As financial institutions start to recognize the true potential of instant payments, new innovative use cases for real time payments have begun to blossom. Mathias Schuetz, Regional Head Switzerland & Liechtenstein at Avaloq, explains why soon cars may pay themselves for the for fuel at the gas station and for tolls on the highway.
Summary
The PRA’s supervisory statement on outsourcing arrangements and managing third party risk requires insurers to take action now, to ensure that outsourcing agreements which are currently being negotiated comply with the new guidelines.
On 31 March 2021 the PRA released a new supervisory statement relating to outsourcing arrangements and managing third party risk (“
SS2/21”). The PRA has also published a policy statement on outsourcing and third party risk management, which summarises the feedback it received to its original proposals and explains the rationale for SS2/21. SS2/21 applies to various types of firms, including all UK Solvency II insurers and UK branches of overseas insurers. The PRA requires insurers to be compliant with SS2/21 in relation to outsourcing agreements entered into on or after 31 March 2021 by the time the new requirements come into force on 31 March 2022. In practice this means insurers should start complying now, to avoid needing to renegot
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On 1 January 2019 EU Regulation 2402/2017 (Securitisation Regulation) started to apply, giving rise to one of the most ambitious capital markets projects of the EU: the creation of an homogeneous regulatory framework applicable to all European securitisations. The goal of the project was high: revamping and strengthening the EU securitisation market and, in particular, revitalising “public deal” activity.
Prior to the arrival of the Covid-19 crisis, the Securitisation Regulation was brilliantly accomplishing its mission, as in 2019 it led to a substantial rise of new public securitisations. The main appeal for the investors had been a magic word: “STS”. In fact, all these public securitisations complied with the new Securitisation Regulation’s criteria allowing them to be classified as simple, transparent and standardised (
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The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector.
The review looked at how financial sector companies manage technology change, the impact of change failures, and the practices utilized within the sector to help reduce the impact of incidents resulting from change management.
The analysis found that change-related incidents are consistently one of the top causes of failure and operational disruption, with 17% of “material” incidents reported to the FCA in 2019 attributed to change failures.
As we noted in our
Outsourcing 2021 webinar last week, a lot has happened and changed in the last 12 months since January 2020. There have been significant and unprecedented changes in the way our companies do business, the way we engage and interact with colleagues, and the way we interact with external parties, including how our companies and each of us leverage technology to market, process transactions, and otherwise communicate.
Outsourcing solutions and relationships have evolved – or perhaps adapted – over the past year to scale to increases and decreases in demand, to respond to different work models (include remote working) and to facilitate and implement new technologies at a rapid pace. Outsourcing has shifted from a primarily cost savings mechanism to an important part of many companies’ multifaceted ecosystem, enabling diverse sources of supply and delivery locations, resiliency, scalability, speed to implementation, and innovation.