Wall Street Systems takes European Central Bank to court over tech deal with rival Openlink
Wall Street Systems, a long-standing supplier of its Wallstreet Suite treasury management software (TMS) to the European Central Bank (ECB), filed a lawsuit in response to the bank’s decision to sign a new deal with another TMS provider, Openlink.
ECB issued a tender last year for a new system for its treasury management operations. All major TMS suppliers took part in the tender, Banking Technology understands, including Calypso, Murex, the aforementioned Openlink and the incumbent Wall Street Systems.
It is understood from the court document that ECB opted for Openlink’s Findur solution in summer 2017, which meant Wall Street Systems would be losing a major client. Wall Street Systems went to court to protest the decision, but the application was dismissed.
The vendor then promptly lodged another application for interim measures, in an attempt to prevent the ECB from entering into the framework agreement with Openlink, “the successful tenderer in the call for tenders”, pending a final decision of the court on the appeal.
Wall Street Systems was also seeking to arrange a hearing and to get the ECB to pay the costs of the proceedings for interim measures.
Fiserv announced that LuLu Exchange, which provides cross-border remittance, currency exchange and other financial services for consumers and businesses, has selected Fiserv to enhance its financial crime prevention capabilities and enable its expansion into new markets. LuLu Exchange will implement a cloud-based version of AML Risk Manager from Fiserv. The anti-money laundering solution utilizes sophisticated techniques such as machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives. This helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation, benefitting both customers and staff by facilitating a better experience and more efficient operations.
Launched nine years ago in Abu Dhabi, Lulu Exchange is today one of the largest financial services companies in their market and has more than 170 branches worldwide. The business currently operates in Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland, and is expanding across the Asia Pacific region and Europe. The experience of Fiserv in the Gulf Cooperation Council (GCC) region and globally was a key factor in their selection, as LuLu Exchange will rely on the expertise of Fiserv as it moves into new markets.
“Our ongoing expansion prompted an evaluation of our AML strategy,”said Christos Christou, Chief Compliance Officer, LuLu Exchange. “Since we are expanding in Asia Pacific and Europe, we wanted a partner that will provide us not only the technology but also the know-how to mitigate risks in these ‘new to us’markets. We were impressed with Fiserv and their financial crime investigation platform, which, in our view, is a user-friendly, stable, fast and well-developed tool for detecting, investigating, and assessing AML risks.”
Mashreq Bank Receives Nine Awards From Global Finance in London
Mashreq Bank, the UAE’s leading financial institution was presented with nine awards at the Digital Bank Conference and Awards dinner hosted by Global Finance magazine in London, England.
The dinner hosted at the RSA House in London saw Mashreq win awards for:
Best Consumer Mobile Banking Global
Best in Mobile Banking Middle East
Best Mobile Banking App Middle East
Best Consumer Digital Bank Middle East
Best Consumer Digital Bank UAE
Most Innovative Consumer Digital Bank Middle East
Product Innovation –Cardless Cash Withdrawal using Internet Banking
Best Bill Payment & Presentment Middle East; and
Best Corporate / Institutional Digital Bank Qatar.
Commenting on this achievement, Subroto Som, Head of Retail Banking Group at Mashreq said, “We have witnessed a substantial shift among consumers from traditional channels to digital banking and therefore, prioritised the implementation of a strong digital strategy over the past few years. We have invested heavily in the right people, processes and technology to bring our customers a host of digital offerings and innovations to digitize their banking experience.”
Receiving an unprecedented nine awards in the digital banking space represents a milestone for Mashreq and reflects the wider success the Bank has enjoyed in pioneering fintech innovation in the Middle East. These awards are the most important testimony of the bank’s successful digital journey in a region that is constantly looking to the future.
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