IBM Financial Services
White Paper
Executive summary
Banks are facing an uncertain and
fragmented regulatory environment, the
need to rebuild customer trust, and new
partnership opportunities as well as
competition from non-financial institutions
over new channels such as mobile
services. Confidence and brand equity
can be restored by complying with
regulation to reduce systemic risk,
improving customer service and
proactively anticipating client demands
for customized value-added products.
The operational dexterity required to
swiftly respond to new regulation and
bring innovative products to market with
reduced budgets can only be achieved by
reinventing the business model,
developing new intelligence and
integrating risk management.
Regaining customer trust
through payment services
The IBM 2010 Global CEO biennial survey of over 200 financial
CEOs worldwide1 aimed to determine how CEOs are tackling the
challenges of the ‘new normal’ environment, which is characterised by
uncertainty, macroeconomic instability and a lack of confidence in
financial institutions. The survey identified three critical success
factors: leadership through creativity and integrity, operating dexterity,
and customer relationships—in essence, rebuilding customer trust.
IBM proposes that payment services can play a key role in the effort to
improve customer relationships. This paper will look at some of the
issues the financial services industry needs to address in order to
achieve this:
• Complying with a more stringent, but still uncertain and fragmented,
regulatory environment
• Improving customer satisfaction and relationships by meeting the
demands from corporate customers and leveraging the pervasiveness of
mobile devices
• Achieving operating dexterity by rethinking business models,
developing new intelligence and integrating risk management.
The emerging regulatory environment
Transaction banking revenues are returning to pre-crisis levels.
However, the outlook for growth is clouded by new regulation and an
increasing awareness of the risks in payment services. Revenues from
float and interchange fees will continue to be squeezed under
regulatory pressure and legal challenges. The Payments Services
Directive (PSD) is currently not being implemented uniformly across
the EU countries.
The overall framework of the post-crisis regulatory regime is emerging,
but Mario Draghi, chairman of the Financial Stability Board, wrote
recently that “… systemically important institutions must have
loss‑absorbing capacity beyond the minimum standards agreed for the
banking system in general… financial market infrastructures should be
strengthened to reduce contagion risks and to ensure that they do not
themselves become a source of systemic risk.”2 New core principles for
payment systems are likely to be issued by the Bank for International
Settlements (BIS) in the near future.
IBM Financial Services
White Paper
Most banks can respond rapidly to market and credit risk and
were able, through manual operational intervention, to
minimize payment losses at the peak of the crisis in September
2008. Specific details of legislation are still pending, but at a
minimum Systemically Important Banks (SIBs) will be
required to demonstrate that they can manage payments risk
at an enterprise level across jurisdictions. Risk functions will
need data available to measure and manage counterparty and
liquidity risks on an intraday basis and increasingly in
real time.
A new regulatory development is the elaboration of “living
wills” to enable third parties to run the bank in case of a
regulator-mandated intervention and to ensure minimum
systemic risk when unraveling settlement liabilities. Research
shows that “the adoption of living-wills regulations will affect
the adoption of process and technology maps, the development
of a singular customer view, the modernization of payment
systems and the development of outsourcing relationships.”3
All these factors point towards an uncertain and fragmented
regulatory future which will require banks to implement
flexible processes, systems and data architectures to respond
quickly to the diverse compliance regimes in the various
countries in which they operate. Already shrinking budgets and
resources are likely to be yet further constrained by the need to
invest in compliance measures. But can the industry see these
developments not just as a burden, but as an opportunity?
There is a clear mandate to look beyond cost reduction and
into new business models. There are opportunities to develop
new sources of revenue through payment services that also
serve to rebuild customer trust. Leading firms must integrate
risk management and develop the analytics needed to advance
their responses to these opportunities.
Improving customer satisfaction
If future regulation restricts trading activities, banks will be
seeking new sources of revenues and profits. True innovation is
occurring mainly today in retail environments, and is focused
on innovation in mobile services, while banks are still striving
to meet some of the basic requirements of their corporate
clients.
2
Mobile consumer payments
Two models prevail, depending on the number of bank
accounts relative to the number of mobile devices per person.
The first model is for the so called ‘developed’ countries, in
which 90 percent of the population have a bank relationship
and cellular penetration is high. The second model is for the
‘emerging’ markets, in which 20 percent or less have a bank
account but 70 percent own a mobile device. The role of the
bank or financial institution and the business model will differ
depending on the prevailing ecosystem. However, the
underlying needs of the consumer remain constant, and
services have evolved in line with technological progress,
progressing from providing information to enabling payments
and providing value-added services.
Informational Mobile Banking includes services such as
balance check and information access on a mobile platform.
This is the same type of information that one can obtain
through online banking, from a helpdesk or at the branch:
queries such as “Has my electricity bill been paid” or “What is
my balance?” These services could also include alerts and
transferring money between one’s accounts at the same
institution. They are provided by extending online banking to
mobile devices by means of text messaging (SMS), mobile
Internet and downloadable applications on smart phones.
Immediacy requirements and consumer convenience are key
factors in adoption. Most banks today already have information
services in place to send information to the mobile device, and
are focusing on harmonizing the mobile channel into their
eChannels, both because this delivers cost savings for the
institutions and because it aligns the bank with demand from
customers for increased convenience on their terms.
Transactional Mobile Banking includes face-to-face electronic
wallet-based payments at a point of sale (POS), and remote or
person-to-person payments such as bill payments or
remittances. Economics, safety and convenience are key factors
in adoption.
Banks are currently focusing on security and privacy issues
such as Know Your Customer (KYC), Anti Money Laundering
(AML) and fraud protection, which are key factors in satisfying
regulators and building customer trust and adoption.
IBM Financial Services Sector
White Paper

Informational Transactional Value-Added Services

• Receiving coupons
• Transferring money
• Account balance based on device location
to another person
• Checking • Merchant loyalty
• Paying for goods
transaction history schemes
Examples and services
• Receiving alerts • Accessing goods and
• Paying utility bills
(balance, transaction services across industry
• Receiving
limits, etc.) offerings (retail, health
remittances
services, travel, etc.)

• Limited revenue • Large revenue potential

• Large revenue potential
potential for in developed markets
in emerging markets
payments providers • Usually requires
Key • Highly regulated
Considerations • For the most part, richer/ more secure
• Potential adoption
already included in client sessions and
hurdles in developed
current retail banking consequent device and
markets
offerings network requirements

Figure 1: Mobile banking services

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IBM Financial Services
White Paper
Value-Added Services optimize the cost and the experience of
shopping on a mobile device for the consumer. Equally, they
enable the merchant to drive up revenues by increasing the
user base and the revenue per user, as well as by integrating
loyalty programmes, coupons, location-based services and
one-to-one marketing. Opportunities for banks and retailers
abound, leveraging the flood of applications available on smart
mobile phones. Already, shoppers can scan products via
barcodes, consult product comparison websites to review
alternative options, and then be directed to the retail outlet
closest to their current location offering the chosen product at
the best price. Payment can be effected through the mobile
device, taking any coupons into account, and the relevant
loyalty scheme updated. These value-add services contribute to
enriching the user experience.
A successful business model requires cooperation between
banks, payments schemes, mobile operators, handset
manufacturers and application developers. As an example of
this evolution, major banks and mobile operators in the
Netherlands have recently formed a national mobile payments
consortium to introduce mobile payments at the check-out.4
Banks and mobile operators have complementary skills which
are forming symbiotic relationships across both developed and
emerging markets, with each bringing expertise and value to
these evolving ecosystems. As these alliances are formed, new
opportunities to acquire and retain customers and generate
new revenues will be realized. Banks will be able to provide
offerings for traditional financial services to those end-users
that have not had access until now, as well as develop a suite of
new transaction types which have until now been exclusively
cash-based.
Mobile payments are also seen as the most promising channel
for remittances, when the beneficiary is often unbanked or
lives in a remote location. In this way, mobile technology can
play a major role in financial inclusion. Money Transfer
Operators (MTOs, for example Western Union) currently
dominate this market thanks to their wide coverage through
agents with long opening hours. Here, banks have an
opportunity to compete in this market by offering mobile
remittance services from their established bases through
strategic alliances in the beneficiary’s country.
4
Wholesale Payments
In the current economic climate, corporate clients are focusing
on their own liquidity and working capital as funding costs
rise, and are therefore demanding a better understanding of
their transaction flows. Whilst recognising that some progress
has been achieved in terms of standardization and execution
time, they are requesting real-time payments and account
balances, with complete and accurate information for
reconciliation, to ensure appropriate funding is available when
required. Real-time payments will also assist banks when
approving transactions against balances and limits. Low-cost
real-time payments are now becoming available through new
services such as Faster Payments in the UK, and by automated
clearing houses (ACH) constantly increasing the frequency and
speed of their settlement cycles.
Treasurers have difficulty in understanding why the banks do
not leverage the data they hold to better customize payment
services to their specific demands. A payment is only relevant
to the underlying commercial transaction. For customers,
beyond remittance information and e-invoicing, data can be
leveraged to address the full supply chain cycle from purchase
order to delivery, payment and reconciliation, integrating the
physical supply chain with the financial chain of credit, trade
finance, factoring, and cash management. IBM, in a recent
paper, has outlined an approach to provide full supply chain
coverage5 in this manner.
“The difference in quality emerges when things go wrong,”
said the chairman of the Payments Commission of the
European Association of Corporate Treasurers during a recent
industry conference; exception handling is becoming a
differentiating factor. Some banks are therefore devoting
resources and efforts to deploying dashboards that provide
simultaneous real-time status to their staff and customers and,
more importantly, to understanding their customers’
organizations, processes and systems, and involving them in
product design.
Channel harmonization for the consumer domain mentioned
above also applies to corporate clients. One example would be
how the mobile channel can be integrated into the payment
processing workflow. Mobile solutions for corporate payments
that go beyond information and alerts are now emerging, with
the promise of delivering competitive differentiation. Still,
security and privacy are top user concerns, as well as
procedures to allow dual-payment authorization.
IBM Financial Services
White Paper
Combining biometric recognition (for example, voice) with
existing login credentials is an example of the innovative
two-factor approaches being developed to address these
concerns.
Success factors for mobile banking
Customer habits are difficult to change across all segments,
specifically in such areas of financial services as payments. The
majority of consumers and businesses would not be lured to
mobile financial services just because they exist and are novel.
The business model should therefore provide a staged
approach within the customer’s operational and social
environment, particularly for corporate customers.
The seeds of mobile financial services need to be gradually
sowed in the current context of consumer behavior.
Particularly in corporate banking, the strategy should focus on
augmentation rather than replacement of the existing means
and instruments to which the treasurer is accustomed. If
mobile financial services capabilities become an incremental
and integral part of the current user experience, customer
acceptance of them will be far better. The phased approach
leading to meaningful revenue generation might initially
require investment that produces negative tangible return.
As customers gain confidence by easing into the use of mobile
financial services, and as the offering institution analyzes
behavioural patterns and feedback, subsequent stages can be
introduced to drive revenue generation with new products
across both the business community and consumers.
The huge variety of mobile devices, from phones to PDAs to
tablets, and the equally varied operating system and browser
landscape, should not mean that financial institutions need to
expend investment on numerous separate development
initiatives. Rather, they should aim to follow the industry
mantra of ‘write once, run anywhere’. What is needed is a
mobile financial services architecture that not only is
harmonized with all the other digital channels, but also allows
all modules for consumer, corporate and enterprise to co-exist,
and that uses as many of the same underlying mobile
architecture’s features and benefits as possible.
5
The way forward:
improving operational dexterity
IBM believes that to satisfy regulators, develop new
revenue‑generating services and regain the trust of their clients
while simultaneously reducing costs to bolster their capital,
financial institutions need to integrate their risk management,
rethink business models and make more intelligent use of data
to enhance customer relationships.
Reinventing the business model
“Living wills” regulations will probably compel the banks to
update (or even completely recreate) process and technology
maps; this task is most likely to throw a spotlight on
inefficiencies, and to prompt staff and management to
challenge siloed organizational structures, processes and legacy
systems. The regulatory burden can become a unique
opportunity to review governance, processes, workflows, IT
systems and sourcing decisions.
Faced with the convergence between retail and corporate,
domestic and cross-border, and low- and high-value payments,
some banks are planning to implement, or already
implementing, common payments platforms or payment hubs.
This is because they recognize that managing payments in
separate silos on disparate technology platforms causes
redundant work and expense. By implementing a common
payments platform to handle all payment types, a bank can
dramatically reduce payment processing costs and easily offer
new payment services to customers. The concept behind a
common payments platform is best defined as a common path
that all payments follow during processing. All payment types
are managed by a common workflow (the common path) and
processing tasks are performed by a single platform and
administered by cross-trained staff as the payment moves along
the path. The single-path approach reduces errors and also
concentrates common functions such as fraud detection, AML,
KYC, OFAC and risk monitoring, since one platform is aware
of all payments transactions. A prevailing fraud relies on the
fact that a financial institution does not notice that a payment
is being processed simultaneously as two different instruments.
Duplicate processing of the same transaction is much more
likely to escape attention if copies of a payment are running on
separate systems rather than on a single platform providing a
global view of all transactions.
IBM Financial Services Sector
White Paper

Financial Risks and Payment Payment

Business Regulations Schemes Types
Solutions
Checks Channels
Liquidity Management
Anti-Money Laundering SWIFT ACH
Cash Management Internal Banking Corporate
OFAC SEPA NACHA
Nostro
PSD Target2 Credit and Debit Cards External Payment Consumer
Trade Finance

Global Disbursement Mobile

Clearing and Settlement E-Commerce

Gateway Adapters
Invoice Presentment

Financial Transactions
Integration Hub

Core Services
Gateway Transaction Services
Security Reconciliation Flow Orchestation
Network Integration
Messaging Reporting
Messaging Transactions
Data Model BRMS
Warehouse

System Workflows Monitoring Lifecycle

Customer Profile Management

Figure 2: Common Payments Platform

A Services Oriented Architecture (SOA), using a common
workflow engine in which tasks are executed according to
business service rather than payment type, facilitates the re-use
of software components for multiple payment instruments and
creates a more efficient multi-channel payments environment.
High-speed conversion routines that leverage powerful
modern computing systems allow rapid onboarding of
customers, connection to new clearing and settlement
mechanisms, and development of value-added services across
industries. The IBM Banking Industry Framework provides an
infrastructure layer for payments that is open to in-house
applications and components from a broad and growing
partner ecosystem, all based on industry data standards and
canonical formats. Flexibility to implement changes is provided
by the IBM ILOG Jrules business rules management system,
enabling rapid adaptation to new instruments or channels.
Through re-usable in-house or vendor applications, new
processes and interfaces can be gradually introduced and data
can be shared with customers and partners at reduced
development and maintenance cost.
In summary, a common payments platform offers the following
key benefits:
• Cost reduction by eliminating the need for each payment type
to have its own unique processing platform, functional
software and staff
• Single view of payments enabling financial institutions to
provide a single view of their transactions to their customers
and their own staff
• Rapid extension to new payment types and channels, as only
the processing required for the new channel or payment
instrument needs to be added to the current common
processes
• Enhanced fraud detection, improved liquidity management
and centralised monitoring of payment risk, as all payments
are processed on one system, which also enables easier data
collection for regulatory reporting.

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IBM Financial Services
White Paper
Banks should also re-examine their sourcing policies. Only a
few institutions today handle all processes in-house for all
instruments in all countries in which they operate.
Commoditized functions that benefit from economies of scale
are increasingly being outsourced to large-volume institutions
or specialized processors. Partnerships between financial
institutions are multiplying as firms look to add client services
or extend their geographic coverage. Economic constraints are
also encouraging banks to consider shared utilities. All
institutions should conduct a thorough analysis of the factors
yielding competitive differentiation, then seek collaborative
solutions for processes which would most benefit from
economies of scale and shared data, such as AML and fraud
detection.
Cloud computing is a new IT delivery and consumption
model, enabling large and diverse sets of computing resources
in multiple locations to act as a single virtual resource that
delivers services more efficiently and flexibly. The benefits of
cloud computing stem from economies of scale, automated
service management, rapid scalability, location-independent
access, low capital expenditure and flexible pricing based on
usage, as demonstrated by the typical results from IBM cloud
computing engagements shown in the table below:
Non-cloud
Test provisioning Weeks
Change management Months
Release management Weeks
Service access Administered
Standardization Complex
Metering/billing Fixed Cost
Server/storage utilization 10-20%
Payback period Years
7
IBM believes that payment services are ripe for moving to the
cloud: planning for new peaks in volatile markets demands
instantly scalable capacity; time-to-market is critical to enable
innovative services to yield competitive differentiation; and
banks increasingly need to market-test ‘speculative’ new
products at low risk and lower cost. Cloud excels for all three
of these requirements.
Examples of potential cloud-based services include:
• Scale-driven non-competitive processes: validation and repair,
format conversion, reconciliations, card and cheque
processing
• Regulatory compliance: KYC, AML, fraud prevention,
sanctions, data collection and extraction for regulatory
reporting
• New services: mobile payments, remittances, e-invoicing.
Cloud
Minutes
Days/hours
Minutes
Self-service
Re-use/share
Variable Cost
70-90%
Months
IBM Financial Services Sector
White Paper

Developing new intelligence The first requirement is data normalization using a

Data and information are the foundations on which to develop
new services, comply with changing and uncertain regulation,
and improve customer centricity. So far, financial institutions
have tended to use transaction and payments data
fundamentally within their own operational processes, with
some collateral use for embargo checking, fraud prevention
and, of course, liquidity management and settlement risk. As
institutions look to improve services and better understand
customer behavior, they are turning their attention to the data
contained in transactions such as payments instructions,
settlement instructions or trade finance documents.
Payments and financial transactions data, in common with all
other types of business information, need to be correctly
handled if they are to provide valuable content to the business
lines. There are several important steps and activities to bear in
mind.
common logical data model and possibly a canonical format
for all transactions. This allows for a single and common
representation of data, regardless of the type and the origin
of the transactions. Both the data model and the canonical
format should be based on and aligned with the major
industry standard ISO20022.
A second crucial success factor is data aggregation into one
single physical or virtual repository that allows analysis
across the entire spectrum of transactions. This enables
each responsible business line to get the information it
needs for better operational processes and for value-added
services.
After the normalization and the aggregation of the relevant
transactions data, the next important step is the analysis of
the collected data. This enables the institution to extract a
series of KPIs that can help different business lines to
understand their own performance, customer behavior and
the bank’s position with regard to risk and compliance
obligations

• define a data model and possibly an enterprise-level

Normalize: representation of payments to allow consolidated analysis

• concentrate all payments data in one single master source

Aggregate: either through a process consolidation (payments hub) or through
a more classical data aggregation

• perform pre-defined data analysis; also apply to this data some

Analyze: business intelligence and data mining techniques to extract relevant
KPIs for different users (commercial, operational, risk management, IT)

• use the data and the KPIs to improve the profitability of the
payments business, to increase revenues from the sale of new
Leverage: value-added services, and to reduce risk exposure
(or at least increase the level of risk awareness)

Figure 3: Steps to better use transactions data

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IBM Financial Services
White Paper

• SLA-related (e.g. E2E processing, volumes,

peaks…)
Client KPIs • Customer behavior
• Client volumes and types of instrument
• Historical data and customer trends

• STP processing
• Exceptions (i.e. manual operations)
Operation KPIs • Figures and volumes
• Bottlenecks and other performance issues
• Cut-off exceptions

• Currency-conversion fees
• Float days
Financial KPIs • Cost of settlement amount/fees
• Urgent payment fees
• Payments-related revenue

• Financial risk indicators

Compliance KPIs • Fraud management historical data
• Regulatory reporting indicators
• Embargo filtering historical data

• Settlement position
• Liquidity position
Compliance KPIs • Counterparty position
• Pending settlement amount
• Basel III criteria

Figure 4: KPI Families

These steps alone will provide valuable information and, if
based on flexible data models such as IBM Banking Data
Warehouse in conjunction with IBM Process and Service
Models, will allow banks to react rapidly to new customer and
regulatory demands. But the true value of the data lies in the
ability to transform it into valuable information for the
institution itself and the customer. Obvious applications are
fraud prevention, liquidity management, least-cost routing
analysis, repairs and exception handling. Data analysis is
essential for monitoring and mitigating credit, counterparty,
liquidity and operation risks. A single view of the customer will
enable better targeted and customised services and
cross‑selling.
But the ultimate power of analytics, as provided by IBM
SPSS and IBM Cognos solutions, lies in predicting potential
outcomes based on cross-analysis. This enables financial
institutions to anticipate and take preventive action against
liquidity peaks, operational bottlenecks and system failures,
not to mention customer disengagement and possible fraud.
Applied to customer data, predictive analysis allows
institutions to anticipate demands for funding requests and
other financial services so as to provide ‘just-in-time
financing’.

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IBM Financial Services Sector
White Paper
Integrating risk management
With regards to payments risk, banks will be required to
measure and manage liquidity risk. Regulators are concerned
about this category of risk because individual financial
institutions, at least the larger SIBs, will usually be a
counterparty to many other SIBs as part of their correspondent
banking network or as joint members in payment, clearing and
settlement systems globally. Failure of a counterparty, be it
another SIB or a large corporate or institutional client of the
bank, could potentially result in a liquidity crisis across
multiple payment, clearing and settlement schemes globally.
The same applies to counterparty risk. Banks will need to build
an enterprise-wide risk architecture to monitor intraday
positions across each payment system, broken down by major
counterparty and corporate or institutional customer. They
will also need to implement an enterprise-wide governance
structure to manage payments liquidity and counterparty risk.
Although the regulators still have to determine the exact levels
of liquidity to be maintained, the likely impact of failing to
demonstrate satisfactory management of payment risk will be
the requirement to hold increased collateral at each of the
payment and clearing systems in which the SIB participates.
The corporate “living-wills” regulations being widely
considered are intended to protect taxpayers from ultimately
shouldering the financial consequences of the demise of a ‘too
big to fail’ institution. There are two elements to the proposed
legislation. The first element, Recovery, will require banks to
demonstrate that in the event of a major problem they will be
able to continue business by liquidating assets to provide the
required level of liquidity. The second element is Resolution
which, in its simplest form, requires banks to demonstrate that
in the event they go into liquidation, it will occur in an orderly
manner with little to no impact on either the taxpayers or the
depositors. Planning would conceivably encompass a
governance model, policies, procedures and operational
processes supported by the necessary technologies that would
continue to run during the unwinding process. The full
compliance implications of these yet-to-be-finalised
regulations are beyond the scope of this report and will be
addressed in future IBM papers. However, the implications are
clear that banks will be required to develop a response that
ensures they have a real-time ‘single view’ of the relationship
with each customer, across all geographies and legal entities, as
well as real-time mark-to-market of collateral.
The IBM Banking Industry Framework enables the creation of
solutions that draw on processes and information such as
master data and transactional history, coupled with the bank’s
liquidity, counterparty, credit, market and operational risk
systems, together with the appropriate predictive analytics to
create the necessary response to these forthcoming regulatory
requirements.
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IBM Financial Services
White Paper

Conclusion
In an uncertain and fragmented regulatory and economic
environment, operational dexterity and flexibility are key
attributes simply for surviving, let alone thriving. Data
architectures and bank processes must demonstrate the ability
to rapidly respond to information demands from customers
and regulators. Investments in new platforms, which have
been long postponed, will be recouped by cost reductions and
the increased capacity to identify and incubate new business
models and the new revenue realized by faster
time‑to‑market. Partnerships, shared industry utilities and
cloud services can significantly reduce capital expenditure.
Finally, financial institutions will have no choice but to
integrate risk management to comply with the forthcoming
regulatory regimes.

Customers take payment services for granted, noticing them

only when ‘things go wrong’. Mitigating the risk of failed
transactions, anticipating customers’ demands and improving
the user experience are all proactive steps that can be taken to
protect the bank’s reputation and increase the integrity of the
brand. These are all central factors that contribute to
rebuilding customer trust in the bank and the global financial
system overall.

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About the authors:
Alec Nacamuli is a Payments Executive in IBM’s Global
Financial Services team. Prior to joining IBM he was
EVP at SWIFT which he joined at its inception, with
final responsibility for strategy, product management and
sales.
Hampton Castleberry is a Senior Management
Consultant in IBM’s Payment Practice.
He has held positions as a senior IT executive at First
Chicago International, Bank of America, mpct Solutions,
CIBER, Collabera and Aditya Birla Minacs.
Davide Girompini is global leader, Payments and
Securities, for the IBM Banking Industry Framework. He
has 15 years’ experience in projects and solutions in the
payments and securities area, with particular focus on
international payments, integration platforms and fraud
management, helping leading banks in developing new
business models and new operating processes.
Thomas Hissam is a Subject Matter Consultant in IBM’s
wireless and emerging technologies and architectures
consulting practice. He specializes in mobile payments
and m-commerce, and has in-depth experience in mobile
device and chip-card deployments in banking,
government, and telecommunications industries.
Colin Klipin is a recognized industry expert in global
payments, who has led bank payments businesses and held
directorships in private and public sector payments
organizations. As the UK’s SWIFT Board Director, Colin
led global initiatives focused on addressing operational
implications of sanctions regulation, and creating
emerging markets payments infrastructure. As Chairman
of the Faster Payments Scheme in the UK, he was
responsible for delivering the world’s first real-time
payment system. Colin was most recently Vice Chairman
of Barclays Bank PLC, responsible for all payment
activities.
1
IBM Banking and Financial Markets: Capitalizing on Complexity –
Insights from the Global Chief Executive Officer Survey, 2010.
2
Mario Draghi, chairman of the Financial Stability Board and governor
of the Bank of Italy: Next steps on the road to financial stability.
Financial Times, 17 September 2010.
3
Gartner Industry Research: Corporate Living Wills: The Potential
Revolution in Banking and Technology. ID number G00174824, 10
March 2010.
4
Finextra Daily News, 10 September 2010
5
IBM Financial Services Sector: Smarter Payments. FME03002-
USEN-00, September 2009.
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