Partnering with Volante and Bytes as part of the bank’s payment infrastructure modernization program to support new services and newly mandated instruments including Authenticated Collections in South Africa
NEW YORK, LONDON, DUBAI, MEXICO CITY,Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages, data and payments, together with its South African partner Bytes Universal Systems, have been selected by Nedbank to facilitate the transformation of its financial payments message service layer across multiple Nedbank entities.
Bytes Universal Systems will be responsible for the deployment of Volante’sVolPay Foundation, an optimised platform for the development of financial payment message integration, validation and processing. Through the partnership, Volante and Bytes are efficiently addressing key financial messaging challenges impacting the South African market.
VolPay Foundation accelerates many of the required development processes through automatic code and documentation generation and inbuilt testing. The platform also includes validation and conversion logic, predefined functions, mapping tools and pre-built transformations. More than 330 maintained local, regional and global message standards and transformations are included along with automated deployment into multiple environments.
Mark Neethling, General Manager: Financial Services at Bytes Universal Systems, said all South African institutions, from banks to payment service providers and corporates, are required to make major changes to their infrastructure and processes.
“Speed of development and time to market are of the essence and, in Volante’sVolPay Foundation, we have chosen the best-in-class software available for the transformation, validation and processing of financial messages. Coupled with our local expertise and market presence, we have created the best possible combination of software and implementation skills to help Nedbank bring new innovations to market faster, meet the needs of its customers, and realise new commercial opportunities,” said Neethling.
A period of testing is scheduled to commence in March 2016. From September 2016, South African banks will have to cease offering the current non-authenticated early debit orders (NAEDO) and instead offer the new debit order instrument, Authenticated Collections (AC). The new AC debit order instrument uses a combination of the ISO 20022 and ISO 8583 message standards to authenticate, process and report on the lifecycle of each transaction. Each of these transactions will require the definition and maintenance of customer mandates as well as the generation of collection requests and their validation against these mandates.
According to Mick Fennell, General Manager, Middle East & Africa, at Volante, using VolPay Foundation, Nedbank’s own resources can now rapidly create the necessary message transformation and validation between the bank’s external channels and its core payment processes. In addition, Volante supports deployment into both real-time and off-line processing environments, as mandated by the new AC standard.
“The payments world is constantly changing, particularly in the South African market. Not only do banks now have to adapt their systems to comply with the new ISO 20022 standards, but they must also integrate these changes with new digital payment channels and changing customer demands,” Fennell said.
“We are delighted that we could demonstrate to Nedbank that we provide the necessary products to address the AC message development project. In combination with our local partner Bytes, we are proud to have been selected to be part of the bank’s long-term, strategic vision for the transformation of its payments infrastructure,” Fennell added.
According to Glenn Smith, Divisional Executive of Nedbank Group Technology’s Mobile, E-Commerce & Payments Division, the organisation embarked on a strategic programme to transform its payment infrastructure with a view to further enhancing its customer service. The objective is to ensure the highest levels of processing agility and efficiency while accelerating Nedbank’s support for new clearing standards and new digital payment services.
“A key part of this new infrastructure is our Gateway architecture, which addresses the integration needs of all of our customer channels, clearing networks, and internal systems with our core payment processing service. By using the combination of Volante’s technology and Bytes’ expertise, we have every confidence that we will meet our customers’ ongoing demands for new products and services quickly and efficiently, while also remaining compliant with new regulation,” Smith said.
Oil settles mixed amid post-storm uncertainty
By Laura Sanicola
NEW YORK (Reuters) – Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude <LCOc1> settled up 13 cents, or 0.2%, to $65.37 a barrel.
Both contracts rose more than $1 earlier before retreating.
Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.
Traffic at the Houston ship channel was slowly returning to normal. Production, however, was not expected to fully restart soon and some shale producers forecast lower oil output in the first quarter.
Some oil production may never come back, commodities merchant Trafigura said on Tuesday.
After the cold snap, U.S. crude oil stockpiles were also seen falling for a fifth straight week, while the inventories of refined products also declined last week, an extended Reuters poll showed.
“It appears that last week’s severe cold spell and related Texas power outage could be affecting the weekly EIA data into the middle of next month,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
There were also concerns over the U.S. economic recovery, which the chair of the Federal Reserve, Jerome Powell, said remained “uneven and far from complete.”
He said it would be “some time” before the central bank considered changing policies it had adopted to help the country back to full employment.
Commerzbank analyst Eugen Weinberg said the recent oil price rise was buoyed by upbeat price forecasts from U.S. brokers.
Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.
Morgan Stanley, which expects Brent to reach $70 in the third quarter, said new COVID-19 cases were falling while “mobility statistics are bottoming out and are starting to improve”.
Bank of America said Brent prices could temporarily spike to $70 in the second quarter.
(Reporting by Laura Sanicola in New York; Additional reporting by Bozorgmehr Sharafedin in London and Jessica Jaganathan in Singapore; Editing by Matthew Lewis and Mark Heinrich)
Exclusive: AstraZeneca to miss second-quarter EU vaccine supply target by half – EU official
By Francesco Guarascio
BRUSSELS (Reuters) – AstraZeneca expects to deliver less than half the COVID-19 vaccines it was contracted to supply the European Union in the second quarter, an EU official told Reuters on Tuesday.
The expected shortfall, which has not previously been reported, comes after a big reduction in supplies in the first quarter and could hit the EU’s ability to meet its target of vaccinating 70% of adults by the summer.
The EU official, who is directly involved in talks with the Anglo-Swedish drugmaker, said the company had told the bloc during internal meetings that it “would deliver less than 90 million doses in the second quarter”.
AstraZeneca’s contract with the EU, which was leaked last week, showed the company had committed to delivering 180 million doses to the 27-nation bloc in the second quarter.
“Because we are working incredibly hard to increase the productivity of our EU supply chain, and doing everything possible to make use of our global supply chain, we are hopeful that we will be able to bring our deliveries closer in line with the advance purchase agreement,” a spokesman for AstraZeneca said, declining to comment on specific figures.
A spokesman for the European Commission, which coordinates talks with vaccine manufacturers, said it could not comment on the discussions as they were confidential.
He said the EU should have more than enough shots to hit its vaccination targets if the expected and agreed deliveries from other suppliers are met, regardless of the situation with AstraZeneca.
The EU official, who spoke to Reuters on condition of anonymity, confirmed that AstraZeneca planned to deliver about 40 million doses in the first quarter, again less than half the 90 million shots it was supposed to supply.
AstraZeneca warned the EU in January that it would fall short of its first-quarter commitments due to production issues. It was also due to deliver 30 million doses in the last quarter of 2020 but did not supply any shots last year as its vaccine had yet to be approved by the EU.
All told, AstraZeneca’s total supply to the EU could be about 130 million doses by the end of June, well below the 300 million it committed to deliver to the bloc by then.
The EU has also faced delays in deliveries of the vaccine developed by Pfizer and BioNTech as well as Moderna’s shot. So far they are the only vaccines approved for use by the EU’s drug regulator.
AstraZeneca’s vaccine was authorised in late January and some EU member states such as Hungary are also using COVID-19 shots developed in China and Russia.
OUTPUT BOOST DOWN THE LINE?
While drugmakers developed COVID-19 vaccines at breakneck speed, many have struggled with manufacturing delays due to complex production processes, limited facilities and bottlenecks in the supply of vaccine ingredients.
According to a German health ministry document dated Feb. 22, AstraZeneca is forecast to make up all of the shortfalls in deliveries by the end of September.
The document seen by Reuters shows Germany expects to receive 34 million doses in the third quarter, taking its total to 56 million shots, which is in line with its full share of the 300 million doses AstraZeneca is due to supply to the EU.
The German health ministry was not immediately available for a comment.
If AstraZeneca does ramp up its output in the third quarter, that could help the EU meet its vaccination target, though the EU official said the bloc’s negotiators were wary because the company had not clarified where the extra doses would come from.”Closing the gap in supplies in the third quarter might be unrealistic,” the official said, adding that figures on deliveries had been changed by the company many times.
The EU contracts stipulates that AstraZeneca will commit to its “best reasonable efforts” to deliver by a set timetable.
“We are continuously revising our delivery schedule and informing the European Commission on a weekly basis of our plans to bring more vaccines to Europe,” the AstraZeneca spokesman said.
Under the EU contract leaked last week, AstraZeneca committed to producing vaccines for the bloc at two plants in the United Kingdom, one in Belgium and one in the Netherlands.
However, the company is not currently exporting vaccines made in the United Kingdom, in line with its separate contract with the British government, EU officials said.
AstraZeneca also has vaccine plants in other sites around the world and it has told the EU it could provide more doses from its global supply chain, including from India and the United States, an EU official told Reuters last week.
Earlier this month, AstraZeneca said it expected to make more than 200 million doses per month globally by April, double February’s level, as it works to expand global capacity and productivity.
(Reporting by Francesco Guarascio @fraguarascio; Additional reporting by Andreas Rinke and Sabine Siebold; Editing by David Clarke)
Facebook ‘refriends’ Australia after changes to media laws
By Byron Kaye and Colin Packham
CANBERRA (Reuters) – Facebook will restore Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content.
Both sides claimed victory in the clash, which has drawn global attention as countries including Canada and Britain consider similar steps to rein in the dominant tech platforms and preserve media diversity.
While some analysts said Facebook had defended its lucrative model of collecting ad money for clicks on news it shows, others said the compromise – which includes a deal on how to resolve disputes – could pay off for the media industry, or at least for publishers with reach and political clout.
“Facebook has scored a big win,” said independent British technology analyst Richard Windsor, adding the concessions it made “virtually guarantee that it will be business as usual from here on.”
Australia and the social media group had been locked in a standoff after the government introduced legislation that challenged Facebook and Alphabet Inc’s Google’s dominance in the news content market.
Facebook blocked Australian users on Feb. 17 from sharing and viewing news content on its popular social media platform, drawing criticism from publishers and the government.
But after talks between Treasurer Josh Frydenberg and Facebook CEO Mark Zuckerberg, a concession deal was struck, with Australian news expected to return to the social media site in coming days.
“Facebook has refriended Australia, and Australian news will be restored to the Facebook platform,” Frydenberg told reporters in Canberra.
Frydenberg said Australia had been a “proxy battle for the world” as other jurisdictions engage with tech companies over a range of issues around news and content.
Australia will offer four amendments, which include a change to the proposed mandatory arbitration mechanism used when the tech giants cannot reach a deal with publishers over fair payment for displaying news content.
Facebook said it was satisfied with the revisions, which will need to be implemented in legislation currently before the parliament.
“Going forward, the government has clarified we will retain the ability to decide if news appears on Facebook so that we won’t automatically be subject to a forced negotiation,” Facebook Vice President of Global News Partnerships Campbell Brown said in a statement online.
The company would continue to invest in news globally but also “resist efforts by media conglomerates to advance regulatory frameworks that do not take account of the true value exchange between publishers and platforms like Facebook.”
Analysts said while the concessions marked some progress for tech platforms, the government and the media, there remained many uncertainties about how the law would work.
“Retaining unilateral control over which publishers they do cash deals with as well as control over if and how news appears on Facebook surely looks more attractive to Menlo Park than the alternative,” said Rasmus Nielsen, head of the Reuters Institute for the Study of Journalism, referring to Facebook headquarters.
Any deals that Facebook strikes are likely to benefit the bottom line of News Corp and a few other big Australian publishers, added Nielsen, but whether smaller outlets win such deals remains to be seen.
Tama Leaver, professor of internet studies at Australia’s Curtin University, said Facebook’s negotiating tactics had dented its reputation, although it was too early to say how the proposed law would work.
“It’s like a gun that sits in the Treasurer’s desk that hasn’t been used or tested,” said Leaver.
The amendments include an additional two-month mediation period before the government-appointed arbitrator intervenes, giving the parties more time to reach a private deal.
It also inserts a rule that an internet company’s existing media deals be taken into account before the rules take effect, a measure that Frydenberg said would encourage internet companies to strike deals with smaller outlets.
The so-called Media Bargaining Code has been designed by the government and competition regulator to address a power imbalance between the social media giants and publishers when negotiating payment for news content used on the tech firms’ sites.
Media companies have argued that they should be compensated for the links that drive audiences, and advertising dollars, to the internet companies’ platforms.
A spokesman for Australian publisher and broadcaster Nine Entertainment Co Ltd welcomed the government’s compromise, which it said moved “Facebook back into the negotiations with Australian media organisations.”
Major television broadcaster and newspaper publisher Seven West Media Ltd said it had signed a letter of intent to strike a content supply deal with Facebook within 60 days.
A representative of News Corp, which has a major presence in Australia’s news industry and last week announced a global licensing deal with Google, was not immediately available for comment.
Frydenberg said Google had welcomed the changes. A Google spokesman declined to comment.
Google also previously threatened to withdraw its search engine from Australia but later struck a series of deals with publishers.
The government will introduce the amendments to Australia’s parliament on Tuesday, Frydenberg said. The country’s two houses of parliament will need to approve the amended proposal before it becomes law.
(Reporting by Colin Packham and Byron Kaye; additional reporting by Renju Jose, Kate Holton and Douglas Busvine; Writing by Jonathan Barrett; Editing by Sam Holmes and Mark Potter)
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