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Huawei, 11 Others Unveil Open Ecosystem for Finance Industry

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Huawei recently announced that it will partner with eleven of the world’s leading banking IT solution providers to establish an open platform ecosystem for the finance industry at Huawei’s Global Financial Services Industry (FSI) Summit 2015 in Beijing, China.

Among the partners are Accenture (China) Co. Ltd, Beijing Advanced Digital Technology (ADTEC) Co. Ltd, Beijing Yucheng Technologies Co. Ltd, Beiming Software Co. Ltd, DHC Software Co. Ltd, Deloitte Business Advisory Services Limited, Digital China System Integration Service Company Limited, First Data Corporation, Infosys Technologies Company Limited, Micro Focus Corporation, and Worldline Technologies Company Limited.

The companies will combine efforts in IT infrastructure innovation based on customer needs to support an IT-driven revolution within the financial industry.

The kick-off ceremony for the open ecosystem was hosted at the FSI Summit and attended by more than thirty companies and financial institutions that are interested in participating in the open platform ecosystem

During the ceremony, David He, president, Marketing and Solution Sales, Enterprise Business Group, Huawei, said, “In line with Huawei’s Business-Driven ICT Infrastructure (BDII) guiding principle, the new ecosystem is designed to address the IT transformation needs of financial organizations. The new ecosystem promotes BDII within the financial industry by enabling our partners to focus on their core competencies. For example, consulting firms, application vendors, and system integrators will be able to leverage their in-depth understanding and practical experience around industry applications, while Huawei, as a hardware platform provider, will focus on ICT infrastructure.”

Accelerating Open Architecture Transformation In Banking Industry

The difficulty of expanding IT systems combined with the slow response speed of traditional closed IT architecture supported by mainframe machines has significantly restricted the rapid evolution of financial organizations.

In comparison, Internet companies have achieved great success by deploying cloud computing and open architecture.

This has inspired a new way for commercial banks to tackle business system challenges, enabling a limitless expansion of system processing capabilities by deploying open source software and distributed processing architecture.

The performance and reliability of standardized infrastructure, including x86 servers, is improving day-by-day, and enables infrastructure to support a reliable operating environment for banking applications.

Open platform IT architecture is safe, reliable, flexible, agile, and features strong expansion capabilities, enabling uninterrupted operations and can handle large amounts of concurrent transactions in real-time.

By launching the open platform ecosystem for the finance industry, Huawei and its partners will help financial institutions migrate from closed to open IT architecture to enable enhanced customer experience and convenient service innovations in a safe and reliable operating environment.

As part of the collaboration, Huawei is working with other members of the ecosystem to launch a range of open platform-based solutions for the finance industry, including an online banking cloud (based on private cloud architecture for finance), a credit loan cloud, a direct banking cloud, a micro-and-small-loan service cloud, a core account cloud, a credit card core application cloud, as well as mobile teller and home banking capabilities.

These solutions have helped companies including Spain’s stock market and financial systems operator Bolsas y Mercados Españoles (BME) establish a highly efficient stock trading system based on a cloud platform, and facilitated the internet finance transformation of CITIC Trust Co., Ltd.

At the summit, Wang Hongfeng, general manager, Finance Solutions, Enterprise Business Group, Huawei, said “Huawei facilitates IT architecture transformation within the finance industry by providing highly reliable x86 cluster systems to support core transaction systems, in addition to cloud architecture for finance that supports the transformation of the business and processes of banks.

Huawei also provides platform resources support through our open labs, innovation centers, authentication centers, and secondary development and remote support.

Through cross-practice cooperation, Huawei hopes to speed up the evolution toward open platform architecture in the financial services industry.”

After the ecosystem’s kick-off ceremony, representative from banks and independent financial services software vendors (ISVs) gathered to share insights and best practices on the future of IT architecture transformation.

The participants explored topics such as the Agricultural Bank of China’s IT architecture transformation, Yucheng Technologies’ concept for next-generation internet banking and its financial cloud application model, First Data Corporation’s next-generation open platform credit card solution based on Huawei’s high-performance servers and Micro Focus middleware, ADTEC’s big data solution, and ESB (Enterprise Service Bus)’s solution based on Huawei’s private cloud architecture.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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