Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

ASX reveals go-live date of April 2022 for CHESS implementation

ASX, AustraliaAustralian Securities Exchange (ASX) has worked with a broad community of stakeholders to replace the CHESS system since the announcement was made in 2016. The COVID-19 pandemic along with a number of factors has postponed the implementation timetable of the system.

In March, ASX gave notice that the timetable was under review, but it would wait until June to formally commence consultation. This allowed CHESS users to focus on their day-to-day operational activities. It also enabled the exchange to assess the impact of the pandemic, requests for changes, and the ability of all participants to commence the operational readiness phase of the project.

The revised timetable has been produced to provide additional time for the ongoing impact of the COVID-19 pandemic on all stakeholders, accommodate functionality changes requested by users, and have a longer period for ASX and CHESS users to complete their respective development and readiness activities. The aggregate effect of these considerations produces a new go-live date of April 2022, 12 months beyond the original target go-live.

Peter Hiom, ASX Deputy CEO expounded, “ASX has undertaken a comprehensive, risk-based approach to the replan of the CHESS replacement project. We have listened to the diverse views of stakeholders and accommodated feedback on timing, user readiness and changes to functionality.

“We are approaching an important and exciting phase of the project, involving close collaboration between ASX and CHESS users, as they test their systems and begin operational readiness activities. In developing the revised implementation plan, ASX has been very mindful of the challenges the industry faces during the COVID-19 pandemic.

“At its core, the new CHESS system will deliver existing services, new and enhanced functionality, high availability, reliability and performance, and will underpin Australia’s financial markets for the next decade and beyond. We have made great progress in challenging circumstances and are focused on delivering the solution in a safe and timely manner.”

Related IBS Intelligence Research

Related Posts

NAB

NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »