Josef Ackerman, CEO of Deutsche Bank, told CNBC's Maria Bartiromo his views on recent bank regulation proposals at the World Economic Forum in Davos yesterday. "We're in a global market, we need global rules," Ackerman said, suggesting that President Obama's recent proposal to separate banks from the capital markets might not work if only one country adopts it. Ackerman supports the Basel II capital allocation requirements, but feels the Volcker rule could reduce liquidity and efficiency in the
Heartland Payment Systems has gone from data breach victim to card data security expert. Although the card payment processor suffered a data breach in late 2008, lost 50 percent of its market cap shortly thereafter, and spent more than $32 million in legal fees, forensic costs, reserves for potential card brand fines and other related settlement costs, it has since designed and implemented an end-to-end encryption system that p
Apple's new Kindle-like tablet should be suitable for executives such as bankers, according to Fritz Nelson, Editorial Director for InformationWeek (a sibling publication to Bank Systems & Technology).
Although President Obama's "Volcker Rule" - his proposal that banks forego proprietary trading, investment or ownership in hedge funds and private equity firms and not be allowed to become too big to fail - could take three to five years to move through Congress and become implemented, if some version of it does get passed, it could have a profound impact on banks, said Matt Cohn, partner and leade
Now that Twitter has unveiled TwitterLocal - an Adobe Air application through which one can perform location-aware Twitter searches (for instance, you could follow anyone tweeting in the Los Angeles area, provided they have opted in to allow their location to be known) - it could open social media possibilities for retail banks. Perhaps a bank could see who was searching for ATMs in a particular neighborhood and use that data to install a new machine there. Or upon seeing that hundreds of Twitt
I don't believe it's news anymore when I tell you core system sales have tapered off in the past ten years. But here's proof. In the year 2000, 7.3% of the FI population acquired a new core system. In 2009, the rate was approximately 2%. Going forward, it may stay at 2% or it may continue to decline, but it won't increase.
Goldman Sachs and Morgan Stanley, which became bank holding companies in September 2008 to gain government protection and access to the Fed's discount window, may now shed their bank status if the 'Volcker Rule' preventing banks from proprietary trading goes through, according to an article in Saturday's New York Times.
By Joe Spatarella, Online Banking Solutions
Ironically, as businesses move from risky paper check payments to a safer means of electronic B2B payments, the online banking systems through which payments are originated have become an attractive fraud target. Although businesses are using payment fraud control devices such as ACH Positive Pay and ACH Debit Filter, they only mitigate fraud after it occurs. There are at least five fresh reasons to step up the security investment.
By Mike Ressel, vice president of business development, Fiserv
Despite continuing effort and investment by banks to mitigate financial crime risk, fraud is evidently still a growing problem.
So what's going wrong?
By David Nussenbaum, vice president, ACI Worldwide
Fraud is on the rise and it's expected to accelerate in the wake of the global financial crisis, with not just cards but other bank products and channels being targets for criminals. Urban gangs like the Crips and the Bloods have been known to collect more than 10,000 credit card numbers a night. Right now, a gang member is likely approaching a waiter as he starts his shift. The crook simply offers the waiter a card skimmer, which is s
By Karen Van Ness, Oracle Financial Services Software
In the last year, the financial services industry received a rousing reminder of the profound damage that increasingly complex financial schemes and fraud can inflict on their reputation and bottom line. Analysts estimate that financial crime costs industry organizations approximately $20 billion in losses, annually. At the same time, banks are grappling with expanding anti-money laundering (AML), fraud prevention and risk managemen
In this editor's humble opinion, one primary cause of the subprime/financial crisis was the fact that banks, capital markets firms, hedge funds, insurance companies and pension plans bought billions of dollars worth of collateralized debt obligations and engaged in credit default swaps around CDOs without knowing much about the underlying securities that were bundled into those products. They trusted the issuer, they believed the AAA ratings from Moody's and Standard & Poors, they saw their peer
By Craig Priess, Guardian Analytics
Online business banking is under attack.
While much ink has been spilled detailing consumer banking fraud and its victims, business accounts are no less susceptible to cybercrime - and in many ways are more at risk. Small business banking is particularly vulnerable, especially in the current economic climate. Why? One reason is that Regulation E of the Federal Electronic Funds Tra
A, um, wise man once said, "There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we now know we don't know. But there are also unknown unknowns. These are things we do not know we don't know."
Over the years, I have developed many good tools that I use to assist banks in the selection of a new core system. The reasons I have accumulated 36 tools containing 814 criteria are two-fold. The first is I can't stand "reinventing the wheel." The second is I don't trust myself to remember everything I did during previous projects. As a result, five months after I begin an assignment, 35 bank employees and I agree on the recommended solution. One year after the go-live date, even the bank exa
Microsoft names Susan Hauser to lead Worldwide Industry Sectors and Global Accounts, which includes Worldwide Financial Services, Distribution and Services, Manufacturing and Resources, and the Global Accounts Organization.
The Aite Group reported last week that card fraud costs the U.S. card payments industry $8.6 billion per year. Although this is just 0.4% of the $2.1 trillion in U.S. card volume per year, the analyst group noted it's still a number card providers would like to reduce. There are measures banks and others in the card processing chain can take to deter card fraud experts from their dastardly work; however, many of them ar
More details are beginning to emerge as the technology community further investigates hacks that originated in China that targeted Google and other corporations. Yesterday afternoon, Microsoft announced that a vulnerability in Internet Explorer was exploited as part of the hacks.
This week in weird/funny (it all depends on your viewpoint) videos about finance and technology, a kangaroo holds up a bank; sketch comedy show Little Britain demonstrates how Americans rob banks, an epic battle between Mac and PC users.
Skippy and the Bank Robbery
Australian celebrity kangaroo Skippy appears to have a dark side.
In a fact sheet, the Obama Administration has outlined a few details about the Financial Crisis Responsibility Fee the President is submitting to Congress in his next budget. If the budget passes, the fee will be levied on financial institutions with more than $50 billion in assets, it will take effect June 30 of this year and it will last a
Huntington Bank names new Directors of Payments/Channels and Treasury Management; Mark R. Sheehan and Douglas G. Hartsema, both former JPMorgan Chase executives, take on new roles intended to enhance Huntington's business and retail banking services.
Near-field communication is the technology that will allow phones to be widely used for payments; banks and mobile operators will compete for this new mobile payments business, according to SJB Research.
By Bill Bradway, Bradway Research LLC
The recurring headlines touting mobile banking and more recently, mobile payments, reinforce my opinion that technology-based innovation in financial services is often ahead of the business-based needs the technology solutions address. Mobile banking over the past 10 years has been a poster child for this phenomenon. No doubt the interest in mobile banking today by bankers is rising and
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