Sibos 2019 news roundup: BNP Paribas, DTCC

Some releases came our way from the annual SIBOS conference

BNP Paribas launches new APIs for fund admin operations

BNP Paribas has released a set of Application Programming Interfaces (APIs) in its fund administration business, which will change the way the bank communicates with its asset manager clients. APIs are standardized to ISO 20022 for interoperability.

The new catalogue of 17 fund accounting APIs automatically updates clients’ systems with information specific to their business, including data sets such as NAV calculations and distribution, and settlement instructions and status.

It means that BNPP asset manager clients can receive information in real time, helping with data management and internal control mechanisms, as well as benefits such as straight-through processing rates and improved analytics.

“APIs have the potential to significantly transform current market practices and how our industry processes data and provides services,” said Paul O’Keeffe, head of Client Digital Experience at BNPP Securities Services, in a statement. “However, unless API processes undergo standardization, the sharing and use of data will continue to be inconsistent and open to misinterpretation. This is why we are working with SWIFT to standardize our API catalogue to ISO 20022.”

DTCC whitepaper calls for industry to recognize business resilience as priority to counter market instability

Acknowledging the growing potential for future disruptions to critical business services that could create market instability, The Depository Trust and Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today called for establishing business resilience as an industry-wide priority in a new white paper, Resilience First.

In the paper, DTCC says a paradigm shift is required to protect the global financial system from the significant threats posed by cyber-attacks, the rapid development and adoption of new technologies, the increased interconnectedness of the financial ecosystem, and growing industry-wide concentration risks, among other dynamics. Business resilience refers to an organization’s ability to safeguard its critical services against the threat of potentially disruptive events, regardless of their nature or origin.

“With the threat of potential disruptions continuing to grow, firms can no longer afford to focus on disaster recovery, business continuity management and cybersecurity in isolation,” said Dan Thieke, managing director, Business Risk & Resilience Management, in a statement. “Resilience initiatives should look holistically at threats and aim to safeguard critical business services against a wide range of technical, physical, logical or financial disruptions.”

To move forward, ongoing industry collaboration will be necessary to ensure readiness to mitigate the impact of technical, physical or logical disruptions to critical business services. Given the collaborative nature of the firm’s resilience initiatives, DTCC will be conducting a broad external outreach program to its clients and other key stakeholders to validate and refine its plans. The white paper is a key part of that engagement and is intended to foster further dialogue and discussion on this critical topic.

Read the release


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