Thursday, 28 August 2014
Sibos 2014: what to expect in Boston
• Corporates/Investment managers – Swift has been keen to emphasise that Boston is home to a large number of corporates and investment managers, so there will be dedicated streams which cater to both of these needs. For the former, the trade space and the implications of the Bank Payment Obligation (BPO) in particular will be discussed, as well as enhancing bank-to-corporate relationships, whilst the latter will focus on cost savings, increased regulatory burdens and the merits/pitfalls of outsourcing (IBS tackled this subject in depth here).
• Innotribe – The annual Innotribe stream, which encourages innovation and gives the opportunity for start-ups to showcase their products and gain investment, will be particularly interesting this year. The fintech space has become one of the most lucrative for investors, and now banks are getting in on the act with dedicated ‘Fintech Accelerator’ programmes springing up to unearth the best ideas on the market. The role of virtual currencies (VCs) will also come under the microscope, and the response of bodies such as Swift will undoubtedly shape the perception of VCs such as Bitcoin, and whether they represent a true threat the existing payments ecosystem.
• Standards – ISO 20022 has reached its ten-year birthday this year, so speakers will be looking to appraise how it has developed compared with the original concept. Swift's head of standards, Stephen Lindsay, admitted last year that ISO 20022 has been 'the dream' that 'doesn't quite work' so far. One year on, has anything changed?
• Compliance – At last years’ Sibos, Samir Assaf, group managing director and CEO of global banking and markets at HSBC, called for a fundamental change in the way banks collaborate, with a particular nod towards know your customer (KYC) as an opportunity for greater cooperation. Since then, Swift has introduced its own KYC repository, but so have others, and competition in this market is fierce (see this blog piece and this article in the IBS Journal for more on this debate). Will the banks in attendance express their concerns about how the calls for greater industry collaboration appear to be falling on deaf ears?
• Sibos University – For the first time at Sibos, Swift is introducing the Sibos University, with key speakers from some of the largest academic institutions in the Boston area speaking on a wide range of topics. Boston is renowned for its famous universities and colleges (there are over 150 in the Boston area), so it will be interesting to hear a different perspective from the usual talking heads on a range of issues.
You can keep up to date with all the latest Sibos news before, during and after the event via twitter, the IBS Blog and the IBS website. You can also meet myself and Tanya on the ground, we will be providing daily updates and round-ups during the week. See you in Boston!