Major Payment Problems at RBS

The problems at RBS with its payment systems will have sent a tremor through many other banks. It exposes the extent to which their legacy systems and processes are often only an incorrect update or inexperienced operator away from collapse. Held together by the...

SA Banks Healthy but Eurozone Shadow Looms

Reserves, profits and loans are on the rise but eurozone uncertainty is casting a pall over the future in South Africa, argues Lisa Steyn. While the world watches anxiously as bankers in the eurozone sweat to prop up the ailing European financial system, South...

Reporting on US Overseas Bank Accounts

Bankers from around the world told the Internal Revenue Service that proposed U.S. rules requiring reporting of Americans’ overseas bank accounts are too burdensome and must be changed. Andrew Barkin, managing director and head of U.S. tax at Bank of  Tokyo-Mitsubishi...

Another Credit Rating Downgrade Avoided?

The creation of a liquidity pool which South African banks can tap to meet the global industry’s new Basel III regulatory requirements relieves the pressure for a credit rating downgrade when the new laws come into effect, Moody’s said on Wednesday. The...

Facility to Assist Big 5 with Basel III Liquidity

In an unprecedented move to bombproof the country’s major lenders, South African Reserve Bank governor Gill Marcus has set up a R240-billion facility to help the big five banks to meet the tough global liquidity requirements of Basel III. The facility was approved...

Absa Blocks Third Party Aggregation Site

Third party aggregation sites pose a clear risk to customer security and 22seven will be blocked again, Absa says…. Even though 22seven’s ability to pull data from an Absa Internet Banking customer’s account has been restored, this is not with the bank’s...