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Up For Adoption

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Gerard-Bermingham

Gerard-BerminghamGerard Bermingham is S.V.P. of Business Strategy at Information Mosaic.

“What if they gave a war and nobody came?” While there seems to be as many variations of that line as there are claims of origination, this version has been attributed to the German poet and playwright, Bertolt Brecht. So, when it comes to financial messaging, what if they gave a standard and no one adopted it?

This could very well apply to the ISO 20022 standard. Since the design and rollout of the first ISO 20022 payment message in 2005, the ISO organization, SWIFT, regional Central Securities Depositories, exchanges, financial firms, solution providers, and others have invested resources in the development, planning, testing, and implementation of the ISO 20022 design. In attempting to correct the shortcomings and address particular ambiguities of the prior version (ISO 15022), a business modelling approach was applied. Utilizing the widely preferred syntax for e-communication, the eXtensible Mark-up Language (XML), schemas were developed to reflect the actual logical flow and requirements of financial transactions. The scope of the standard would address practically all areas of finance: payments; trade services; card processing; foreign exchange; and securities. Initial commitments for adoption were widespread, both in terms of functional area as well as regional take-up. In Europe, the Single Euro Payments Area (SEPA), an initiative to harmonize payments for euro-denominated retail credit transfers and direct debits, stated their intention to deploy the ISO 20022 standard. Also in Europe, the Target2-Securities (T2S) initiative, with its goal of normalizing securities settlement, indicated its plans to use ISO 20022. The Japan Securities Depository Center, Inc. (JASDEC) is working closely with SWIFT to implement the ISO 20022 standard for corporate actions processing as well as other areas. The South African Development Community (SADC) is currently working on applying the new standard to its payment messages. In the US, the Depository Trust & Clearing Corporation (DTCC) has been working with SWIFT, custodian banks, and solution providers, to develop ISO 20022 for corporate actions market practice.

The success of each of these initiatives vary. For example, while the DTCC has completed the testing phase and now has some of its key participants in production with ISO 20022, the ISO 20022 volumes at JASDEC are minimal, at best. The drivers and incentives for adoption have been clearly identified and articulated, and even include internal, as well as external uses. The implementation of ISO 20022 can be used for business and processing validation against other and non-SWIFT message formats. However, as evidenced by the inconsistent take-up of the standard, it is a matter of capability versus adoption. The benefits of the initiative are clear, but the hard work comes in the development and implementation. In addition, as in any implementation, there is the challenge of migrating to a new system while maintaining the old one for the day-to-day work prior to cutover. In Europe, for example, based on the SWIFT change requests of various regional Securities Market Practice Groups (SMPG), there seems to be an effort to perfect the ISO 15022 as opposed to planning for migration to ISO 20022. The effort to continue to develop and work with ISO 15022, including the support of some cumbersome work-arounds, takes vital resources away from implementing effective ISO 20022 messaging in those markets.

Another approach to help in hastening the take-up of ISO 20022 would be to target emerging markets in which SWIFT adoption has either been slow or non-existent, or markets which are in need of automation. Not being burdened by parallel processing or the challenges of migration, these areas may be quicker to benefit from the discernable advantages of the new format. By concentrating on those markets first and then working towards established ones, perhaps even leveraging ISO 20022 work that has already been done in those regions, global adoption may come sooner.

As I stated earlier, SWIFT and its partners has done a commendable job in championing the benefits of ISO 20022. However, it has promoted these benefits to its traditional membership base, namely, banks. In addition, the DTCC has successfully launched their ISO 20022 corporate actions initiative but the take-up has been by its own traditional participants: broker dealers and banks. There are other constituency types in the trade processing chain that either do not see the benefits or feel that the effort of migration is greater than those benefits. Asset managers and end-investors, who would gain efficiencies from increased data quality and accuracy by being able to directly process ISO 20022-based messages from their custodians, are somewhat indifferent to the initiative. This could be due to the fact that they do not have a representative body, dedicated solely to its constituency, directly involved in the discussion of ISO 20022. As a result, a sense of apathy to the new standard has emerged from that end of the chain. In addition, given the current adoption rate, solution and data providers would have to continue to support at least two distinct industry standards for the foreseeable future.

It is up to standard organizations to force industry participants to drop the older version and make ISO 20022 adoption mandatory. So, be forewarned. In fact, the second line of Brecht’s poem is, “Why, then, the war would come to you!” And the poet even goes on to say, “He who does not take part/In the battle will share in the defeat.”
 
About the author: Gerard joined Information Mosaic in 2003, with responsibility for the business requirements, development, and enhancements of Information Mosaic’s corporate actions application, IMActions™. Gerard is currently SVP of Business Strategy, responsible for building an awareness of customer and industry needs, increasing market profile, promoting Information Mosaic as a thought leader within Security Services and Operations, and working with Product Leadership on global product strategy. Gerard is a requested industry speaker, a frequent contributor of articles on global finance, and is often quoted in the financial press.
 

 

 

 

 

 

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First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace

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First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace 1

Powell Software’s first in a series of wellbeing technology innovations help remote employees socially connect with colleagues and keep the workplace culture alive

As the third UK lockdown continues and many countries worldwide face severe restrictions, Powell Software, a global organisation creating digital solutions and tools for the digital workplace, has launched the first of its kind Virtual Coffee Machine, an application within Microsoft Teams to ensure employees stay better connected, positively engaged and take regular breaks while working from home.

With employee wellbeing at the top of the global workforce agenda for 2021, Powell’s Virtual Coffee Machine app positively connects employees through virtual chats to maintain a culture of togetherness, even when apart.

Replacing the absence of the in-person coffee catch up, HR can swiftly set up a Virtual Coffee Machine break within any Teams channel, encouraging employees to take regular short breaks while inspiring networking and socialising between colleagues.

Matthieu Silbermann, Chief Product Officer at Powell Software said: “The effects of the Pandemic have reshaped the Digital Workplace and research has found that three quarters of employers intend to shift some employees to remote work permanently. However, with one in five remote employees naming loneliness as their top complaint regarding work from home, reinforcing togetherness needs to be a top priority.”

Take a virtual coffee

HR can set up a Virtual Coffee Machine meeting within any Teams channel defining time, frequency and date, and number of people. The app then uses an algorithm that collects data from employees registered in Powell Teams, automatically comparing outlook calendars and generating meeting invites based on the criteria of the meeting. For example, if the Virtual Coffee Machine meeting criteria was set at a maximum of five people and ten people are available to join then two meeting invitations would be sent.

Virtual Coffee Machine consciously avoids one to one or full team meetings, focusing on creating intimate, short social breaks where employees can take time out to engage with colleagues in a positive digital space.  Colleagues can also ‘travel’ to differently located virtual offices across their organisation to meet colleagues for a coffee break in different virtual buildings.

Employees are unaware of who else will join the group until the event, to encourage different team members to meet, chat and get to know each other. The app automatically books an agenda and also suggests ice breakers like ‘what was the last film you saw or book’?

If a team member does not want to or cannot join a Virtual Coffee Meeting, they simply decline the meeting invitation.

Silbermann continues: “Powell Software is passionate about connecting employees to their organisation and to each other, ensuring that they have a positive and stimulating experience at work, every day. Remote workers need to be connected, they need to feel part of the company, the culture and feel able to socialise in the hybrid or remote workplace.

“Powell’s new Virtual Coffee Machine app is all about the employee. We all miss the little social moments at the office, whether they be at the coffee machine or the cold water fountain. Coffee Machine allows us to progressively see our workplaces positively come to life again in a virtual way, promoting connectivity, collaboration and employee wellbeing. It’s part of a bigger goal and series of initiatives to bring the virtual building to life.”

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Top 5 Ways To Lose Your Video Files

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Most Video Content Created in the Summer Months, Finds Veritas Research

There are lots of reasons why you can lose video files in your system or device. While some of these problems are avoidable, others are inevitable. Simply put, it is only a matter of time before the latter problems will be experienced. The major challenge is that most people don’t understand why their video files are either missing, damaged or deleted.

Are you amongst those mentioned above? Do you always ask why a video file can get lost, deleted or damaged? Don’t waste time to rack your brain on a such topic/matter. This is because you have come to the right place. This well-researched blog will provide you all the top reasons why you are losing your video files. Before thinking about which video recovery software to start using, it is recommended you know why files are getting lost in your system.

Power outage

This is a common problem that is responsible for loss of data. However, most people are yet to discover it. Have you ever noticed any situation whereby there is sudden power outage in your system? Simply put, your system suddenly shuts down. In such case, applications and other files (photos, videos, audios and doc) will be closed without any prior warning. The implication of this is that your video files are likely to get damaged.

Top 5 Ways To Lose Your Video Files 2

You may want to argue that systems come with batteries. Therefore, there will not be a problem of power shut down. This is not true in any way as power shut down can happen due to some reasons. It could even be that your system is malfunctioning. Even when your video files are not damaged through such incident, there is every chance that your hard drive will be adversely affected.

Faulty hard drive

If your hard drive is damaged due to one reason or another, there is every chance that your video files will be lost, damaged or deleted. Most of the cases related to data losses can be traced to malfunctioning hard drive. In case you don’t know, hard drives are very fragile. They can easily become faulty because of poor handling. If your hard drive crashes, it is recommended you find out what must have led to such problem. Trying to use a data recovery tool without knowing the root cause of the problem won’t do any good.

There are numerous factors responsible for a faulty hard drive. These could be hot system, frequent crashing, constant freezing, slow processing speed, booting up issues. The longer you ignore these problems; that is how your hard drive will be further damaged. This will in turn lead to loss of video files.

Human error

The truth is that as humans, we are always bound to make mistakes. These could sometimes prove very costly since they can bring about loss of video files. There are cases when important business files have been deleted mistakenly in the past. Human errors are very common. They can bring about formatting of hard drive, data loss and repair of system.

The only way to avoid this problem is to ensure you understand files to be deleted or retained. Most people don’t read messages displayed in dialogue boxes before clicking on “Delete” buttons. This is an easy way to delete important video files without knowing.

Computer viruses

Computer virus is one of the major reasons why people lose video files. Just as the digital world is becoming increasingly popular, viruses and malware are also waxing stronger. One of the most notable causes is when you begin to explore unsecured websites. It can also happen when corrupt files are downloaded and installed in your system.

When your system has been compromised by viruses and malware, there is a very high chance of losing vital files like doc, videos, audios and photos. You will try to open these files but they won’t respond. The best way to overcome this problem is using anti-virus software. This will help to monitor your browsing habit online.

Hard drive formatting

This happens to be another major cause of data loss. Most people format their hard drive without backing up vital files. In the end, these files are lost. Without the help of a paid or free recovery software, you may struggle to get back such data.

It is recommended that you backup important video files before initiating such a process. There are lots of ways to do this. For instance, you can use an external hard drive or even store such files online. This will save you the stress of spending unnecessarily on a data recovery software.

Final words

When it comes to losing your video files, there are lots of reasons which could be responsible for such problem. The tips shared above can help you to a great extent. All you have to do is ensure they are avoided.

 

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BNP Paribas joins forces with Orange Business Services to deploy SD-WAN for 1,800 retail sites in France

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  • Co-construction approach ensures business continuity during deployment

BNP Paribas has chosen Orange Business Services to deploy an SD-WAN solution in more than 1,800 bank branches across France. Focused on developing and integrating new digital solutions, BNP Paribas continues to provide the highest standards to improve user experience for customers and employees alike.

By integrating Flexible SD-WAN from Orange Business Services, BNP Paribas benefits from a modern and agile technological platform to accelerate its digital transformation. This enables quick and easy deployment of multiple services, such as dynamic routing and path selection, with scalability and flexibility. It also empowers administrators to monitor infrastructure performance and resolve potential network congestion through simple software modifications, thereby optimizing application performance. By deploying SD-WAN, BNP Paribas can take advantage of a fully secure hybrid network that is natively multi-cloud, multi-access and multi-application. The Bank will also benefit from optimized and centralized management and intelligent routing for its new infrastructure.

Close collaboration between business and IT for greater agility

From the start of the project, experts from Orange Business Services and BNP Paribas built the solution design together and prioritized the features to be deployed. More than 3,600 access lines—two per branch, including one Internet access line – are currently being rolled out with a focus on maintaining business continuity for each site during the migration. In addition to the SD-WAN overlay, firewalls for enhanced security are also part of this deployment.

“It was paramount for us to choose a partner who already had proven experience implementing and operating SD-WAN solutions. Orange Business Services stood out as this trusted partner. In addition to their IT expertise, the Orange teams demonstrated a great ability to understand our business challenges, and they knew what needed to be done to support our end-to-end digital transformation. This close collaboration between our teams from the very beginning of the project was one of the keys to its success and to a smooth roll out,” said Bernard Gavgani, Chief Information Officer at BNP Paribas Group.

“We are delighted to support BNP Paribas in their transformation program and deploy the first large-scale SD-WAN project in the retail banking industry for the French market. An indepth understanding of our customers’ business needs is essential to co-develop customized and innovative solutions. Orange Business Services will continue to accompany BNP Paribas’ central and local teams to learn and develop their SD-WAN skills,” said Nadine Foulon-Belkacémi, Executive Vice President, French Major Clients at Orange Business Services.

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