Mandates and payments roundup, March 15

Citi partners with China UnionPay for payments, while Logica launches a new regulatory reporting solution for financial institutions.

Citi signs new partnership with China UnionPay

Citi and China UnionPay have announced a new partnership which will allow Citibank merchants to accept China UnionPay cards from UnionPay cardholders. UnionPay users will now be able to use their cards at Citibank merchants in India, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

“As Citi continues to invest and grow in China, we are delighted to be extending our close partnership with China UnionPay,” said Surath Chatterjee, Asia-Pacific regional head of credit cards and personal loans at Citi, in a statement. “Tourism and travel out of China continues to grow, and there is a corresponding need for convenient payment services particularly in markets around Asia.”

Under the new partnership, UnionPay cardholders can make payments for goods and services through points of sale in person or additionally pay for purchases online.

Logica introduces new reporting solution

Global business and technology services provider, Logica, has launched a new regulatory reporting system called Logica Insurance and Banking Reporting Architecture (IBRA). The solution covers multiple jurisdictions and enables financial institutions to meet statutory reporting requirements in the different markets in which they have businesses.

“There has been a drastic increase in the number, frequency and complexity of reports for all financial institutions. However, regulation should not be viewed only as a burden,” said Tim Brew, director at Logica’s global products business, in a statement. “Financial institutions can derive real value from their regulatory data, which can be used to improve management decision making.”

According to Logica, the solution can be fully integrated with existing business systems which simplifies the migration process. IBRA has been developed to deliver global and country specific regulatory reports and to meet all current global regulations. In addition, it is configurable to address new regulations in the future such as Basel III.

SunGard launches new regulatory and risk consulting practice

SunGard has launched a regulatory and risk consulting practice as part of its wealth management global services. According to the software and service provider, the practice will help its clients increase transparency, improve efficiencies and mitigate risk.

“Risk and regulatory compliance can impact nearly every operational process and technology platforms in banks, brokerages and trust firms,” said Melissa Cullen, executive vice-president for SunGard’s wealth management business, in a statement. “Within the coming years, financial services institutions will continue to face a multitude of regulatory and accounting changes. At the same time they will need to control systemic, counterparty and financial risk, and increase efficiencies and service.”

The practice will assess its client’s business process management, risk management, reporting and compliance programmes and technology in order to identify any deficiencies that need to be addressed.

“By offering a consulting practice staffed by subject matter experts with deep domain knowledge, SunGard is able to help customers assess their specific risk and regulatory challenges while also implementing solutions to address these challenges within the required timelines,” said Cullen.

¬ Haymarket Media Limited. All rights reserved.