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The Sibos travelling circus arrives in Sydney in a smaller form than last year, but 5,000 delegates are expected to contribute to the debate on issues facing the industry. Overleaf, Banking Technology asks some what they will be looking to hear and do.
In order to discuss Asia Pacific in more detail, participants can join former Prime Minister Paul Keating for breakfast on Tuesday to hear his views on China and the business opportunities and challenges developing in the region.
In its 27th year, Sibos has proven to be an event that has a wider impact than its remit, and what comes out of the debates has reverberations throughout the industry. The hot topics this year will be the Single European Payments Area, corporate access, trade service utility, Target 2, MiFID and European securities integration. OTC derivatives trade processing has also made it onto the agenda for the first time.
Since Heidi Miller, chief executive, Treasury & Securities Services, JPMorgan Chase, threw down the gauntlet two years ago in Atlanta and challenged Swift to be more relevant to its membership and beyond, the debate has raged as to how to rise to the challenge. The theme of raising ambitions is an attempt to get the whole industry to look at the way it operates and explore change.
Swift itself will be putting forward the details of its Swift 2010 strategy, the latest incarnation of its rolling programme. This outlines new areas of development for the consortium, seeing it broaden its reach among member clients and deepen its offerings in areas like securities.
Big expectations are focused around the issue of corporate access. Following many years of debate, Swift this year expanded corporates’ limited access through Treasury Counterparty and Member Administered Closed User Group models. The new category will enable qualifying corporates to join a single closed user group containing many financial institutions, where corporate-to-financial institution SwiftNet messaging and file transfer are supported.
The thought of 5,000 men in suits talking industry jargon may not be everyone’s cup of tea, but remember that a banker’s ethos is work hard, play hard — and play hard in style. During the event, many participating companies are taking the opportunity to wine and dine clients Sydney-style, taking advantage of the beautiful setting. From the invitations that have come in so far, the most popular options are, perhaps not surprisingly, cruising Sydney Harbour and cocktails at the Opera House.
In the run-up to the event Banking Technology has been canvassing opinions about peoples’ expectations, both of the industry discussions they want to hear and of their plans to enjoy Sydney venue. Some of the vox pop answers appeared in the last issue, and overleaf we publish some more — again, the consensus is that biggest issue is regulation.
Some were more succinct, saying: SEPA, SEPA, SEPA.
SIBOS AMBITIONS
What does the theme “raising ambitions” mean to you?
Increasing our business. Sabine Zucker, vice president, head of cash management, Raiffeisen Zentralbank Oesterreich
It can be all too easy to focus only on the many challenges facing our industry, so “raising ambitions” is a very timely theme for Sibos this year. It reminds us to look forthe new opportunities for ourselves and our clients offered by a combination of innovative thinking, powerful technology and globalised markets. Ann Cairns, chief executive, Transaction Banking, ABN Amro
“Raising ambitions” means to achieve more together by transforming the financial industry in a way which achieves global financial interoperability and enablesincreased automation with the aim to reduceend-to-end costs and manage risk. Gilbert Kolbach, head of service providers & infrastructures, Product and Account Management Payments, Fortis
When I think of “raising ambitions”, I think about our clients. Our clients are the world’'s most successful financial institutions and they have very ambitious plans for the future. We view our role as a partner helping them succeed. It'’s our goal to help our clients increase their revenue, decrease their expenses and enhance their reputations and their knowledge of industry issues. Thomas H. Wiles, senior director and head, interactive product management and marketing, AEB Financial Institutions Group
“Raising ambitions” means raising the benchmark regarding our strategies and objectives in how we deliver our international payments services to the most critical link in the payments value chain - our clients. It means continually seeking self improvement across all areas covering marketing, development and servicing and seriously questioning what more can we do to enhance our client interaction and add genuine value to their businesses. Andrew Yiangou, head of international paymentssales, products & networkmanagement, business & privatebanking, National Australia Bank
“Raising ambitions” means identifying new opportunities for growth and productivity in the financial industry. Tim Laney, global corporate treasury executive, Bank of America
Do you think there has been a big change in the industry in the last year?
In the area of clearing and payments business, wesee a tendency to outsource the processing ofpayments. This development will continue inview of SEPA where it becomes more importantto produce on a big scale in order to becompetitive in the market.Sabine Zucker, vice president, head of cash management, Raiffeisen Zentralbank Oesterreich
We have certainly seen the pace of changeaccelerate, and the changes underway aresubstantial. SEPA, for example, will cause rapidconsolidation amongst automated clearinghouses in Europe, as well as the emergence of asmall handful of banks able to provide scaleprocessing for payments.Ann Cairns, chief executive, TransactionBanking, ABN Amro
SEPA. Value-added services, such as cashmanagement or trade services, will remain theremit of financial institutions which will be in afar better position to market and support theirown Swift-based solutions in the corporate-tobankspace. In securities, the proposed reformsaiming to cut down the inefficiencies intechnology, legal systems and business practiceswill force the global securities industry to engagean ambitious transformational change.Gilbert Kolbach, head of service providers &infrastructures, Product andAccount ManagementPayments, Fortis
Yes, partially driven by the success of the euro.Banks face new challenges in meeting demandfor euro transactions. At American ExpressBank, we have created a comprehensive set ofeuro payment solutions featuring efficient crossborderpayment mechanisms and a cost-effectivecash management system aimed at helping ourbank clients benefit from the euro’s success.Thomas H. Wiles, senior director and head,interactive productmanagement and marketing,AEB Financial Institutions Group
There are ongoing significant changes, but thereare no real surprises and they haven’t justappeared over the last 12 months. Three majorchanges worthy of mention are: an increasinglycompetitive market further squeezing profitmargins; the ever-increasing focus on AML/KYCissues; and the ongoing evolution of the EUpayments environment.Andrew Yiangou, head of international paymentssales, products & networkmanagement, business & privatebanking, National Australia Bank
What we have seen in the last year is really acontinuation of the changes that createtremendous opportunities for our industry:regulatory changes; payments transformation inthe US and Europe; focus on operational risk,e.g. Basel II; and the drive to globalisation for ourclients and industry.Tim Laney, global corporate treasury executive, Bank of America
What do you think will be the big technology issue at Sibos 2006?
At least for Europe, SEPA is a big issue andwe expect that several technology companieswill offer IT solutions for SEPA.Sabine Zucker, vice president, head of cash management, Raiffeisen Zentralbank Oesterreich
The key business issue for banks and theirclients is compliance, and this of course has ahuge technology impact. Partnering will alsobe a very relevant theme this year - it can helpbanks control their operating costs, optimisecapital investment and achieve the reach theyneed to thrive in our global economy. Ann Cairns, chief executive, TransactionBanking, ABN Amro
The SwiftNet Phase 2 upgrade starts in 2007- it will impact the whole Swift community.Gilbert Kolbach, head of service providers &infrastructures, Product andAccount ManagementPayments, Fortis
I’m sure there will be more than one.Compliance, SEPA and business continuitywill of course continue to be important. Ialso expect things to crystallise in the areas ofreal-time nostro reporting and privatelabelling.Thomas H. Wiles, senior director and head,interactive productmanagement and marketing,AEB Financial Institutions Group
SwiftNet Phase 2 will have limited benefits toour customers, focussing more on backoffice security controls and simplicity. I’ll besurprised if technology surroundingcompliance doesn’t get a mention. These“investments” will come at a cost to thebusiness, resulting in development fundsbeing taken away from projects that can beused to build superior technology aimed atgenuinely enhancing our customers’experience.Andrew Yiangou, head of international paymentssales, products & networkmanagement, business & privatebanking, National Australia Bank
Greater than the technology issues will bethe issues around interoperability ofindustry and XML standards that enable thetechnology to work efficiently.Tim Laney, global corporate treasury executive, Bank of America
What made you decide to attend Sibos?
RZB is a player in clearing and custody business,especially in the CEE region, and Sibos gives usthe chance to meet with customers andintroduce our products.Sabine Zucker, vice president, head of cash management, Raiffeisen Zentralbank Oesterreich
As well as being the forum for industry issues,Sibos is a great opportunity for discussions withour financial institution clients and -increasingly - with our corporate clients. ABNalways has had a strong showing at Sibos, and Iam looking forward to being in Sydney this year.Ann Cairns, chief executive, TransactionBanking, ABN Amro
Sibos is the world’s premier financial servicesevent enabling people to look at opportunitiesand initiatives to face the financial industry’schallenges. Furthermore, it offers a greatopportunity to meet prospects, customers andservice providers in one single location.Gilbert Kolbach, head of service providers &infrastructures, Product andAccount ManagementPayments, Fortis
There was no decision-making involved. Ibelieve it’s a critical event, not only because it’sthe best and biggest but also it’s the one that’smost important to our customers. It also givesus the opportunity to see competitivedevelopments and exchange ideas in an openforum.Thomas H. Wiles, senior director and head,interactive productmanagement and marketing,AEB Financial Institutions Group
Sibos has dramatically evolved over the years. Itnow undoubtedly represents the world’s premierpayments marketing event providing the idealenvironment for bankers from all parts of theglobe to showcase their organisation and theirproducts. Is there a more cost-effective way forus, to meet, greet and market our services to6,000 international bankers all under the oneroof? I doubt it!Andrew Yiangou, head of international paymentssales, products & networkmanagement, business & privatebanking, National Australia Bank
Sibos provides excellent access to our clients andprospective clients.Tim Laney, global corporate treasury executive, Bank of America
What is the one thing you can'’t leave Sydney without doing?
Climbing the Sydney Harbour Bridge. Sabine Zucker, vice president, head of cash management, Raiffeisen Zentralbank Oesterreich
Sydney is a wonderful city with lots to attractvisitors to Sibos. Our client event at a famousBondi hot spot will be my “must do” visit this time. And the ABN Tower on PhillipStreet, designed by Renzo Piano, is a great building in a great location. Ann Cairns, chief executive, TransactionBanking, ABN Amro
My must do - after climbing the Harbour Bridge - is to try the renowned 10-course degustation menu at Tetsuya's. Gilbert Kolbach, head of service providers & infrastructures, Product and Account Management Payments, Fortis
Networking with clients and prospects,sampling Australian culture, food andbeverages, and seeing wildlife indigenous to Australia. Thomas H. Wiles, senior director and head,interactive productmanagement and marketing,AEB Financial Institutions Group
Well, Sydney is my home, so I guess Icouldn’t leave it without saying goodbye tothe wife and kids. I think you would be crazyto leave without visiting the NationalAustralia Bank’s stand at Sibos! Seriously,make sure you go to “The Rocks” and treatyourself to a cruise around the harbour,while sipping on a nice cold Ozzie beer! Andrew Yiangou, head of international paymentssales, products & networkmanagement, business & privatebanking, National Australia Bank
I woul’d love to squeeze in some surfing, but I'’ll be glad to settle for enjoying some of Australia’sgreat wine. Tim Laney, global corporate treasury executive, Bank of America
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