, which may prompt the Federal Reserve – the US central bank – to take a cautious stance to deal with the threat of higher inflation. This, according to the EIU, may cause the dollar to correct against other currencies in 2019, and weaken further in 2020 as the economy slows and the Fed embarks on a policy-easing cycle.

Stay Alert to the Signs of Deterioration of Currencies

The Lira’s free fall has halted for now. Yet the crisis may have medium-to-long-term ramifications on global currency markets. A section of the market also believes that the strength could just be a temporary dollar frenzy, which may fizzle out eventually as the dollar moves into the overbought territory, and economies will find ways to deal with the strong US dollar. Unlike in the past, the Emerging Markets are not so vulnerable to a stronger dollar today. While the currencies of the developed economies such as Euro, Japanese Yen and the Swiss Franc are not so vulnerable, most EMs, even those without strong economic fundamentals, have an array of monetary tools to prevent them from meeting the fate of the Turkish Lira. Overall, the contagion risk is ruled out for now, as the Turkey crisis may be unique to its circumstances, although it is prudent to stay alert to the signs of deterioration in the currencies of the economies that are similar to Turkey.

Source: FXtop.com

The UK Treasury Select Committee’s conclusion that crypto-assets should be regulated demonstrates cryptocurrencies are part of mainstream finance and the sector is likely to rally as a result.

This is an observation from Nigel Green, founder and CEO of deVere Group, which launched the exchange app deVere Crypto earlier this year following a unanimously-agreed report by the Commons Select Committee on crypto-assets for its Digital Currencies Inquiry.

The report concludes: “Regulation [is] needed for…crypto-asset market” and that the “ambiguity of the UK Government and regulators’ position is clearly not sustainable.”

Mr Green affirms: “Cryptocurrencies are here to stay. In fact, in today’s increasingly digitalised, globalised world, demand for these digital, global currencies is only set to soar in the coming years.

“As such, I welcome the Treasury Select Committee’s proactive and progressive approach, which could be the first step to providing regulations to protect consumers and prevent illicit activity.

“The conclusion made by the Committee about cryptocurrencies puts them on the right side of history.  Its findings that these assets should be brought into a regulatory framework demonstrates once again that they are now a part of mainstream finance.”

He continues: “As I have said previously, regulation of the crypto sector is now I believe inevitable.

“Regulation of cryptocurrencies will give investors even more protection and, therefore, confidence in the burgeoning market is likely to drive prices higher – and today’s signal from the Treasury Select Committee could have the same effect.”

This Inquiry follows the Financial Stability Board (FSB), the international watchdog chaired by Bank of England Governor, Mark Carney, releasing a report in the summer that concluded Bitcoin and cryptocurrencies do not pose a risk to the global financial system.

By Matt Shanahan, VP, Product Strategy, Scout Analytics

Matt Shanahan shares his top 5 trends, which he predicts will hit a tipping point and start to take, hold more broadly in 2014 and beyond:

#1: Pay-per-use will drive market growth

When Salesforce.com launched its per-user per-month subscription model, the pricing wasn’t aimed at big enterprises already implementing Siebel or other on-premises software packages. The new model was aimed at the unserved SMB customer segment—and this created huge growth in the Salesforce automation marketplace. Likewise, Amaon’s rapidly growing AWS offering was aimed at startups that couldn’t afford their own data centres.  Pay-per-use models extend markets. In 2014, we’ll see growth-oriented companies find even more ways to reach new customer segments with new pricing and packaging that allows customers to only pay for what they use.

Five Trends And Tipping Points In The Recurring Revenue Economy

#2: The golden revenue KPI evolves from customer count to customer usage

Car2Go and Uber are both emerging recurring revenue businesses, but their revenue models are based on customer usage—so customer count isn’t sufficient for understanding their growth. For example, Car2Go claims over 500,000 customers, but those customers only generate revenue when they’re driving. If you want to understand Car2Go, the most telling metrics involve average minutes per month for those customers and the trend lines for their usage. In 2014, we’ll see traditional, purchase-based e-commerce KPIs give way to usage and engagement indicators as the cornerstone for successful performance.

#3: Recurring revenue and profit growth will come from the “farmers,” not the “hunters”

For the vast majority of recurring revenue businesses, existing customers don’t just fuel growth—they represent all of the businesses’ profits. Take the average customer relationship in the SaaS market: it takes 3.14 years to reach profitability, which for a $12,000/year subscription would mean $37,680 to hit breakeven. That means a full 68 percent of the revenue needed to achieve profitability is collected after the initial contract. The key to profitability is ensuring customer success and then growing the relationship. Consequently, we’ll see a shift this year as growth objectives achieve a better balance between the “hunters” and the “farmers,” who will focus on nourishing current customers and maximising customer lifetime value.

#4: More marketing and sales teams will take a united approach to customer success

Currently, a product is the primary means of customer engagement—but the product usage data is disconnected from the other systems of engagement in a recurring revenue business, such as marketing automation. As a result, marketing, sales, and customer success teams can’t proactively engage customers to create value and grow the relationship. This fragmentation also leads to a siloing of responsibility regarding customer success. In 2014, more companies will begin to link data from their products directly into marketing, support, billing, and sales systems. This will enable an organisational shift that unites all departments in ensuring customer success.

#5: Businesses will understand that not all data is the same, and that usage data needs to be handled separately

Many recurring revenue businesses already know that the biggest growth opportunities lie in understanding and harnessing usage data—the data behind how customers actually use a product or service. And thanks to the rise of cloud computing, big data, and a growing mobile network of increasingly sophisticated sensors, customer usage data is now more readily available than ever. But tapping into this new type of data can be complex because of its sheer volume and velocity. In 2014, recurring revenue businesses will begin treating usage data in a completely different way than traditional CRM data, and they’ll place a higher value on dealing with this data separately.

By Tilman Eberle, Doodle
How much thought do you give to when you schedule and when you attend meetings? Maybe you have a PA or secretary that arranges this for you or perhaps you just invite people to meetings without factoring in too much other than youravailability?

A quick straw poll might suggest that meetings are generally concentrated in the middle of the week. Mondays are probably best avoided – shaking off the weekend and planning the week ahead – and Fridays are too – don’t want too busy a day as you head into the weekend. So we were as surprised as anyone when analysis of Doodle’s 10M global users (500,000 in the UK) revealed that in fact, Fridays were the day when most meetings were taking place.

The weekend starts here…or does it
Doodle is an online tool that allows groups of people to arrange a mutually convenient time to meet. We analysed scheduling patterns across all our users and found that more than a quarter of all working week meetings are taking place on a Friday, making the last day of the week the best day of the week for having your meeting accepted.

There is a popular perception, certainly in the UK, that Fridays are almost a half-day. Sure, you do the essentials and meet your daily deadlines but people generally do not want to start anything that might get in the way of a good start to the weekend.Work / life balance is increasingly important and people perhaps feel that a busy Friday can get impact on that. Our data analysis refutes that myth and in fact found that the further a week progressed the more likely people were to accept a meeting invitation.

Monday is by far the least popular day for work meetings to take place, with just 12.3 per cent of meetings taking place that day. However, it is the most popular day for scheduling meetings, whether that’s work meetings during the week or socialising at the weekend – there is 30 per cent more scheduling done on Mondays than there is on Fridays.

People not wanting to attend meetings on a Monday is perhaps understandable.  People are getting back into the swing of the working week on a Monday and are in planning mode for the rest of week, so it stands to reason that they are less keen to accept newly scheduled meetings and prefer instead to schedule their meetings for later in the week.

But the preference for Friday meetings is more surprising. Perhaps though, the chance to get away from your desk for an hour or two is seen as preferable to ‘real’ work. Perhaps people are more creative and inspired in a meeting when they know the weekend is ahead. Or maybe it is just a day that is less cluttered for people in business.

Too many meetings?
I believe the reason for so many Friday meetings is because meetings are perceived as an ‘easy’ part of a job and scheduling these on a Friday makes for good work / life balance going into the weekend. There are no immediate actions (although actions will arise in the course of the meeting), it is a chance to communicate with colleagues and unless they go on for an inordinate amount of time, meetings are not considered overly taxing on the participants. Yet the issue of meetings in business, and the time spent scheduling them is a pertinent one.

People spend a high proportion of their working week participating in meetings. Most of us will have uttered an inward sigh as another meeting enters its third hour, with yet more actions joining an already lengthy to-do list. Meetings with clients, partners, prospects and internal stakeholders can be a genuine barrier to productive working and the time spent in meetings could add up to weeks over a calendar year.

Such a strain on resources and man hours can take its toll on a business but meetings are hard to avoid, a fully-established element of business life and for the time being at least, here to stay.Even arranging those meetings can be a drain on your time though and we’ve all been witness to the constant to’ing and fro’ing of emails that come with trying to coordinate a meeting with several participants.

Whether you have a PA, secretary or manage your own diary it can be time consuming staying on top of meetings. Previous Doodle research has shown that people actually spend almost four full days per year coordinating meetings so when scheduling meetings people should try to give a range of options to find the most suitable time and reduce that wasted admin time.

Our top five tips for effective meeting scheduling are as follows:

1. Provide people with a range of date / time options for the meeting
2. Avoid the start of the week when people are in planning mode for the rest of week and reluctant to commit to meetings
3. Be clear about the purpose – people will reject a meeting for meetings’ sake
4. Don’t let it drag – allocate a specific meeting length and sticking to it
5. Do the planning quickly and properly. People don’t like to keep the agenda blocked with tentative dates

We were surprised when our analysis revealed Fridays to be the most popular day for work meetings. But given the chance to reflect, it does make sense. People wish to avoid the start of the week and feel that a meeting on Friday will take them away from the normal working routine and hopefully provide a not-too-taxing last day of the working week, thus making them feel like their work / life balance is correct.

Whether you feel meetings are taxing or not, the idea that people wind down for the weekend on a Friday does not appear to be true and perhaps those Friday post-work drinks are needed to recover from all the meetings people have taken part in that day!
www.doodle.com

Realex Payments, one of Europe’s fastest growing payment solution providers, today announces the start of a three year partnership agreement with Encoded, a leading provider of interactive contact centre and online payment solutions.

The Realex Payments gateway has been integrated into Encoded’s product suite to complement the interactive voice response systems for payments and data collection currently offered to customers.  The deal, which comes into effect immediately in the UK and Ireland, will see Encoded offer their new prospects the Realex Payments gateway as part of Encoded’s full solution package, serving multiple sectors including retail, insurance, finance, travel and ticketing.

REALEX PAYMENTS Announces Partnership Deal With ENCODED

Gordon Buckland at Encoded commented “Interactive voice response systems provide cost effective data collection, but the scope of this opportunity for business improvement is far greater for retailers when it is integrated with an online payment gateway that offers a broader range of functionality. Realex Payments offered us the level of compatibility we were looking for in a partner, including a fast set-up, excellent customer support and a streamlined billing process for greater convenience.”

Encoded will benefit from access to the Realex Payments partner network, marketing opportunities and earning potential through reseller margins. Offering merchants a combined, fully integrated service and billing solution from a single source, Encoded have added value to their customer proposition. Working with Encoded will enable Realex Payments to further expand their coverage over their top performing sectors, leveraging their vast experience within the retail, insurance, finance, travel and ticketing sectors.

Andrew Yoakley, Head of Business Development at Realex Payments commented: “The fact that Encoded joins our partnership book underlines the quality of our solution in terms of reliability, installation speed and security. It is of primary importance that our solution integrates easily with channel partners. In 2014 Realex Payments are strategically focussed on developing strong relationships with potential and existing channel partners, to ensure our solution continues to best fit their needs.”

Risto Rossar, CEO and Co-founder, Black Insurance 

Today, businesses from a wide range of industries are looking at the potential use of blockchain within their modus operandi.

One industry in particular that could benefit from its capabilities is the insurance industry.

Despite the advancement of technology and the rise in automation of processes, many customers still call insurance brokers to purchase policies and the insurance companies themselves still process these policies manually, often making things slower and more time consuming than they need to be.

Blockchain has been predicted as one of the key technologies capable of disrupting and ‘radically’ improving the insurance industry, most specifically in the areas of security and fraud prevention, alongside a whole host of other beneficiaries.

Risto Rossar

The opportunities for blockchain in insurance

Blockchain is a technology with a distributed ledger that has been tipped by many as a revolutionary piece of innovation within various industries, in particular the financial services sector. However, in more recent times, the insurance industry has been identified as another sector that could benefit from the technology.

It can improve insurance processes such as enhancing operational efficiencies, providing effective fraud detection as well as generally reducing overall administrative costs. In addition to improving processes, blockchain can also help address current challenges within the insurance industry such as data tampering and single point of failures.

However, while the business use case in blockchain technology is viable, its application is dependent on the willingness of the insurance industry to accept changes and be open to work with new innovations and methods.

Historically, the insurance industry has been slower to adapt to new advancements in technology compared to other sectors. This is mainly due to fundamental barriers such as complicated IT processes, extensive legacy and company size, with some of the larger organisations therefore much less agile and innovative. Whether it will mean some roles within the industry become obsolete or augment the work insurance workers are already doing, is yet to be seen.

Out with the old and in with the new  

Blockchain technology has the potential to replace the extra man power needed for some processes across the insurance industry. By providing an automated and error proof digital workflow, blockchain can eliminate the need for less sophisticated manual reporting and accounting, replacing them with smart contracts and distributed standardised ledgers.

This may be viewed by some as replacing the need for certain parts of the workforce, but it should in fact be seen as an opportunity for companies to upskill their staff and move them further up the value chain as traditionally admin based roles become more automated.

The technology is also predicted to enhance the efficiency of employees and business processes for customers, simply because what may have previously been viewed as daunting and menial tasks will be done at much faster rates.

When you look at the actual insurance functions that employees typically carry out, these mostly entail a vast amount of data processing, reporting and accounting, which then go through several different formats and insurers. This can not only slow down processes, but also reduce data visibility across the value chain, which too often results in inefficient underwriting and more risky decisions being taken.

The use of blockchain technology means that insurers will be able to record data on shared ledgers using standard formats, enabling reports to be automatically generated in real-time without human interference. This will free up insurance brokers to work on more strategic and demanding tasks, and increase the visibility of data, meaning insurers can improve decision making and become better at risk-aversion.

By making business processes more transparent, it reduces the opportunities for and incidences of fraud including data tampering. Other unique capabilities of blockchain include decreasing of errors such as data duplication, faster insurance settlement processes and increased resilience due to no single point of failure.

As with many industries today, the majority of companies usually imitate and follow the business models of their most successful counterparts, and it’s no different with insurance. Understandably, it will take brave, innovative and agile insurance companies to break the mould and embrace the use of blockchain within its processes, thereby likely inspiring the others to follow suit. One thing for sure is that blockchain is an opportunity and not a threat to the insurance industry.

The Investx platform will allow established SMEs to access new sources of equity-secured funding to fuel growth 

Investx today announced the appointment of Richard Chambers to its board as Chief Operating Officer.

Richard brings a wealth of experience from HSBC Leveraged Finance and Royal Bank of Scotland Corporate Transactions and over 14 years he has secured over £500 million in bank funding for private equity backed small and medium-sized enterprises (SMEs).

SMEs are considered the powerhouse of economies, however the growth of these established businesses is often constrained due to difficulties in obtaining new capital, and an understandable reluctance for SMEs to take on significant amounts of unsecured debt.

For potential investors, outside of venture capital and private equity funds, it’s difficult to make an equity investment in companies that are not publicly listed, and if investment is made through funds, that money is usually locked up for years.

Investx has recognised these challenges and is building a blockchain-powered platform to allow established SMEs to raise funds based on selling equity in their businesses, while also creating a secondary market to provide liquidity in a traditionally illiquid market, thus opening up an entirely new asset class for investment.

Part of building the Investx platform is bringing high quality deal flow, and Richard has secured hundreds of millions of pounds of funding during his tenure supporting private equity backed businesses. He was most recently at Royal Bank of Scotland’s Corporate Transactions Team, where he focussed on raising event-driven debt packages for SME customers, and was able to see first-hand the challenges they face.

Richard Chambers explains: “This is a unique opportunity to build a business with the capability to match up established SMEs seeking funds with investors who want to invest in SMEs – a market that currently is not open. Having come from a traditional banking background, I have witnessed first-hand the large proportion of SMEs which struggle to access funding easily and cost effectively. In many cases, debt is not the most appropriate product as monthly capital repayments and interest charges eat into cash flow.

“Through Investx, we will provide equity investment into smaller businesses in a cost effective manner by using blockchain technology, and for the first time, we will build liquidity into the investments by creating a secondary market which means investors are not locked in for years. This has the potential to revolutionise how SMEs access capital, and will align investors and businesses with the success of the business.”

Peter Edgar, CEO of Investx said “Investx has built its business on supporting established SMEs in securing capital investment, and we are excited to be able to open this opportunity up to the wider investment community through the Investx crowdfunding platform.

“Investx fills a clear gap in the marketplace for established SMEs which are seeking additional capital but are typically under-supported by traditional lenders. Richard’s vast experience will ensure that demand is high amongst SMEs, and we are proud to have recruited someone of his calibre.”

Investx will be holding an initial coin offering in Q4 2018 and is currently seeking investors for its private sale.

New biometrics solutions will help financial institutions and government entities confront global identity crisis

Following the recent inaugural Blockchain Policy Forum held by the Organization for Economic Co-operation and Development (OECD), David Shrier of Distilled Analytics and Joseph Weinberg of Shyft Network have announced a multi-year partnership to deliver next generation biometric identity solutions leveraging blockchain technology, artificial intelligence, and advanced analytics to combat the expanding global issue of identity verification, theft, and fraud.

Based on July’s release of Distilled IDENTITY™, a breakthrough predictive identity solution from Distilled Analytics, in partnership with Shyft Network’s incontrovertible blockchain-based federated identity network, financial institutions, governments and others will be empowered with the next generation of efficient, transparent, and robust identity solutions. In addition to partnering to offer the next generation of identity verification, Shyft is making an equity investment in Distilled Analytics as it provides a significant level of differentiation to the Shyft ecosystem. The terms of the investment were not disclosed.

According to The World Bank, over one billion people in the world today lack a legal identity, leading to an increase in exploitation and human trafficking.

The UN has set a Sustainable Development Goal to give every person on the planet an identity. In tandem, identity theft and verification continue to create systemic issues of fraud and abuse across a wide array of financial transactions. A recent study by McKinsey estimated the costs to ensure customer identity and compliance for the banking industry exceeds exceed $270 billion per year and that number is expected to continue to grow at five percent per year.

“We are experiencing a global identity crisis of epic proportions. The costs associated with managing identity and compliance in financial services alone are spiraling up despite a multi-decade effort to address the problem,” said Distilled Analytics CEO and Founder David Shrier. “New solutions, based on advanced data science techniques and machine learning innovations, are needed to not only stem the tide, but tackle the issue at the root cause. Our unique partnership with Shyft Network will help to finally deliver a reprieve from these bad actors while simultaneously creating the opportunity for greater digital and financial inclusion.”

Based on AI analytics research from MIT, Oxford, and Imperial College, Distilled IDENTITY™, applies advanced biometrics and predictive identity analytics to verify customer identity and provide superior match capabilities using new data sources and methods. Early research suggests the opportunity to improve on existing biometric technology by as many as two orders of magnitude, offering greater security, resolution, and simplicity for the end user. As per the agreement with Shyft Network, Distilled IDENTITY will be integrated into the blockchain-based Shyft Network.

Shyft Network is building a blockchain-based network to enable distributed identify verification that will drive efficiency around the very costly and cumbersome anti-money laundering (AML) and know-your-customer (KYC) compliance process. It’s privacy-centric data sharing framework enables service providers in regulated industries to meet compliance standards as well as provides a way around the currently insurmountable barriers for the underbanked and unidentified global citizens to access global financial services, thus acting as globally portable alternative to traditional credit scores. The combination of the technologies enables an additional degree of fraud protection and protection as these citizens are brought into the global economy.

Joseph Weinberg, Chairman of Shyft, said, “Enterprise data needs are quickly evolving, and companies are seeking innovative solutions that can tackle the arising challenges around rapid data growth, data security threats, and reliable recovery systems. By leveraging a distributed network and storing a pool of attestations on the blockchain, Shyft Network can provide Distilled Analytics with the highest level of personal data protection.”

The Salisbury Novichok poisonings, allegedly carried out by Russian agents earlier this year, the attack of random passers-byon London’s Westminster Bridge and last year’s Manchester Arena bombing all highlight the current unpredictability that terror can bring even within an otherwise stable country like the UK.

The situation within more volatile countries such as Iraq, Libya and Somalia is, of course, far more grave compared with what we in the western world have to contend with.

It is also wrong to think to think this is a new trend that the threat of terror is something new. Long before 9/11 there have always been numerous regions across the globe which posed a significant threat, both to the people living there and travellers who are most likely to be in an international danger zone for business matters.

While the world has never been a completely safe place, there is now a much higher degree of responsibility placed on employers when sending their people abroad.

Andrew Newton

With a number of normally safe Europe countries having been subjected to terror attacks in recent years, the duty of employer responsibility towards their staff who travel for work must now extend to all parts of the world. Without over-emphasising the existing risk in Europe and other western nations, which remain relatively safe, what has been significant in the current climate is the random and undiscriminating nature of the victims targeted in terror attacks. In the Manchester bombing we saw how even young children were not immune.

While foreign travel is an undoubtedly essential element of doing business or conducting operations for many companies and organisations, the onus is now very much on the employer to ensure their people are safe.The risks posed by such indiscriminate targeting of victims must be carefully considered by employers regardless of where their staff are required to visit.

Firstly there is the potential threat to those employees who travel abroad as well as those who operate in busy UK cities such as London. Secondly, there is the threat to the employer. Since the Corporate Manslaughter and Corporate Homicide Act 2007 was introduced, British employers now have a legal responsibility to ensure the safety of their travelling employees. The Act puts the onus for duty of care firmly on the company or organisation.  Failure to do so in the event of a tragic incident could result in serious personal legal consequences, including imprisonment, for a firm’s directors.

Even in light of recent incidents, the everyday threat of violence remains relatively rare in western nations when compared with destinations such as those mentioned above and others which are currently on the Foreign Office danger list.

In such places, as we have seen in recent years, the potential of terrorism and kidnap is a very real danger for business travellers. Because of both commercial opportunities and, in many cases, humanitarian requirements which exist in these and other international danger zones it is unlikely the potential threats will stop companies and organisations from sending people there. It is therefore vital that both travellers and their employers take precautions to manage the risks.

This starts with establishing an initial awareness of a region’s volatility – the Foreign Office website is an ideal source for this information – and then determining the employee’s own attitude to risk to ensure that they are aware of any potential dangers within the particular destination they are going to.

Any companies which regularly conduct business abroad should consider tracking methods which can be used as part of this process, from basic means like SMS messaging to implementing more advanced systems which provide 24/7 monitoring. This is an effective means of keeping regular contact with staff and, in the event of a security incident, ensuring they can be provided with a potentially valuable lifeline.

Of course much of this pre-emptive planning comes down to the individual situation, the local knowledge of the people who are on-site and the facilities they have available. Having a robust communication process in place where an employer can make urgent contact with their people in the event of a crisis is, however, an effective means of demonstrating a commitment to their moral responsibility. Given the severe consequences for failing in that duty, it is also a common sense measure.

While it’s important that we don’t go overboard in pursuing security, this needs to be weighed up against the current challenges we face and the enhanced legal responsibility to ensure human safety in an increasingly unstable world.

Andrew Newton, Head of Corporate Travel Europe at Direct Travel

Michael Pahlke has been appointed Chief Service Delivery Officer (CSDO) joining the Avaloq Group Executive Board on 1 November 2018, with a focus on expanding the firm’s global operational and technological capabilities to ensure highest levels of customer satisfaction. This appointment marks another significant step in the company’s evolution to becoming an integrated banking service provider on global scale.

Michael joins from Credit Suisse where he has led several global and Swiss Solution Delivery units in technology and operations as Managing Director for different divisions.

Prior to joining Credit Suisse, he worked for a consulting company advising clients in the Financial Services and High-tech sector, led a number of projects for Fortune 500 companies and held various CIO, CTO and business development positions with companies in Frankfurt, Hamburg, London, New York, Menlo Park and San Francisco. In all, Michael has nearly 30 years of industry experience.

Avaloq’s front and back office products and its SaaS and BPaaS solutions continue to win new customers and deliver significant value for established customers as the digital transformation of the financial services sector continues. The need for flexible business models and increased automation remains more than ever the key driver for success in the financial services market.

Michael Pahlke

Michael’s expertise will further strengthen Avaloq’s leading position as a provider of BPaas and SaaS in Europe and Asia Pacific. With his track record, he will be responsible for managing Avaloq’s global banking operations and technology infrastructure to fully provide efficient, effective and robust banking services that empower customers to fully focus on their core front office business.

Michael will report directly to Juerg Hunziker, Group CEO, Avaloq.

Michael Pahlke said: “I look forward to joining a world-class team, collaborating and working with my new colleagues in this exciting phase as the company continues to grow its global service offerings. This is a great time to join Avaloq, a high-tech firm at the forefront of the digital transformation of the global financial services sector.”

Juerg Hunziker, Group CEO, Avaloq said: “I would like to extend a warm welcome to Michael upon joining Avaloq and as the latest member of the Group Executive Board. Under his guidance we remain ever more committed to driving further transformation within the industry while providing a first-class service to customers. Michael’s track-record and expertise are a perfect fit with our strategy to drive for future growth by focusing on standardisation, innovation and increased change within the banking industry. “

“We would also like to express our thanks to Brian Hurdis, our current CSDO who in his interim role has been a crucial part in shaping our service organisation and has helped significantly to position us well for future growth. Brian remains closely connected to us in a consulting role.”

FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, is pleased to announce the appointment of FedEx veteran Sean Healy as Regional Chief Operating Officer (COO) FedEx Express Europe. He takes over from Michael Holt who is set to retire by the end of September 2018.

Healy, previously Senior Vice President of Transportation, International, Planning and Strategy at FedEx Freight, succeeds Holt in the role.

Holt will stay on until end of September 2018 to assist with the transition.

Healy joined FedEx Express in 1986 as a package handler while in college and rose through the ranks to become Vice President of Global Planning and Engineering. In his most recent position as Senior Vice President at FedEx Freight, he led the overall design, development and implementation of technology solutions and processes that have positioned FedEx Freight as the market leader in the North American less-than-truckload (LTL) industry. He was also responsible for managing the road network at FedEx Freight, which last year logged over one billion miles.

Healy’s work in Europe will involve continued operational integration, as well as leveraging the company’s networks, people and innovation to deliver service excellence and support growth across the region.

“Sean has more than 30 years’ industry experience and has been at the forefront of operational innovation and service excellence for customers within the FedEx family. His additional experience leading teams through change means he is an excellent addition to the FedEx Express Europe leadership team at an exciting time for the company,” said Bert Nappier, President FedEx Express Europe and CEO of TNT. “I would like to thank Michael Holt for the invaluable contribution he has made to our company, especially the vital work he has done since the TNT acquisition in 2016, and wish him well in his retirement,” Nappier added.

Commenting on his appointment, Healy said: “FedEx Express Europe is one of the most dynamic places to be within FedEx, not only with the TNT integration, but also as the logistics industry as a whole is undergoing transformation. I look forward to working with the European team on delivering our vision for Europe.’’

Ralph Baxter, CEO of ClusterSeven

ClusterSeven announced today that it has entered into a contract with Janus Capital Management LLC (“Janus”), an investment management firm, for ClusterSeven’s Enterprise Spreadsheet Management® (ESM) software to provide control for its key business spreadsheets and the data they manipulate. Janus is a global firm managing approximately $110 billion in global assets across a broad range of asset classes including equities, fixed income, alternatives and asset allocation products.

ClusterSeven’s end-user computing management solutions enable investment management firms and other leading institutions to maintain the transparency and integrity of their spreadsheets and data files in order to increase productivity and business insight and to reduce operational risk.

ClusterSeven is pleased to have received the following statement from Amy Carroll, Vice President of Operational Risk and Process Management at Janus: “We are looking forward to our new partnership with ClusterSeven. ClusterSeven’s spreadsheet management should enhance many of our processes around data quality, and provide closer alignment between IT development plans and business priorities.”

Ralph Baxter, CEO of ClusterSeven, said: “We are delighted that Janus has selected us to enhance its business and data operations. The financial sector is dependent on spreadsheets to complement their core systems for specialist purposes. Increasing emphasis on risk management and data quality has exposed spreadsheet management as a major opportunity to reduce operational risk and deliver efficiencies.”

While more cyber breach attempts were thwarted in 2017, over a quarter went undetected for more than a week in UK financial services firms, a new report from Accenture finds. This suggests that executives may be overconfident in their security capabilities – given that it’s critical to identify a breach in days, if not hours, to contain the damage.

Greater reliance on partnerships for growth is driving up external cyber threats

This is a concern for UK security executives in the sector, with almost a third holding their partners to lower cyber security standards than their own. Financial services firms are also adding more connected devices to their infrastructures which is offering more entry points to criminals, driving up the need for more robust security capabilities. But it isn’t just external threats that the sector needs to watch out for.

“While UK financial services firms are making strides to close the gap on cyber-attacks, there is still work to be done given the amount of breaches that go undetected for so long. Historically, the focus has been placed on external threats. But firms also need to look closer to home at threats that already exist inside the organisation. It’s no good building a wall outside to stop people getting in. They need to work on the assumption that the hacker has already broken into the house and they need to contain them in one room to quickly prevent more damage”, commented Carmina Lees, managing director, UK financial services, Accenture.

Cyber threats are growing in sophistication due to the availability of technologies like automation, machine learning and artificial intelligence. While these technologies pose new threats, they can also help improve a firm’s cyber resilience, yet not many are investing. 80% of UK financial services executives regard these technologies as essential to combatting cybercrime, but only a third are investing here and just 21% plan to significantly increase their investment in the next three years.

“Over confidence combined with under investment in cyber resilience could spell bad news for the sector. As financial services become increasingly digital and open banking and third-party data sharing change how business is done, cyber risks are only going to grow both in scale and sophistication. AI, machine learning and robotic process automation can provide a consistent way to monitor for and combat these threats, but only if firms are willing to invest in them”, concluded Lees.

The study, “2018 State of Cyber Resilience for Financial Services,” based on a survey of more than 800 enterprise security practitioners (75 from the UK), found that financial services firms stopped 81 percent of breach attempts in 2017, up from 66 percent in 2016. 

To view the complete financial services reports — banking/capital markets and insurance —  visit:  www.accenture.com/FSstateofcyber

Switzerland’s Leading Telecommunications Company uses CA API Management Solutions to Accelerate Fintech Initiative and Help Satisfy Regulatory Requirements

 CA Technologies (NASDAQ:CA) today announced that it is partnering with Swisscom in a strategic alliance to create an innovative Open Banking Hub. Switzerland’s leading telecommunications company and one of the country’s leading IT companies is standardising on the CA Technologies API Management portfolio to create a simple, secure interface that connects financial institutions with third-parties, including fintech start-up companies.

The Swisscom Open Banking Hub enables unprecedented opportunities for collaboration between banks and third-parties, inspiring the rapid, secure development of innovative new services and customer experiences that drive business growth.

“Traditional banks and new, nimble Fintechs are no longer working against each other, but rather in tandem to create exciting and compelling new financial solutions,” says André Durrer, Head of Digital Business Platforms at Swisscom. “The Swisscom Open Banking Hub provides banks, Fintechs and other third-party providers with a secure and agile platform upon which they can grow business. CA Technologies is the lynchpin of this modern and dynamic Hub, enabling secure API-based connection between providers and users of services. Their proven, flexible solution opens the door to digital data communication in existing and future financial ecosystems.”

Open Banking Hub Drives Innovation

Open banking has arisen from new legislation that gives financial providers secure access to customer information via APIs (application programming interfaces), which import the data they hold into third-party applications and services. It represents a significant shift in the way both consumers and businesses bank, enabling the development of a wider range of personalised services and increased competition in the market.

With the Swisscom Open Banking Hub, financial institutions and third-parties do not need to worry about infrastructure issues and challenges such as security, performance, availability and transparency. Everything in the Hub is available as a service, ensuring that Hub users maintain the focus on developing future services, helping them remain competitive and compliant.

The Hub operates on two levels: an “API Playground as a Service” provides financial services providers with a simple, no-obligation opportunity to test new third-party applications that are already connected to the Open Banking Hub. Secondly, it enables the productive use of the third-party solutions within Swisscom’s secure IT infrastructure—upon which it already operates the core banking systems of approximately 80 financial services providers. This is a major leap forward for third parties, especially Fintechs, since it helps satisfy the compliance and security requirements of legislation such as the Personal Services Directive 2 (PSD2).

The concept of the Hub is not limited to the financial services sector. The comprehensive nature of the solution framework, its ease of use, cost-effectiveness, and scalability can equally be applied to other industry sectors. With this in mind, Swisscom and CA Technologies plan to extend the initiative to start-ups in other sectors, such as MedTechs, InsureTechs, GovTechs, and RenTechs.

 CA API Gateway Delivers Security Without Sacrificing User Experience

The CA API Gateway enables Swisscom to selectively open data and applications through the Hub to third-party developers—driving innovation, customer satisfaction and increased efficiency. Security is managed centrally, traffic can be prioritized to help ensure APIs remain available and responsive, and a variety of deployment models ensure support for a wide range of platforms, including Docker, AWS and Azure. This full lifecycle API management is also a critical requirement for open banking. According to Gartner, “open banking brings a number of key requirements for full life cycle API management vendors.” Their 2018 Critical Capabilities for Full Life Cycle API Management* also ranks CA Technologies the highest out of 22 API management vendors for the open banking use case for its CA API Management portfolio.

“The development of the Open Banking Hub represents a high-water mark in an eight-year relationship of digital transformation between Swisscom and CA Technologies,” says Rahim Bhatia, SVP and general manager, Developer Products at CA Technologies.  “We’re pleased to build on our joint success, and enable Swisscom by providing the secure, scalable and performant API platform that will support and accelerate the growth of this innovative financial ecosystem as the Hub expands.”

“We are immensely proud of this exciting partnership with Swisscom,” says Rui Martins, Country Manager Switzerland, CA Technologies. “It unites two powerful forces in technology and telecommunications:  CA Technologies’ world-class API Management technology, coupled with Swisscom’s unrivalled experience and expertise, will prove to be a formidable and unbeatable force in Open Banking. As partners, we share the belief that innovation is key to success and it’s this shared vision that will propel the Open Banking Hub to its next phase of growth.”

Other key projects CA Technologies has been involved with include supporting Swisscom with service reporting; accelerating the development and launch of Swisscom’s TV solution portfolio; standardizing secure application interfaces internally; servicing the bank’s internal mainframe reporting; optimising the testing of the bank’s API factory; and additional reporting on the bank’s network of large enterprise customers.

To learn more about Financial Services solutions from CA Technologies, visit: https://www.ca.com/us/why-ca/industries/finance.html. For more on CA Technologies API Management solutions, please visit www.ca.com/api.

*Gartner, Inc., Critical Capabilities for Full Life Cycle API Management, Mark O’Neill, Paolo Malinverno, 01 May 2018

Resources

• Research Report: 2017 Banking APIs: State of the Market Research Report

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gurpreet Dehal

Divisa UK Limited, part of the Equiti Group – a provider of multi-asset financial products operating regulated financial trading brands across the globe –  has announced the appointment of Mr Gurpreet Dehal as non-executive director. He will assume this role pending approval from the Financial Conduct Authority (FCA).

Mr Dehal has over 25 years’ leadership, strategic planning and financial services experience gained mainly at major global investment banks including Credit Suisse and Merrill Lynch.

His former executive roles included Managing Director and Chief Operating Officer for Credit Suisse’s global Prime Services business and Managing Director, Head of Risk and Chief Operating Officer at Merrill Lynch London for Europe Financing.

His non-executive career began in 2010 with Royal Holloway College, while an executive at Credit Suisse. He has subsequently served in numerous other non-executive director roles.

Mr Dehal’s key strengths include development of strategic plans, improving global organisations, implementing and overseeing governance and control frameworks and chairing Risk, Audit and Regulatory committees.

Brian Myers, CEO of Divisa UK Limited, said: “Gurpreet brings a wealth of valuable strategic planning and leadership experience. His extensive knowledge and experience in governance and risk management bolsters the Equiti Group’s strong governance framework and regulatory oversight. We welcome Gurpreet to the team.”

Divisa UK Limited received a full-scope IFPRU €730K license by the UK’s Financial Conduct Authority on the 1 August 2018.

Electric cars are very much the future of the automobile industry and their adoption rate is rising rapidly throughout the UK and the rest of the world. In fact, sales of electric vehicles saw an 11% increase in the past year, bringing the total amount of UK registrations to 2%. This pales in comparison to the figures in Norway, where 48% of registered vehicles are now electric. By the year 2040, the UK government plans to phase out petrol and diesel vehicles in order to curb emissions and hit climate change targets. One of the main stumbling blocks for the expansion of electric vehicles (EVs) right now is range anxiety, the fear that the car won’t be able to reach its destination because of battery and charging issues. Thankfully, the technology is about to improve so these worries should become a thing of the past. Here’s how:

Battery Power

One of the major transformations in future electric cars will be the battery power and range.

Lithium-ion batteries are perhaps the biggest vulnerability in the electric motor industry right now, which is why lots of companies are vying to modernise this limited technology. Spanish energy company, Grabat, are developing batteries made from graphene, which could be the most powerful yet. Not only could these new batteries give electric cars a driving range of nearly 500 miles from a single charge, but they can be charged to full capacity in just a few minutes. It’s estimated that graphene batteries will be able to charge and discharge 33 times quicker than lithium-ion.

Although this development has yet to be implemented in any electric vehicle, new models are being rolled out with much improved lithium battery power and range. Take the new Audi e-tron Quattro SUV, which is set to rival the Tesla Model X. It has an impressive 250-mile range and fast 150kW charging, In 2019, the Tesla Model 3 will be available to those who reserved it, and will be able to do 300 miles from one charge. For a slightly higher price, the car also comes with a sophisticated autopilot system.

Charging

A lack of charging points is perhaps the most prominent reason behind range anxiety, and this is something that very much needs to be addressed, particularly in the UK. Although car brands are constantly developing their charging networks and providing visibility to the nearest charging points on their apps, the general infrastructure for charging is limited. However, changes have already been put in motion, and over the next few years, there should be many more charging points. In 2017, there were around 12,000 charging points throughout the UK, but that figure rose to 17,000 this year,

Because of the rising demand for electric vehicles in the coming years, EV charger installation is going to be one of the most pressing responsibilities for all of the major power companies. A recent announcement by one of the largest electric charging companies in the UK, Chargemaster, stated that it will begin installing around 4000 EV charging points at hotels and B&Bs throughout the country. In addition to this, new homes are going to be fitted with EV chargers to accelerate the transition into a more eco-friendly environment.

Pricing

Another reason why electric cars don’t represent a serious challenge to petrol or diesel-powered vehicles is the considerable difference in price. The main aspect that drives up the prices of EVs are the lithium batteries, and as Alan Mulally, the chief executive of Ford Motor Company recently revealed, a battery is usually worth around “$12,000 to $15,000 for a type of car that generally sells for about $22,000”. Despite this, many analysts have predicted that the average price of a lithium battery will start to decline over the next few years, with China positioning themselves to produce them at a much cheaper cost.

According to a recent report by Bloomberg New Energy Finance, electric cars could cost the same as regular petrol and diesel vehicles by the year 2024 and will be even cheaper the year after. Right now, the battery of an EV car constitutes 37% of the total price, but seeing as this is a significant drop from 49% only two years earlier, then the electric car revolution could very well start sooner than later.

• The 2018 FT & HERoes Champions of Women in Business Role Model lists are revealed
• Brenda Trenowden CBE, Head of Financial Institutions, ANZ, tops this year’s ‘100 Female Executives’ category
• Susan Robson, Principal Consultant, National Grid, tops the inaugural ‘50 Female Future Leaders’ category 
• Paul Polman, CEO, Unilever, leads the way in this year’s ‘50 Male Executives’ category.
• The lists celebrate exceptional business leaders of all genders across the world who are committed to promoting gender diversity and inclusion in the workplace 

The FT & HERoes Champions of Women in Business lists were announced today, celebrating role models who are driving the female talent pipeline in business. 

The FT & HERoes 100 Female Executives:

Brenda Trenowden CBE, Head of Financial Institutions, ANZ, has ranked first in this year’s FT & HERoes 100 Female Executives category. The financial services professional has been recognised for her dedication to promoting a fair gender balance in UK workplaces as part of her work as Chair of the 30% Club. Brenda’s role as an adviser to the Governmental Hampton-Alexander Review on increasing female representation on FTSE 350 boards has also been recognised. Jayne-Anne Gadhia, CEO, Virgin Money earned the number two spot, whilst Melanie Richards, Deputy Chair, KPMG was ranked third.

The FT & HERoes 50 Female Future Leaders:

This year’s FT & HERoes lists also sees the launch of a category dedicated to championing future female business leaders. Susan Robson, Principal Consultant, National Grid, has ranked first in the inaugural 50 Female Future Leaders list. Susan has been rewarded for her voluntary work to create gender diversity in the workplace, particularly within typically male-dominated STEM roles. Lucinda Wakefield, VP Principal Administration and Planning, BNY Mellon, was ranked second, whilst Sue McLean, Partner, Baker McKenzie, came in third. 

The FT & HERoes 50 Male Executives:

The FT & HERoes also acknowledge the important role men play in pushing for gender equality in business. Paul Polman, CEO, Unilever, has ranked first in this year’s 50 Male Executives category. Under Paul’s leadership Unilever has become a gender balanced business with 45% of its non-executive directors and 47% of its managers are female thanks to its leading retention and recruitment policies. Peter T Grauer, Executive Chairman, Bloomberg, came in second and Marc Benioff, CEO, Salesforce was named third.

Current landscape for women in the workplace:

• Only eight FTSE 100 companies have female CEOs, yet there are eight CEOs called David
• Only 24 female CEOslead the companies on the 2018 Fortune 500 list, a drop from the 2017 list
• ONS dataindicates that there is a 9.8% median gender pay gap in the UK
• Eight in tenUK firms pay men more than women
• There are no industry sectorsthat pay women more than men, with companies in construction and finance reporting the largest gender pay gap
• Research by INvolve and Cebrshows gender discrimination in UK workplaces costs the economy £123billion every year
• ONS datashows that 71% of British women are employed, compared to 81% of men
• Research from Monster.co.ukshows that a quarter of women have experienced or witnessed gender inequality in the workplace in the past twelve months

 The awards were judged by Suki Sandhu, Founder & CEO, INvolve, Helena Morrissey, Head of Personal Investing, Legal & General Investment Management,Mellody Hobson, President, Ariel Investments, Mark Wilson, Group CEO, Aviva, Gigi Chao, Executive Vice Chairman, Cheuk Nang Holdings and Harriet Arnold,Assistant Editor, Special Reports, FT.

Founder of INvolve and HERoes, Suki Sandhu, says: “These lists have been created with one aim – to create gender parity in workplaces across the globe.

“The role models we’re recognising aren’t just those who have achieved success themselves – they’re those who are committed to lifting others with them as they climb, and ultimately fueling the female talent pipeline.

 “As evidenced by the recent reporting of gender pay gap data across the UK, the quest for workplace gender equality is not complete. All of our champions are inspiring the next generation of female talent who will go on to obliterate the glass ceiling. Ultimately, through these lists we hope to encourage individuals and businesses to stand up and work together to drive change not just in workplaces, but across society as a whole.” 

 Brenda Trenowden CBE, Head of Financial Institutions, ANZ, says: “I am both humbled and delighted to be included in a list of so many inspirational men and women, all of whom are doing a great deal to empower and promote women in business.  Recognition like this helps to keep gender diversity near the top of the agenda.

“I believe that we all have a responsibility to lead by example and to create truly inclusive workplace cultures where everyone can thrive and succeed.  I’m encouraged that this is becoming a mainstream issue and that we are making progress, but there is still much more to do!”

 Susan Robson, Principal Consultant, National Grid, says: “For any business to succeed, diversity and inclusion needs to be at the centre of their strategic priorities. Diversity of thought and voices at all levels of the workplace leads to fresh and innovative problem solving.

 “For National Grid, this not only enables us to deliver good business results, but is critical for safety-first operations and customer-focus. We can only truly understand our customers and communities if our own people represent the stakeholders we serve. 

 “At National Grid we know that being inclusive takes all of us, from all backgrounds, to work together. Leading the Women’s Network at National Grid is a fantastic place to make a difference, and it’s enormously rewarding to know we are helping women unlock value in their careers and inspiring women and girls into the energy industry.“

 Paul Polman, CEO, Unilever, says: “It is a great honour to be recognised in this way, as this is an issue I feel very strongly about. It gets the heart of what it means to be a part of an open society where everyone has the right to live with dignity and respect, able to meet their full potential. Investing in women and their leadership potential has also been shown, repeatedly, to be one of the biggest opportunities for business today.”

When it comes to education establishments – whether that’s a school, a college or university – just how many of them reviewing their hardware and software on a regular basis? No doubt there’s always an urgent need to quickly fix that printer or a hard drive for the geography department or another. But how often are ICT experts getting a chance to assess their infrastructure and carry out the relevant updates? Are some thinking it’s just easier to chuck out the old kit and replace with something brand new and shiny?

So, how do schools, colleges and universities give their staff and students the fantastic IT experience they demand while keeping within budget? The very first thing they need todo is assess hardware and create an itinerary of what parts need replacing or repairing. There are some cheap and very shiny new desktops and laptops on the market, but education providers need to ask themselves if they will be robust and last the test of time. They should evaluate and compare the new with refurbished machines that can offer more for their budget.

Shiny and new doesn’t mean better quality

Repair and maintain

There’s no doubt hardware takes a beating from pupils, and possibly some teachers too. But a little bit of TLC can help make that desktop or laptop go a long way. Reasons can be as small as fixing a piece of hardware, such as the keys or touchpad. Such fixes don’t leave any noticeable marks and make the desktop or laptops appear as good as new, matching their ability to work as good as new too.

Stay up to date with your software

The WannaCry ransomware chaos last year is probably still fresh in many minds yet software updates are still not happening as regularly as they should. While significant operating system updates need to be considered carefully, the need to carry out critical security updates is a must to ensure infrastructure is always running the best levels of protection possible.

Save money with your old kit

Education providers need to look at innovative ways they can stretch budget that bit further. Hardware Associates has introduced an asset management service where organisations can hand over redundant IT equipment and get money back in return. The equipment, once thoroughly checked and tested, creates cash back that can be used to invest in community initiatives or nominated charities.

Most organisations and businesses will undoubtedly have IT systems or equipment that are no longer being used. Hardware Associates can take that these systems off them, thoroughly check them, and provide cash back for the unused equipment. This cash can then be directly given to charitable sources or, for example, grassroots activities businesses might be supporting. Alternatively, it can be used to fund new or updated IT kit.

Doing your bit for the environment

One of the top reasons refurbished computers have increased in popularity in recent years is that they are known as a ‘green option’. This can help improve and compliment a school or college’s image; people are increasingly choosing solutions that are ethical and responsible, and many education ICT departments should really follow suit.

Series C Round to Fund Global Expansion; Forms Growth Partnership in Asia

Tradeshift, the fastest growing platform helping hundreds of thousands of businesses connect, collaborate and transact announced it has raised $75 million in its Series C funding from Singapore’s Scentan Ventures – a team consisting of internet entrepreneurs, digital, and finance veterans. This round brings Tradeshift’s funding to a total of $112 million, and will help drive its global expansion in the US, Europe and now Asia with investments made to fuel sales, marketing and applications development.

The funding will also jump start efforts in Japan, where the new partnership with Scentan Ventures will bring local expertise and build the applications ecosystem for the Tradeshift platform in Asia. Tradeshift will also open offices in Tokyo.

Christian Lanng, Tradeshift CEO and Co-founder

The partnership provides Scentan Ventures exclusive product development, sales, marketing and service rights to the Tradeshift platform throughout Japan. Scentan Ventures’ Managing Director, Noriaki Okubo, will join Tradeshift’s board. Tradeshift, which connects more than 500,000 companies around the world with their supply chains to facilitate business transactions, has previously secured funding from worldwide investors such as Notion Capital, Ru-net, Kite Ventures, Intuit and PayPal, and opened offices in Suzhou, China in 2013, to develop localized products for Chinese suppliers.

“It is in the DNA of our company to do things organically and on a global scale, from developing software to developing our business,” said Tradeshift CEO and Co-founder, Christian Lanng. “We spent a lot of time determining who the best partner would be to move Tradeshift to the next level, not just with regard to our funding, but also our global expansion strategy. Scentan Ventures has a clear understanding of our vision, and is aligned with our ambition to connect every business on the planet on one shared platform. Couple this with Japan’s appetite for change and innovation, and their ranking as the world’s third largest economy, and the decision was made easy.”

“Tradeshift’s approach to solving the problems facing global trade is visionary and inspiring. This is just what Scentan Ventures looks for in our partners, and more importantly, is the type of innovation the Japanese market needs,” commented Scentan Ventures’ Managing Director,Noriaki Okubo. “The fact that a successful business model in one country cannot simply be replicated in another is a realization too often overlooked and Tradeshift understands this. Our partnership brings together Tradeshift’s revolutionary platform and business network with Scentan Ventures extensive experience with global business.”

As global markets expand, and the need for cross border trade capabilities increases, enterprises are quickly looking to bring their suppliers online to create transparency and support collaboration in the trading process. As one of the world’s strongest economies, Japan represents one of the largest opportunities for B2B in domestic and international supply chains. Tradeshift, which is free for suppliers, boasts high levels of adoption and promotes the free flow of information between parties. Its open application development platform supports any number of current business transaction processes and future proofs to ensure scalability.

About Tradeshift

Imagine a place where all companies, big and small, come together to work, collaborate and transact. Now stop imagining and start participating. Tradeshift is the single, shared and open platform connecting buyers and suppliers easily and without limitation. Launched in 2010, Tradeshift connects 500,000 companies across 190 countries, with over ten thousand more joining every month. Businesses on the platform include DHL, the National Health Service (NHS), French Government, CBRE and Vestas Wind Systems. Tradeshift was awarded Best Enterprise at The TechCrunch Europa awards and Most Innovative Solution by Financial-I. TechCrunch also recognized it for “Kicking Ass Globally”. Tradeshift is a global business, headquartered in San Francisco with offices in Copenhagen, London, Suzhou and Tokyo. Find out more at http://tradeshift.com

By 2040, car accidents are predicted to decrease by 80 per cent. But what will this mean for the future of auto insurance premiums?

With the automotive industry set to evolve at a faster pace than ever (and with digital driving the movement), insurers need to start prepping for change. In a study by Deloitte, it was suggested that total annual premiums would decrease by 30%in the year 2040, while KPMG expects the market to shrink by a whopping 60%.

It’s no wonder, then, that there’s uncertainty surrounding the future of auto insurance.

Here, auto locksmiths CAT Autokeys share their top predictions for what’s in store for the future of auto insurance. 

• A reduction in personal auto insurance

In today’s environment, car sharing is much more commonplace, as is on-demand transportation. Ride-hailing apps such as Uber already seem to dominate the market, and the push for more environmentally-friendly transport sees more and more people opting for shared mobility.

It’s therefore safe to assume that this sharing economy will only become more prevalent for the next generation. Young adults may not have the same need or desire to own their own car as they have done previously, resulting in a reduction in personal auto insurance.

• Autonomous vehicle technology

The one thing predictors across the board can agree on is the rise of autonomous vehicle technology – and the reality might be closer than you think. While fully autonomous, self-driving cars are still a thing of the more distant future, many cars are already utilising some levels of automation, such as cruise control, sensors and automated parking.

As this level of automation steadily increases, premiums for conventional motor insurance are expected to dramatically decrease.

• Reduction in accident frequency 

It’s thought that as much as 90% of car accidents are caused by human error. Take away the human element, and you’ve got a much safer situation on the roads. Auto-braking and lane drifting sensors look to be just two of the reasons for a huge reduction in accident frequency.

• A shift in liability
  

Of course, with human error becoming a thing of the past, any accidents that do occur are likely to be down to the vehicle itself. This means an inevitable shift in liability from drivers to manufacturers. Insuring against software and algorithm defects could quickly become the norm for these manufacturers, opening up a new area for potential revenue.

• Cyber crime risks

The idea of connected cars isn’t that far-fetched; the same way you can now control your central heating system from your phone, you could one day be do the same with your car. But with this comes a risk, as there’s naturally a greater chance of being hacked. Cyber security could be a new direction for insurers to take, with the need for new products and services to protect against cyber theft, hacking and ransomware.

• Average repair costs will increase

The prospect of new and exciting technologies does come with a downside. While the cost of insurance is likely to go down due to improved safety features, the cost of repairs looks set to go up. These more sophisticated technologies are more expensive to repair, and with the added likelihood of having to import certain parts and systems, the overall cost is only going to go up.

1. A new driver demographic

Autonomous vehicles could potentially open up a whole new market for auto insurance companies. With safer technology that no longer puts the onus on the driver, an older demographic may be able to retain their mobility for longer.

While we may still be quite a way off a future of flying cars, it seems inevitable that we’ll see significant changes in the industry over the next 25 years. Auto insurers must begin to adapt if they’re to continue to benefit from growth and profitability.  

• Arkle Finance celebrates twin milestones, hitting £100m of loans completed as it reaches its 21st anniversary
• The success comes on the back of solid and consistent growth: 15% year-on-year for the past three years

The specialist asset finance provider Arkle Finance has marked its 21^st anniversary by reaching an important milestone – £100 million in loans successfully completed.

The achievement comes after a period of sustained and steady growth for the lender, which has increased its loan book by 15% a year for each of the last three years.

Arkle Finance, which is a wholly-owned subsidiary of Weatherbys Bank, began life in 1997 as two-person operation in the Northamptonshire town of Wellingborough.

Today the team has expanded to 52 staff, who between them have huge expertise across the range of commercial and consumer sectors for which Arkle provides finance.

The lender champions responsible, asset-based lending and has provided finance to thousands of ambitious companies, as well as to individuals looking to buy high-value assets such as boats and light aircraft.

Demand for Arkle’s asset finance has been particularly strong among businesses investing in office equipment, commercial vehicles, renewables, printing, laboratory equipment and food retail assets. Together with its specialist marine and aviation finance products, these sectors now comprise a significant portion of its loan portfolio.

Daniel Bailey, Managing Director of Arkle Finance, comments:

‘’Reaching these twin milestones isn’t just an achievement to celebrate. It’s also an opportunity to reflect on our journey so far, and to consider how we build for the future.

“Our people are key to our success. We’ve assembled a team with a rich seam of expertise in several key sectors, who together allow us to offer both a first-class service and a compelling range of finance options to our clients.

“Clearly asset finance needs to adapt to advances in technology and the changing needs of borrowers. Arkle is already financing professional drones, 3D printers and other emerging technologies, and we expect to expand into exciting new sectors in the years to come.

“Arkle is well capitalised and proud to be supported by Weatherbys, one of just a handful of family-owned private banks in Britain. 2019 will see us consolidate our existing momentum with an expansion into new territories.”

By Patrick Gutmann, Managing Director, Corporate & Institutional Banking at BACB, a UK-based bank with four decades of experience in Africa.

Africa currently houses nine of the fastest-growing economies on earth within its colossal borders, and the pace is not slowing. As Africa’s unstoppable juggernaut of industrialisation rumbles onward, buoyed on a groundswell of projected infrastructure investments ($6 trillion by 2040), there exists an increasingly insatiable hunger for imports to power this progress, from machinery and chemicals to fuel such as diesel and gas. Meanwhile, the United Nations Environment Programme has underlined a need for annual investments of about $7-$15 billion by 2020 as governments seek to harness Africa’s substantial renewable energy resources to provide electricity to the 600 million people living off-grid across the continent.

In fact, the sheer pace of these infrastructure projects are producing an annual financing gap of as much as $108 billion, according to the AfDB.

Historically it has been the export of resources, from mineral to agricultural that have fuelled Africa’s global growth; providing consumers around the globe with everything from their morning caffeine hits to high quality cotton garments. Today, as its domestic infrastructure and economies grow, so too does its own consumerisation, creating a demand for goods and services flooding in as well as out. With a rapidly expanding middle class and a market of 1.3 billion people – the equivalent of almost 20 UKs – McKinsey predicts Africa’s consumers will out purchase Russia by 2020.

Patrick Gutmann

Africa is embracing tech like never before. Mobile banking, for example, is already mainstream in countries such as Kenya and is being taken up to such as extent that it has been highlighted by the City of London as an entry route for UK fintech firms into the continent. Heads are being turned and we are already seeing a number of UK and European firms looking to Africa for a market to sell their manufactured goods, from B2B machinery to consumer goods and services. They have found an open market in Africa.

When it comes to open markets, Africa’s may have far more to deliver thanks to the recent signing of the African Continental Free Trade Area (AfCFTA) agreement. Imagine the opportunities generated by cross-border harmonisation of standards and tariffs, supported by a network of supply chains spanning the continent, no longer stopping and starting at each border, or, in some cases, barely starting at all. With an unmet need for trade finance estimated by the AfDB at over $90 billion annually and until the gap in financing is closed these opportunities won’t be realised.

That is not to say the demand does not exist. Far from it. The International Chamber of Commerce Rethinking Trade & Finance report demonstrated that the Middle East and Africa combined sits behind only China and Western Europe when it comes to offering the largest opportunity for proposed trade finance transactions by region. This puts UK exporters in a strong position to unlock fast-growing sectors in Africa.

However, many banks see the situation differently and many have withdrawn from the continent due to perceived risk. This leaves corporations in dire need of a banking partner with presence on the ground, the right levels of risk management in place and enough local expertise to enable strong market entry. The situation is a shame, and in our view short-sighted, because the reality of trading with and banking in Africa is not as simple as high risk or low risk; it is about understanding a far more nuanced picture than that. That’s why where trading with Africa is concerned, the value of market expertise cannot be understated.

Any bank that has committed long-term to the more challenging markets such as those in Africa will offer reassurance and security. Relationships, local knowledge, and teams take many years to establish and maintain, yet in my experience make every ounce of difference. Although the digitalisation of trade finance is often heralded as the future, with blockchain as the buzzword of the moment, the banks that are making the difference are those still offering the human touch and expert eyes on every detail.

In July, City Regulators told banks and financial organisations they have a ‘maximum outage time’ of just two days. The warning – and it is a warning –comes after several organisations in the UK’s financial services faced significant systems outages, stopping customers from accessing and spending.

These outages include the Faster Payments system, which is used by most of the UK’s banks and building societies,as well,as the huge outage from TSB back in April which was widely reported across the media. More recently, a hardware failure at Visa affected millions of accounts across Europe opened the company to considerable criticism.

These outages support a growing base of evidence the payments industry needs to change.Consumers are getting fed up. As reported by multiple leading media organisations, the key point raised by regulators in a joint paper by the FCA and Bank of England is a failure by financial institutions to provide operational resilience.

By October 5 this year,organisations in the sector must be ready to report how they intend to respond in case of significant disruption and further outages, which is not long at all

Resilience is underpinned by better testing

This growing number of service outages is not altogether surprising. The pace of technological change in financial services is accelerating at an immense pace. Young and eager FinTechs that thrive on change and have the ability to ‘think outside the box’ are bringing new ideas to the table; popular ideas that demand state-of-the-art technology if they are to be implemented successfully.

Mainstream financial organisations fall-down because they are rushing the testing process so they can bring offerings to market faster than the competition, even if it means cutting corners. This is a creating a problem which a quick analysis of social media makes very apparent; consumers do not hold back on venting their frustrations, nor do the media in reporting them.

To make improve their performance, banks and financial organisations, need to apply a more holistic approach to testing. At present, the patchy, bottom-up approach of fixing one problem at a time simply isn’t working – a far broader, more comprehensive approach is required. Organisations need to make sure they have the necessary technology and resources in place if they are tomake this happen.

When it comes to testing, short-circuiting the process will inevitably lead to problems further down the line. In the case of TSB back in April, for example, the two IT contractors who managed the migration told the media the outage was down to rushed, poorly designed testing; not exactly the kind of message you want to be sent to the people whose money you are meant to be looking after.

Testing known unknows

Testing can be an intimidating task, particularly when what’s being tested is relatively novel and even more so when the resources allocated to testing are slim. One of the biggest challenges financial organisation will now face is how to automate testing so it’s both effective and efficient. Manual testing, as illustrated by the incidents referred to earlier, no longer cuts it in either respect.

Under the older manual-testing models, each time there is an update, the entire system will have to be re-tested, which can take months. Given market forces now demand new services and new functionality all the time, it is unrealistic to expect an organisation to constantly adapt and test comprehensively.

Payment organisations need a fresh approach and to look to new-testing technology; technology that was not built to cater to systems designed in the 1980s and 1990s. After all, the level of complexity in payments systems and consumer expectation is only going to increase in the years ahead as technology continues to improve.

In the case of ATMs, for example, the key to success is to automate the testing of software in the same manner that consumers will use it, which needs well-defined scenarios and workflows.This requires the application code, cards, appropriate test data, ATMs and peripherals, device simulations, host connections, certifications and security controls that mirror the eventual live placement location. By adopting this model, test maintenance is drastically reduced, and test creation efficiency improved.

Financial organisations’ must adapt their thinking

The testing element of any payments system is mission-critical. It underpins banks and financial services organisations ability to operate reliably and to guarantee functionality and accessibility to consumers.

End-to-end testing technology that guarantees this already exists, and it is now up to organisations to adjust their thinking and invest in the right systems by dedicating an appropriate level of resource to the testing procedure. Financial organisations are going to have to change; not just their systems, but their attitude toward payment solution services, particularly in terms of resources.

The way financial institutions operate and test their systems, particularly now technology never stops changing, must improve if the industry is to embrace the inevitable payments transformation.

Author: Mohit Singh, vice president – quality assurance at Renovite Technologies

Bio:Mohit Singh is an automation specialist with over 17-years working in the IT sector. During this time, he has pioneered Open source tools and designed and developednext-gen Test automation tools aligned with emerging trends in technology.

Website: www.renovite.com

Twitter: @renovite

LinkedIn: https://www.linkedin.com/company/renovite-technologies/

David Thesmar Professor Of Finance At HEC Paris Business School

More than five years after the financial crisis and the need for a robust means of financial regulation has never been stronger. Banks have become inherently unstable institutions built upon risky systems of high leverage, and the increased emergence of non-financial lenders or “shadow banks” across Europe and the US has made regulation in the sector a near impossible task.

David Thesmar is a professor of finance at HEC Paris business school, and former Eurozone forecast manager for the Ministry of Finance. He argues that methods such as forcing banks to deleverage will encourage asset transfer from banks’ balance sheets to the inherently risky shadow banking system. Likewise, with governments reducing their debts, shadow banks will only grow stronger.

“The key modern challenge for an effective means of regulation for the financial system is therefore implementing a means of monitoring to enable us to evaluate the network as a whole,” he says. “Central banks are already embarking this task, but it is only the beginning.”

Instead, he believes the best way or restabilising is through ‘limited purpose banking’.

“Ultimately, one way out of all this is “limited purpose banking”, a world where banks do not perform maturity and liquidity transformation, but where deposits are shares of mutual funds that can be exchanged for cash on a secondary market. This would be a true revolution in banking.”

International roaming specialists WorldSIM will make their debut appearance at the world’s largest travel expo, ITB. To be held in Berlin from 5^th – 9^th March the travel expo will draw in 113,000 trade visitors and has 10,000 exhibitors.

The Hottest Travel Extra Will Make Its Debut At The ITB Travel Expo

Offering the hottest travel extra to the travel market, WorldSIM will be in attendance with their award winning travel SIM card. While other travel extras like life insurance and airport parking only offer up to 15% commission, resellers of the SIM can earn up to 50% commission well as lifetime commissions on top ups.  With no initial outlay and a low retail price to end customers, distributing the SIM has proved lucrative.  Their fresh approach as already been taken on-board by British Airways, VisitBritain and Qantas amongst many other travel giants.

The SIM will enable users to benefit from free international roaming in almost 100 countries as well as greatly reduced calls, SMS and data while they are travelling, saving up to 85% on the cost of using a mobile phone abroad.

Arif Reza, CEO at WorldSIM commented “The roaming industry is expected to be a $42 billion industry by 2018 and with the increased need for reduced rates in data roaming our SIM is a vital travel accessory. Unlike other travel extras WorldSIM have ongoing revenue streams which enable our resellers to continually reap the benefits for each top up that is made.”

The SIM is a prepaid SIM that comes as standard with a UK and USA number, and boasts coverage in well over 175 countries. WorldSIM will be offering a free SIM to all exhibitors at the expo*.  Exhibitors at ITB can claim their free SIM by showing their exhibitor badge at the WorldSIM stand 145 in the Technology Hall 6.1.

*Free SIM Card subject to purchase £10 top up.

Swiss Finance Corporation is expanding its service to offer spread betting to UK clients and small FX investors on a global basis. The London-based FX trading firm has partnered with Ariel Communications to deliver this new strategy, having selected Ariel’s iTrade platform following a comprehensive review of the market.

Simon Cox, CEO Of Ariel

Ariel’s iTrade enables trading of margin FX, CFDs and Financial Spread Betting. The multi-asset trading platform is built on a modular system and can be customised to meet client requirements. Web and mobile versions of Ariel’s iTrade will be available to Swiss Finance clients by the beginning of Q2 2014.

Hakan Barlas, Director at Swiss Finance Corporation explains, “Until now we have focused exclusively on tier 1 clients and have developed a loyal client base consisting of institutional investors, FX funds and small banks. As we looked to expand, we decided to have a complete offering for smaller investors who will be able to access our FX trading services including a spread betting option for the UK market.

“We assessed our options by talking to a number of technology partners in this space and were impressed by Ariel’s experience as well as their willingness to adapt their platform to suit our specific needs. They are an innovative company with a strong heritage – an ideal partner for our current and future needs.”

Simon Cox, CEO of Ariel comments, “Swiss Finance Corporation has a strong reputation and is committed to investing in dependable, state-of-the-art technologies. We are delighted they have chosen our platform and look forward to a long-term partnership with them.”

Over the last two decades, Swiss Finance Corporation has developed a substantial and respected foreign exchange business, with the same management team at its helm throughout. For further information, please visit www.sfc-uk.com

Ariel Communications Ltd has been a market leader in developing spread betting and foreign exchange software systems since 1995. Ariel provides financial institutions with everything from individual software components to entire trading platforms. These are available ‘off-the-shelf’ or ‘turnkey’, stand alone or seamlessly integrated within a customer’s existing system. www.arielcommunications.com

The introduction of ring-fencing proposed by the Independent Commission on Banking (ICB) means that all UK Universal Banks will need to develop their target business model for operating in the new world. As each Ring-Fenced Bank (RFB) will be a standalone entity in legal and economic terms, cost structures and transfer pricing mechanisms will need to be much more transparent. Considerably tougher capital requirements will mean that the viability of existing products, channels and services will need to be reviewed.

Although the target date for the introduction of ring fencing by 2019 seems far off, banks need to start planning the end state solution today. As the proposals will significantly affect many banks’ strategies, it is important that quantification of the impact of particular scenarios is begun immediately to enable constructive dialogue at board level.

The timetable for the first Recovery and Resolution Plans (RRPs) to be submitted to the Financial Services Authority is mid 2012 and it is likely that these submissions will need to outline each bank’s view of the scope of its RFB. As well as setting out recovery options available to the bank in a range of severe stress situations, RRPs require banks to identify the economic functions they perform, map these to their business units and legal entities and report key metrics on them which enable their scale and importance to be established.

The ICB concluded that these reforms will cost banks between £4billion and £7billion per year.  The CEO of RBS, Stephen Hester, is quoted as saying “the UK regulatory reforms on their own have probably cost £10billion to £20billion from our future market value.”  Given the financial pressures of these changes, it is vitally important that banks rethink their strategies early on and aim to secure an early mover competitive advantage in the new world.

Banks should move now to harness management information to analyse and understand the key drivers of their financial performance and model scenarios for both the short term and the longer term. The first step in the process is to create a business driver diagram for the group as a whole and for each economic function, mapping the drivers of value back from financial outcomes to customer, business process, economic and market indicators.  These driver diagrams should then be populated with relevant trend data, including budgets and forecasts, reported by the key business dimensions, such as legal entity, business unit, economic function, product, geography and customer segment.  Understanding the key drivers of value creation and the trends of historic performance provides context for the evaluation of future scenarios.

The business driver diagrams can then form the basis for developing a model for evaluating future scenarios for the bank.  The design of this model should enable it to support an agile planning process that is highly responsive to changes in external and internal factors affecting the business.

An effective planning model should use a top down, interactive and transparent approach that enables all directors and executives to engage personally with the process, rather than simply being an exercise for back-room experts.  Whilst the underlying model is likely to be complex in its structure, it is possible to create a simple visual interface to the model enabling alternative scenarios to be evaluated live in a board strategy session and the results evaluated on the spot using graphical output that conveys real insight.

The model needs to show the results of reallocating assets, risks and service-giving functions within the group under different scenarios.  The key output of this approach will be a well-considered top down design of the future business model that demonstrates the key financial attributes of the entities inside and outside the RFB and which identifies the changes that will be necessary for future profitable growth.

In parallel to this top down modelling approach, banks should adopt a pragmatic approach to integrate their finance and risk data, a need that is now widely recognised as being urgent.  It is no longer sustainable to build multiple layers of adjustments into group-level finance or risk reporting to try to address the deficiencies in source data, since this loses all transparency and makes the exploration and understanding of variances virtually impossible. However, trusting technology-led data warehouse programmes alone to deliver the solution is likely to suffer the well-known pitfalls of large scale IT projects, such as high costs and the failure to realise the intended benefits.

The resolution to the data consistency issue lies in improving the quality and completeness of data captured at source. This process should be driven by what internal and external users of the information actually need, rather than what the business is capable of supplying, prioritising areas of business benefit. For example, improving the quality of data for advanced Internal Ratings-Based risk models may lead to significant capital savings, producing a very clear benefits case.

A systematic data-centric approach starts with the creation of a data policy, which focuses on the business outputs needed and defines the requirements for each source data set.  Data governance procedures assign ownership to the producers of the source data and its end users in finance and risk, identifying mechanisms by which poor quality data capture can be addressed.  The resulting data dictionary and data model provide the strategic data foundation, which should be developed in parallel with urgent initiatives to fix data and resolve issues.

By running these processes in parallel, the interactive top-down model of the business can be populated with the best current source of underlying data available at the time.  This will enable business decisions affecting the operating model of the bank to be informed with rigorous data analysis at each stage and future scenarios to be explored and evaluated by a well-informed board and executive team.  In the new economic and regulatory environment facing banks, the winners will be those that use management information effectively to support the generation and realisation of their strategic business vision.

By Andrew Mosely, COO at Metapraxis, the business analysis company