Cooperation between financial institutions, technology providers and regulators to meet client demands for faster payments together with the use of APIs to improve efficiency and interoperability were the talk at this year’s Sibos. Clarissa Dann and Janet Du Chenne share an extended snapshot of packed four days on how the ecosystem that moves money safely inside and across borders is reshaping itself.
Please use the navigation bar above to read the articles from the four days and to watch the videos
London’s Docklands area has always played an important role in the wealth of the city and the fortunes of the East End. Once a hub of imports and exports and manufacturing, this area is now home to one of the leading financial centres in the world. Given this status, the area was suitably primed to host the world’s premier financial services event.
SWIFT Chair Yawar Shah welcomed more than 11,500 participants – a record-breaking attendance – to the 41st Sibos in the ExCel. Given London is a key actor on a global stage it was an opportunity to acknowledge – through open banking and real time payments driving the data economy – that all parties in the financial ecosystem are being brought closer together and to take stock of how they are to quote the Sibos 2019 slogan, “thriving in a hyperconnected world”.
Bringing them all in one place precipitated more than 169,000 contact exchanges (an average of 17.2 per person), 8600 Sibos App users, 52000 sibos.com users, 300 exhibitors, 300 conference sessions, 600 speakers and at times over 9000+ concurrent WiFi users. With 15 speakers across multiple sessions, the Deutsche Bank focus was on cash management, trade finance, foreign exchange, securities services, regulation and technology and how partnership with external companies is enabling the bank to address client challenges.
What’s changed since Sibos Sydney 2018? More action and consolidation and less discussion and exploration was the tone of the London event, despite a backdrop of economic and political uncertainty directly attributable to the ongoing trade wars. .
Sibos saw instant payments go live in SWIFT gpi, integrating the platform into domestic instant payment systems in July 2019. The new real-time gross settlement service (RTGS) replacing the existing TARGET2 system was a significant milestone, as was the big bang of ISO 20022 going live with RTGS.
Opportunities in global trade in uncertain times were identified as the industry moves to a new world order where trade corridors are rerouted, and levels of trust reset themselves when importers and exporters find themselves working with new counterparties. The demand for an end to end digitalised trade finance solutions has never been so acute.
In securities services custodians were seen to be breaking down virtual barriers by actively using AI and machine learning to bring the industry closer together through partnerships to drive efficiencies. New technologies that manage settlement failure based on data collection and machine learning and DLT solutions to enable further automation of custodian services were announced.
How to use this Sibos information hub
This handy microsite takes you across Days 1 through to 4 (with a tab for each day), which provides summaries of selected sessions, along with open access (into YouTube) video links to the full experience should further detail be required. In addition, we have shared our own videos of the event in the last tab.
Enjoy the ride and until Boston 2020…
Clarissa Dann and Janet Du Chenne are Editorial Directors in Deutsche Bank’s GTB Marketing team and Co-Editors of flow magazine