Latest news with #SWIFT
Finextra
16 hours ago
- Business
- Finextra
EBAday 2025: G20 2027 target a turning point, not a finish line
Last year, the newest progress report on the G20 roadmap for enhancing cross-border payments was released by the Financial Stability Board. Discussing the challenges and optimism since, a panel of payment experts at EBAday provided their insights into the obstacles of interoperability and cohesion. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The panel, moderated by Sulabh Agarwal, managing director - global payments, Accenture was made up of Ainsley Ward, vice president, payments consulting services, CGI; Karyna Hutarovich, vice president, chief product office, Deutsche Bank; Katja Lehr, managing director, EMEA payments and commerce, JPMorgan Chase & Co; Marianne Demarchi, chief executive Europe, Middle East and Africa, SWIFT; and Sara Amara, head of currency and clearing, HSBC. Agarwal began by posing a Slido question to the audience: What are the challenges in cross-border payments that we want to solve as an industry? In response, the vast majority said interoperability, followed by cost transparency and speed. Tying nicely into the G20's objectives, the panel then began to share their opinions on these exact issues. Cohesion over innovation Sara Amara described how there has been a misunderstanding surrounding the way to solve these fundamental problems, stating that 'the challenge of CBP is not lack of innovation, it's lack of cohesion,' and described it as 'too slow, too expensive [and] too exclusionary.' As an example of the current problematic process, Amara explained that it had been easier and cheaper for her to fly back to her home country, deposit cash and fly back. Calling the G20 a north star for transparent payments, Amara reiterated that the solution is not 'tactical, it's structural [...] think about how we're operating, we're operating through fragmented infrastructure.' Karyna Hutarovic later echoed these thoughts, optimistic in her listing of some of the progress and success achieved, but believing that there is a real issue of consistency across countries and companies. She stated: 'I believe it's great that we all move to the same standards in name, we also need to make sure it's the same in practice. Because ISO 20022 can come in various flavours, if you will. So we need to make sure it's implemented consistently along the entire payment chain.' The last mile Following up on the issue of consistency—especially within a geospecific context—Marianne Demarchi explained how one of the fundamental issues to the speed of cross-border payments is not necessarily the adoption itself. The fundamental problem is 'what we call The Last Mile. So it's from the bank who receive the payments, the beneficiary can take some time [...] at the country level, there's some issues—regulatory issues, currency controls, an advisor of the bank needs to call the receiver of the money.' Understanding this, Demarchi said, is crucial because there are efficiencies that exist beyond the current perceptions of cross-border payments, but it is the fragmentation that is leading to delayed expansion. Responding to Agarwals question of the role of RTP systems within this discussion, Ainsley Ward said 'it solves a number of these issues because the settlement is actually enacted locally, the fact that the transactions are fundamentally final as they pass through the domestic system. Then they are passed through the opposite side [...] and settled again. [...] if you look at the world of international payments, money across borders, you're probably looking at a smaller percentage that moves through the SWIFT network and those regular channels. Lots of money is moving through costly, difficult to use and risky channels [...] because it's faster than settling through banks.' Turning to the point of solutions, Agarwal asked the audience, via Slido, what they believed should be the focus. Similar to the initial question, there was a clear favourite: interconnected RTP (real-time payments). Trailing behind it were current methodologies, stablecoins and bilateral connectivity. Common compliance framework Responding, Hutarovich re-emphasised the belief that technology is not the current issue, but the rules and regulations in place: 'We want to be much faster when we move money across borders. But that's not only the good people and the poorest of the poorest, that's also the fraudster [...] so now it's actually harder to get your money back [...] It doesn't really help if we solve one problem on one end if we haven't solved it on the other end.' Quizzed on the role of stablecoins and if, given its answer on the audience vote, there was any strength to it as a solution, most panellists echoed this same sentiment. Hutarovich commented: 'It doesn't matter what rail we're running it on, it's still going to come back to the rules and regulations,' with Amara backing up this explanation and asking for a common compliance framework. Finally, Agarwal asked for the panellists opinions on the industry's ability to achieve the goals of the G20 roadmap by 2027. Every member said it would not be reached or achieved in its current form and instead sought to reframe the perspective on the deadline. Ward stated: 'An understanding of the answer should be achievable by 2027. Actually implementing—I've been in the payments industry 25 years—so my answer would be no.' Hutarovich called the deadline a 'turning point', not a finish line, and Demarchi explained that other banks are realising that their processes are dated and that, on the regulatory side, there needs to be more coordination between the public and private sectors. Amara concluded that 'delivery has outpaced discussions, which is really positive [...] it's a no, but it's very promising.'
Yahoo
16 hours ago
- Business
- Yahoo
Zelenskyy outlines when sanctions will hit Russian economy hardest
President Volodymyr Zelenskyy has stated that Russia will begin to feel the full economic impact of existing sanctions in June 2026, by which time Ukraine also expects a significant deficit in the Russian state budget. Source: Interfax-Ukraine Quote: "June 2026 – we all hope the war will be over by then. But at the same time, we understand that the economic effect of the sanctions on the Russians will be felt. From those already imposed. We believe that starting around summer 2026, their economy will feel this strongly." Details: Zelenskyy noted that Ukraine anticipates a budget deficit for Russia, which may not seem catastrophic due to the shadow nature of much of Russia's economy. However, he added that it is difficult to fully assess what remains hidden and how much Russia has in reserve. Quote: "We can see that their reserves will not grow next year – they will shrink. And they will continue to shrink. The economy will completely change – they will be spending everything on the war." More details: The president also pointed to the growing threat of Russia's military-industrial complex, which relies on components from China, Taiwan, the US and some European companies. Zelenskyy emphasised that around 30 key Russian defence industry companies have contracts with firms in these countries – a situation that could be addressed through stronger sanctions. Background: Earlier reports stated that Russia's coal industry has plunged into a deep crisis following the EU's embargo on fuel supplies and a drop in global prices. The sector is not expected to recover within the next five years. By 2030, seaborne coal exports, which account for over 80% of Russia's coal export volume, will decrease by 10% compared to 2024 levels, reaching 150 million tonnes. It was also reported that the European Union is considering disconnecting more than 20 Russian banks from the international SWIFT payment system, lowering the price cap on Russian oil and banning the Nord Stream gas pipelines as part of a new sanctions package. In the first quarter of 2025, Sovcomflot, Russia's largest shipping operator, posted a net loss of US$393 million. The company attributed the financial downturn to Western sanctions, which have made fleet management more difficult, led to vessel downtime and caused a significant drop in revenue. Support Ukrainska Pravda on Patreon!
Finextra
a day ago
- Business
- Finextra
EBAday 2025: Who's afraid of agentic AI?
What potential does AI hold for the future of banking? What challenges and benefits do AI and GenAI-powered solutions pose? These questions were explored in an afternoon panel session at EBAday 2025. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Emmanuel Baviere, financial services advisor, Microsoft; Isabel Schmidt, EPO payment enablement platform, BNY; Oliver St Clair-Stannard, head of go-to-market, RedCompass Labs; Sébastien Racinais, head of innovation, global cash management, Crédit Agricole CIB; and Thomas Peeters, head of Western Europe, SWIFT, spoke on the panel session: 'AI and GenAI – What's in it for FIs?', moderated by Silvio Villa, senior manager, data science and AI, Be Shaping the Future. Baviere kicked off the panel session with a few slides comparing analytical AI to generative AI (GenAI) to left-brain and right-brain activities respectively, with one having a more analytical and direct approach, and the other acting more creatively and generatively. Baviere stated that there is a wave of employee productivity in using AI tools, such as ChatGPT. He noted the introduction of AI agents, that hold potential to streamline and industrialise payments processes under the management of humans. St Clair-Stannard said that AI agents are the next hurdle for banks, as they need to be mindful about AI agents making autonomous decisions on behalf of banks: 'See the use cases for AML fraud screening, anything that really touches on production data and on the live payment flow, we need to be very careful. If you're working with human in the loop or expert in the loop, there's always that ability to account for the decisions that are being made. As soon as you are making decisions autonomously with an agent, or once you start introducing an LLM into the ability to write and underwrite lending, any bias in the model is going to be amplified.' Adding to St Clair-Stannard's point, Schmidt said that humans act differently when they know that an AI has made a decision as opposed to another human; the behaviours are impacted. Peeter posited that SWIFT is not yet ready for AI bots and agents to make decisions, however, the humans that make the decisions are sometimes influenced by AI information, which may include another form of bias. St Clair-Stannard concluded that that the bottom line is trust, and that over time as AI models evolve, agents will take over these decisions as they will never be wrong. Schmidt stated that BNY has built an AI hub that integrated multiple systems and therefore had varied capabilities. She described that the hub and spoke model has a central team that develops the technology and 80% of employees have been AI trained in biases and ethical behaviours to use AI across the company. Schmidt highlighted how AI applications are streamlining everyday processes for employees, who were seeing and predicting how these applications can be democratised and that commercial processes can progress at a faster pace more efficiently. She added: 'In the end, it is important to remember that we are stewards of our own business, right? So the decision of how aggressively you move forward with developing AI has to go hand-in-hand with how much you invest in your second-line function and your control function. It's not just the people who apply it, but the people who actually manage to do this scenario, and risk appetite of the of your outbreak of respective institutions that makes the difference." SWIFT's Peeter detailed that AI is integrated in three places across the organisation: Using Copilot to help the staff, Detect anomalies and fraud, and In collaboration with financial institutions and industry groups on how to internationalise AI. Racinais detailed Credit Agricole CIB's AI journey; considering more complex use-cases with real-time outputs, he sees three key areas where AI can definitively make a difference: To better understanding their clients – AI can be used to personalise customer services, analyse transactional data of clients, and gain insights into their behavioural patterns. Operational efficiency – AI tools can optimise processing, automate tasks, enhance customer experience while reducing risk, streamline speed of execution, prioritise requests, and analyse sentiments to detect urgency or frustration. Developing new services – AI can be used in fraud detection and financial crime compliance checks. Racinais summarised that there are 'plenty of use cases with today's technology. AI is developing so fast and so quickly that we could imagine plenty of other use cases open up in the near future. I do believe we are converging towards a very hybrid model, where we still have human interaction when it is it is required, more self-care functionalities for customers, and potentially more machine to machine interaction.'
Yahoo
a day ago
- Business
- Yahoo
GSK makes new drug submission for depemokimab in Canada
GSK has made a new drug submission (NDS) to Health Canada for the monoclonal antibody, depemokimab, targeting two specific conditions. The first proposed indication is for the use as an add-on maintenance treatment for asthma in individuals aged 12 years and above with type 2 inflammation marked by an eosinophilic phenotype. The second is for treating adults with inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP). Depemokimab targets interleukin-5 (IL-5), which plays a crucial role in type 2 inflammation. GSK's submission is supported by the positive Phase III SWIFT and ANCHOR trial data. These trials have demonstrated that the antibody could provide sustained inhibition of a key disease driver and assist in achieving clinical outcomes with two injections annually. The extended half-life and binding affinity of the antibody support a dosing regimen of a single injection every six months. Patients with CRSwNP often suffer from symptoms such as loss of smell, facial pain, nasal obstruction, sleep disturbance, nasal discharge and infections. The effectiveness and safety of the antibody are still being investigated, and it has neither been granted any authorisation nor approved for use in any nation at present. GSK Canada country medical director Michelle Horn stated: 'The combined submission for asthma and CRSwNP marks a significant step toward addressing the unmet needs of patients. 'Backed by strong clinical evidence, depemokimab has the potential to become the first ultra-long-acting biologic offering patients sustained inhibition of IL-5, a key driver of their disease with twice-yearly dosing, and represents a promising advancement for patients and physicians alike.' In November 2024, GSK secured Health Canada's approval for Ojjaara (momelotinib) to treat myelofibrosis in adults with moderate-to-severe anaemia. "GSK makes new drug submission for depemokimab in Canada" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Miami Herald
2 days ago
- Business
- Miami Herald
Russia Sees $1 Billion Wiped off Stock Market After Trump's Putin Comments
Russia's stock market took a sharp dive following President Donald Trump's jibe that Vladimir Putin was "crazy" and threatening new sanctions. Vasily Astrov, an expert on Russia's economy, told Newsweek Tuesday that Trump makes contradictory comments on Russia almost daily, which causes stock market volatility. Trump issued the insult in a social media post—in which he also scolded Ukrainian President Volodymyr Zelensky—after Russia launched a massive aerial attack on Ukraine. The Russian financial services outlet Finam said Monday, the Moscow Exchange (MOEX) was "gripped by negative sentiment" as it fell over 2 percent, which led to market capitalization falling by a reported 100 billion rubles ($1.1 billion). Newsweek has contacted the Kremlin for comment. Trump's rhetoric on the war in Ukraine started by Putin is continuously shifting, and his latest comments followed a warning that the U.S. leader would be stepping back from peace talks if there is no progress. Kyiv, its allies and experts see U.S. sanctions on Russia, particularly on its fossil fuels, as key to pressuring Putin to the table and Trump's post threatening such measures will add to market jitters in the country's war economy. Trump took to Truth Social after Russia launched a massive attack on Ukraine over the weekend, with Moscow firing drones and missiles at 30 cities and villages and killing at least 12 people, including three children. Trump's post on Sunday boasted of his good relationship with Putin but said that the Russian president "has gone absolutely CRAZY" and was "needlessly killing" soldiers and civilians. Trump said that if Putin tries to take all of Ukraine "it will lead to the downfall of Russia," in the post which also took aim at Zelensky for "talking the way he does." The Kremlin responded by saying that the outburst was down to "emotional overstrain." Russia's stock market had fallen by 2.06 percent by 2.30 p.m. local time Monday, dropping to 2,711 points from its opening level of 2,735. By close of trading, it went down to 2,699, although by mid-morning Tuesday, there was a slight rise to 2,718. Sovcomflot—Russia's largest shipping company—had the biggest drop of more than 5 percent, while shares in energy and metals giant En+ Group, state-run Gazprom and tech firm VK Group also fell. Financial services outlet Finam said one of the main reasons for the drop was the geopolitical tensions following Trump's comments, which suggest that he is still considering tougher sanctions against Russia. The outlet also said the economic situation in Russia is "alarming" and that the reporting season for the first quarter has shown that even stable businesses are going through difficult times, affected by western sanctions, and the tight monetary policy of Russia's Central Bank, whose key interest rate is at 21 percent. Adding to pressure are reports that the EU is preparing to disconnect another 20 Russian banks from the SWIFT international payments system. Astrov, senior economist at The Vienna Institute for International Economic Studies, said that the slump in the stock market is "definitely the result of Trump's comments" rather than the prospect of EU action. U.S. President Donald Trump on Truth Social: "I've always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!" Vasily Astrov of the Vienna Institute for International Economic Studies said of the stock market slump: "This is definitely the result of Trump's comments, not EU sanctions…EU sanctions…had already been priced in—whereas Trump's statements on Russia contradict each other almost on a daily basis and result in Russia's stock market volatility." Financial services outlet Finam: "The Russian stock market is gripped by negative sentiment." The war Putin started is tied to Russia's currency and stock markets which took a hit in April following the collapse of scheduled ceasefire negotiations over the war in Ukraine. There is anticipation over whether Trump's warning will lead to sanctions that might add to further turbulence in Russia's economy. Related Articles Ukrainian MiG-29 Fighter Jets Bomb Russian Special Services BaseChina Denies Ukraine's Russia Weapons ClaimRussian Bots Roast 'Clown' Donald Trump After Putin CommentsMAGA Divided as Trump Turns on Putin 2025 NEWSWEEK DIGITAL LLC.
