SIBOS Toronto strengthens the ABCD in FinTech
EURO CANADA NEWS
Today, the financial sector is arguably in the most disruptive and innovative time period. With the revolutionary innovations of Artificial intelligence (AI), Blockchain technology, Cyber-security and Data centres heralded as being the new oil refineries of the digital age – banking and real-time data was re-imagined at SIBOS 2017 held in Toronto, Canada.
At SIBOS 2017, the themes of trust and experience being the new currency when it comes to digital technology was echoed as loud as the letters of the alphabet has given significance to words.
The current banking environment presents both challenges and opportunities with cyberthreats growing in both volume and complexity while emerging trends in technology and threat landscapes continually evolve. Since their inception, financial institutions have been uniquely positioned as the source of economic empowerment; however, cyber-security and compliance issues continue to dominate industry concerns. With the confluence of technology advances, cultural shifts and regulatory changes – information and cyber-security has never been more critical in the age of quantum computing, quantum cryptography, cryptocurrencies and rebuilding the foundations of cyber-security, as it is today.
While banking has always adapted to cultural, regulatory and technology shifts, the pace of changes has accelerated dramatically in the past half-century. In extreme cases, FinTech solutions offer services completely outside of the monetary system, that if successful, may call into question the very need for banks in the future.
In response to this potential shift, at SIBOS 2017, over 8,000 business leaders, decision makers and thought leaders from financial institutions, FinTech organizations, market infrastructures and multinational corporations from Europe and all over the globe came together. Participants collaborated and debated the anticipation, adaptation and evolvement of the banking landscape to embrace and leverage breakthroughs in new technologies, protect themselves against cyber threat and be informed to master today’s data for tomorrow’s needs.
Transforming correspondent banking while aggregating, integrating and making data available to the right person at the right time via the right channel were part of many of the key discussions at SIBOS 2017. The highlights were the need to offer better, more secure services and meet the growing regulatory demands in the digital transformation age of finance and technology. The topics of discussion also explored: turbo-charging payment engines, incorporating new technologies and big data, introducing innovative services and helping the industry protect itself against the growing cyber-threats.
SIBOS 2017, hosted by SWIFT, was truly the benchmark for the vision of an open banking platform that focuses on emerging trends and fundamentally changes the relationship between FinTech and banks, while exploring boundaries and expanding modularity and agility to shape the future of cross-border payments, adopting new technologies and embracing change through best practices that promote safety and security. In essence, the more systems that are secure, the more we are all secure.
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