Managing regulatory expectations and centralisation and integration of processes using bank-agnostic solutions were hotly discussed topics in this year’s Asian Banker Future of Finance session on ‘Global Transactions Finance Re-invented’
September 30, 2017 | Sara WangBanks are fighting a losing battle, and will eventually go out of business,” pointed out Anthony Perera Sooriyarachchi, deputy general manager for Corporate Banking, Commercial Bank of Ceylon as he described the current state of play in the trade finance industry during The Asian Banker Future of Finance Summit held in Bangkok, Thailand.
Sooriyarachchi highlighted how the aftermath of Easter bombings in Sri Lanka prompted the regulators to tighten the underlying documentary processes for each incoming remittance, much to the exporters’ resentment.
The summit panellists also discussed the gradual demise of letters of credit and the shift to open account transactions in developed markets.
In identifying growing challenges from stringent anti-money laundering (AML) and “know your client” (KYC) regulations, they concurred that the adoption of common interoperable standards among regulators, conversion of paper into digital, and collaboration between the banking community to build their own platforms and ecosystems were vital to remain relevant.
“From a regulatory and business process perspective, there is a need for re-shaping and introspection for bank entities to remain relevant,” remarked Munindra Verma, group president and country head of transaction banking at Yes Bank.
As banks continue to grapple with legacy technology and stiff regulations, Verma, speaking specifically in relation to issues surrounding Sri Lanka, emphasised on technologies that would disseminate data to all participants and thereby avoid the risk of transaction duplication.
Open banking is changing the dynamics of payment space and in particular, external application programming interface (API) is fundamentally altering every institutions’ min...
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Managing regulatory expectations and centralisation and integration of processes using bank-agnostic solutions were hotly discussed topics in this year’s Asian Banker Future of Finance session on ‘Global Transactions Finance Re-invented’
September 30, 2017 | Sara WangBanks are fighting a losing battle, and will eventually go out of business,” pointed out Anthony Perera Sooriyarachchi, deputy general manager for Corporate Banking, Commercial Bank of Ceylon as he described the current state of play in the trade finance industry during The Asian Banker Future of Finance Summit held in Bangkok, Thailand.
Sooriyarachchi highlighted how the aftermath of Easter bombings in Sri Lanka prompted the regulators to tighten the underlying documentary processes for each incoming remittance, much to the exporters’ resentment.
The summit panellists also discussed the gradual demise of letters of credit and the shift to open account transactions in developed markets.
In identifying growing challenges from stringent anti-money laundering (AML) and “know your client” (KYC) regulations, they concurred that the adoption of common interoperable standards among regulators, conversion of paper into digital, and collaboration between the banking community to build their own platforms and ecosystems were vital to remain relevant.
“From a regulatory and business process perspective, there is a need for re-shaping and introspection for bank entities to remain relevant,” remarked Munindra Verma, group president and country head of transaction banking at Yes Bank.
As banks continue to grapple with legacy technology and stiff regulations, Verma, speaking specifically in relation to issues surrounding Sri Lanka, emphasised on technologies that would disseminate data to all participants and thereby avoid the risk of transaction duplication.
Open banking is changing the dynamics of payment space and in particular, external application programming interface (API) is fundamentally altering every institutions’ min...
Categories:
Keywords:
