SIBOS 2023
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‘Announced at Sibos 2023’: Roundup of Day Two in Toronto

More than 8,000 financial industry thought leaders, decision-makers and experts have gathered in Toronto for Sibos 2023 to address critical issues challenging the global financial ecosystem.

The Sibos community highlights the latest trends, innovations and challenges in the global financial industry.

Today we bring you a roundup of updates announced on day two of Sibos 2023 conference.

Zumo releases Digital Assets 2023 report

Zumo, the B2B digital assets infrastructure, unveiled a new insights report at Sibos 2023 that delves into the opportunities across the enterprise landscape.

The report analyses the emerging areas of opportunity within the global digital asset ecosystem from a non-crypto-native ‘enterprise’ perspective with contributors from financial institutions and digital asset pioneers.

Daniel Taylor, Zumo’s research and policy lead, and the report’s author, said: “Digital Assets 2023 has been brought to life through consultation and cross-sector collaboration, and Sibos, with its emphasis on networking and learning, is therefore the perfect platform for launching it.”

“Today is the first truly ‘enterprise’ era, in which non-crypto businesses have access to, and are active across, all four quadrants of digital asset opportunity: consumer, institutional, application and investment. Our report practically distils and synthesises those emerging opportunities based on a big-picture understanding of the digital asset and blockchain ecosystem.”

Lloyds Bank partners with Fiserv

Lloyds Bank has teamed up with Fiserv, a global provider of payments and financial services technology, to offer wholesale FX rates to UK and European merchants for dynamic currency conversion (DCC) on card transactions.

DCC enables consumers paying for purchases to see the cost in their local currency, regardless of which currency the merchant uses to display prices.

A pilot of the system will be launched with Carat from Fiserv merchants in October with Cardnet planned to follow early next year.

“This partnership with Fiserv marks the first time we’ve ever made our wholesale FX rate available for currency conversion on card transactions,” said Sarah Saigol, managing director – cash management and payment solutions Lloyds Bank Commercial Banking.

Katia Karpova, EVP and head of EMEA at Fiserv, also commented: “Our innovative open foreign exchange solution, backed by the strength and scale of Lloyds Bank, will allow merchants to provide their customers with a simple, transparent and competitive currency choice at the point of sale and through their ecommerce platform.”

Libra Internet Bank selects Temenos for cross-border payments

Romania’s Libra Internet Bank has plumped for Temenos to modernise its payments capabilities to facilitate ISO 20022 cross-border payments and reporting (Swift CBPR+) on the Swift network.

Libra will leverage Temenos’ composable, scalable platform to support the bank’s growth plans to double payments volumes over the next five years. The bank already uses Temenos for core banking.

The platform supports the new ISO20022 based cross-border payment and reporting standards, expanding data transparency and payment tracking services.

Jean-Paul Mergeai, president EMEA-APAC, Temenos, said: “With Temenos Payments the bank will have a modern payments platform enabling it to scale quickly and propel its growth plans. Following on from a number of recent wins for SEPA Instant processing in Europe, our certification for the FedNow program in the US, and our recent deal with leading global payments provider Convera, this is further evidence of our momentum in the payments space, where we see tremendous growth opportunities.”

Temenos support clients across the world, for different payment rails including SWIFT, RTGS, ACH and instant payments including both ISO 20022 and non-ISO 20022 schemes.

Bankifi shares payments insights from customer data

Embedded banking provider BankiFi marked its attendance at this year’s SIBOS conference with insights gained from app-based payment solutions with banks across the UK, including The Co-operative Bank and TSB.

The data highlights that businesses across dozens of sectors continue to place considerable faith in the power of text, email and QR codes to chase payments in situations where the buyer and seller know each other personally.

Two-thirds of payment requests sent via BankiFi’s apps are paid within just one to two days – often seeing businesses paid well in advance of invoice due dates which is considerably quicker than the global average.

Fifty-eight per cent of sellers show a preference to send payment requests via SMS-based services when given the opportunity to do so, and that these SMS-based services have the highest paid rate of 79 per cent.

Seventy-two per cent of unpaid requests are paid when the user reminds their customer using the ‘resend’ function available via BankiFi’s SMS-based services. This convenient option allows customers to avoid chasing payments via phone call, or email.

Mark Hartley, founder and CEO of BankiFi commented: “We’re sharing this information around Sibos, as its highly relevant to many of the banks in attendance. The data shows that when tailored to an SME audience, SMS-based services and email can work as an effective customer acquisition tool, it also shows that the use of face-to-face payments via QR codes are also on the rise.

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