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Design Thinking: Unleash innovative value creation within your organization!

Evelina Lemmers FiSer Consulting, News Item, Technology

Today’s business world is characterized by complexity and uncertainty.

Change happens at an unprecedented pace, which pushes businesses to reconsider their core. In their journey to transformation, businesses encounter wicked problems.

These so called ‘wicked problems’ are the type of problems that keep business leaders awake at night. They can have considerable impact on organizations. Fortunately, they are not impossible to solve – we can help.

As part of our Digital Transformation Services, we help businesses unleash innovation and address the “wicked” side of challenges that change brings along, with the help of Design Thinking. Curious yet?

Click here to read our positioning paper.

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The future: Facebook as the world’s biggest payments provider?

Evelina Lemmers Banking, News Item, Technology

There have been rumors that Facebook is creating its own digital coin in reaction to the $1.7 billion investment fund Telegram raised for its own cryptocurrency project.

Together with Messenger, Whatsapp and Instagram, Facebook’s reach amounts to a total of 2.7 billion users. If Facebook decides to create its own digital coin and payments environment, it could potentially become the largest central bank in the world.

Facebook entering the world of online banking and payments could have far reaching consequences for credit card companies such as Visa and MasterCard. The transaction process as we currently know it, is pretty simple: we can pay without carrying around cash. On the back-end, either Visa or Mastercard settle the transactions made with any bank.

However, if Facebook would enter the market with its own digital currency, things could change a great deal. Instead of a credit card, users get a Facebook mobile wallet with coins to make online payments. These Facebook coins could completely transform e-commerce in terms of making payments even easier.

Users will be able to directly make online purchases (or sell items) in a wide range of apps that have already integrated a Facebook user sign-in. There will be no need for third parties, typing in your credit card credentials or PayPal account details. Online shopping will become a two-step process in Facebook apps.

The two-step payment environment via Facebook will only take a matter of time – the payments game is about to change drastically.

Click here for the original article.

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New Adyen service is going to innovate and simplify the payment process for consumers and merchants

Evelina Lemmers News Item, Open Banking, Technology, Technology Change

Adyen has launched a new alternative service for card transactions under the Payment Service Directive (PSD2). Similar to the current process, the offering requires banks to create APIs for approved third parties in order to initiate payments on the consumer’s side.

The platform’s latest service is going to launch in the UK, while there is a chance other European markets will also follow the trend. The solution works similar to current online banking methods: customers select the payment type at the checkout, after which they are redirected to their bank’s online banking environment to confirm the payment.

The specific banking environment then puts forward the customer’s preferred method of authentication (i.e. Face ID, Touch ID) enabling direct authorization between the shopper and the merchant, while Adyen handles the payment flow as a recognized third party.

The Open Banking offering makes Adyen the first provider to offer multiple payment options in a secure environment. Shortly after the roll-out in the UK market, other parties have shown great interest in the solution and are preparing a roll-out of the offering.

Click here for the original article.

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Dutch Financial Authorities are planning to license a crypto scheme for exchanges

Evelina Lemmers AML, Banking, Blockchain, News Item, Technology, Technology Change

In order to prevent money laundering and terrorism financing, Dutch Financial Authorities have decided to plan a licensing scheme for crypto exchanges.

This decision stems from a report that was published by the nation’s central bank, De Nederlandsche Bank (DNB), and the AFM which is the Dutch Authority for the Financial Markets. The report concludes that cryptocurrencies carry high financial crime risks and that they, therefore, need licensed solution providers.

Both DNB as the AFM prefer a licensing regime over a registration system because it allows a pre-market entry assessment that informs the parties involved if they comply with the AMLD5 rules, while a registration regime only allows a limited assessment.

In the report, both Dutch financial parties have also concluded that the EU regulatory framework for corporate funding should be altered to enable a blockchain-based development of small-and-medium-sized enterprises (SMEs).

Apart from that, the report also mentions reconciling the national definition of security, aiming to bring new forms of corporate funding in European legislation, such as initial coin offerings (ICOs) and security token offerings (STOs).

Click here for the original article.

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Adina Pop joins FiSer Consulting

Evelina Lemmers FiSer Consulting

We have added a new member to the FiSer team: Adina Pop.

Adina is an all–round business leader with over 16 years of experience in business operations, financial management and business transformation. She is highly skilled in strategy development and implementation with outstanding achievements in driving change, customer centricity, process efficiency and people growth. Her experience is gained in international, complex business settings (financial industry, hospitality, luxury goods, governmental affairs).

Adina is culturally sensitive and experienced in multilayered stakeholders management. She holds an Executive MBA degree from a leading business school and she is passionately triggered by the digital revolution and how to respond to innovative, disruptive and fast moving experiences.

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Market risk capital framework and Basel Committee work programme finalised by Governors and Heads of Supervision

Evelina Lemmers Banking, Basel, News Item, Technology, Technology Change

On Monday January 14th, 2019 the Group Central Bank Governors and Heads of Superivison (GHOS) have endorsed a couple of revisions to the market risk framework and the Committee’s strategic priorities and work programme for 2019.

Revisions to the market risk framework
The revisions apply to the design and calibration of the market risk framework. Changes include:

  • An introduction of a simplified standardised approach for banks with small or non-complex trading portfolios;
  • A clarification of the exposure scopes which are subject to market risk capital requirements;
  • A revision of the treatment of foreign exchange risk in order to enhance the risk sensitivity of the standardised approach;
  • A review of the assessment process to determine whether a bank’s internal risk management models appropriately reflect the risks of individual trading desks; and
  • A revision of risk factor requirements for internal modeling

The above revisions were concluded from the Committee’s quantitative impact analyses. The revised framework is estimated to result in a weighted average increase of about 22% in contrast to the 2016 framework (weighted average increase of approximately 40%).

The updated market risk framework is set to be effective as of January 1st, 2022, which is concurrent with the implementation of the Basel III reforms (endorsed by GHOS in 2017).

Revisions to the 2019 work programme
Another endorsement by GHOS applies to the Committee’s strategic priorities and work programme for 2019. The work programme focuses around four key areas including (1) the finalization of ongoing policy reforms, (2) the evaluation of the impact of post-crisis reforms and emerging risks, (3) the promotion of strong supervision and (4) ensuring full and consistent implementation to the post-crisis reforms. The main focus lies on evaluating the post-crisis reforms and to assess new emerging vulnerabilities in the banking system.

Click here to read the original article or here to read about additional information in regards to the market risk framework set out in an explanatory note.

 

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SWIFT releases white paper on transformed payments landscape

Evelina Lemmers Banking, News Item, PSD2, Technology, Technology Change

On October 17th, 2018, the global provider of secure financial messaging services (SWIFT) has published a white paper on the evolution of the European payments landscape.

The paper discusses how change in wholesale and retail payments across the world is on its way and that it has set a clear path for financial market infrastructure renewal in Europe, and more specifically the Eurosystem. Taken into account regulations such as PSD2, a period of radical transformations are rapidly making its way to spread across Europe.

The paper also elaborates on change drivers in the payments sector on both global and European levels, as it also outlines challenges and opportunities for incumbents in terms of digitisation, technology and strict regulators.

The official press release on the payments transformation in Europe can be found here.

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Martijn van der Zwan joins FiSer Consulting

Evelina Lemmers FiSer Consulting

We have added a new member to the FiSer team: Martijn van der Zwan.

Martijn is a seasoned Project Manager with over 15 years of experience working at ABN AMRO where he designed, implemented and migrated change to new organizational structures.

He has gained his knowledge by running various projects in the fields of Payments & Cash Management, Trade Finance, Asset Management and Global Client Services and its Operations.

As a service and quality oriented individual, he makes sure that assignments and operations are finished accordingly and in a timely manner.

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FiSer Consulting hosted its first annual Team Trip!

Evelina Lemmers FiSer Consulting

In the first week of October, FiSer Consulting hosted its first annual team trip!

The FiSer team traveled to the beach of Noordwijk where they took part in an exercise of power kiting. Although there wasn’t a too strong wind, the weather was great.

After the intensive exercise, colleagues and associates came together for drinks and dinner at the Branding Beach Club.

We wanted to thank all FiSer team members for the fun and memorable weekend!

Revised Guidelines

EBA publishes final guidance to strengthen the Pillar 2 framework

Evelina Lemmers Banking, News Item, Technology

On July 19th, 2018 the European Banking Authority (EBA) has published its final revised Guidelines which aim to further enhance institutions’ supervisory review and examination process (SREP).

The Guidelines focus on stress testing which will be used in setting Pillar 2 capital guidance (P2G), as well as interest rate risk in the banking book (IRRRBB).

The publication also includes:

  • A final report on the Guidelines on the revised common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing.
  • Revised final Guidelines on the management of interest rate risk arising from non-trading activities (IRRBB guidelines). The revised Guidelines reflect on developments in the Basel Committee on Banking Supervision (BCBS) and clarify internal and supervisory outlier tests requirements during the first phase of implementing the Basel standards.
  • Final Guidelines on institution’s stress testing. The publication shows that the guidelines reflect industry practices and the incorporation of recovery planning. They provide detailed guidance on the way institutions should design and conduct a stress testing programme.

The official press release about the revised Guidelines can be found here.