Check 21 Proponents Say E-Checks Can't Be Grounded
Under the proposed "Check Clearing for the 21st Century Act," banks could truncate the original checks and replace them with either paper or digital substitutes, thus mitigating a potential weakness in the payments system.
Corillian Corporation announced that its board of directors has promoted the company's president, Alex Hart, to interim chief executive officer; ABN AMRO Bank's Global Trade & Advisory group has hired two new directors; City Networks names Ken O'Brien vice president for North American Sales.
Arab National Bank launches an anti-money laundering and fraud detection system from ACI Worldwide; Hokuriku and Ashikaga Banks roll out an ASP solution from NTTDATA and FNX Limited; Siam City Bank chooses straight through processing (STP) and trade processing solutions from Reuters.
North America Bytes
National Bank of Canada's New York State operations will use a custom outsourcing solution from Fiserv; Ventura County Credit Union will provide enhanced online banking services to its members by converting to Voyager Special Edition (SE) from Corillian Corporation; KeyBank will implement an enterprise analytics package from INEA Corporation.
Fiducite to hold a one-day event on new technology trends in the financial services industry; new speakers added to the BioDefense Mobilization Conference & Exhibition.
Pressure from All Sides
As check fraud, money laundering and kiting schemes grow more sophisticated, new laws ratchet up the pressure on banks to detect such crimes. Fortunately, new technology may help them do that better than ever.
Tool Lets BofA Advisors See The Big Picture
In wanting to encourage long-term relationships with its retail brokerage customers, Bank of America has very much a 21st-century outlook. Until recently, however, it had to make do with Stone Age tools.
As the storage solution provider model falters, banks are developing in-house systems to support information backup.
Risk and Reward
Risk management officials quell suggestions they could have done more to detect accounting scams while acknowledging the system needs improvement.
There are several reasons a community bank may choose to migrate to a new core system and take advantage of new features and functionality.
Westpac Banking Corp. licenses ATM, debit card, POS and telephone banking software from Euronet Worldwide; Taishin International Bank; National Commercial Bank of Saudi Arabia; China Everbright Bank; National Bank of Kazakhstan; and Dubai Bank, United Arab Emirates, have licensed core banking technology from HP; HDFC Bank installs TreasuryTrader.
ABN AMRO Win Buoys EDS
ABN AMRO's decision to tap EDS for a $1.5 billion outsourcing contract is the latest in a string of successes for the Dallas-based IT services company, which like its competitors has been beating the bushes for new business in a sluggish economy.
East Boston Savings Bank increases its loan volume by 40 percent in the three years it's used easyLender; Valley National Bank licenses branch and call center management software from S1; Charter One Bank introduces FYI Alerts.
Fed Proposes Using ACH To Carry E-Bills
Federal Reserve Bank of Cleveland and Dollar Bank of Pittsburgh are pushing the idea of using the ACH network as a universal backbone for electronic bill payment.
Bringing Down The Horse
Three new bank branches have opened within a two-block radius of my office in midtown Manhattan. What is interesting is that none of these new branches goes by the name of Citibank or JP Morgan Chase. My new banking neighbors are Commerce Bank, North Fork Bank, and Washington Mutual.
Check Imaging's Indomitable Rise
Gomez research shows consumers are not merely interested in check imaging; they are eager to the point where they are willing to forgo many other features banks offer in order to access documents online.
Tony Petrillo named director of technical services for TOWER Technology; BrokerTec Clearing Company appoints Frank Perrone chairman and Ronald Filler vice chairman.
BANCAJA Group and ABN AMRO establish trade payments partnership in Asia; The Australia and New Zealand Banking Group launches Global PAYplus payment system from Fundtech in its New Zealand properties; Cape of Good Hope Bank goes live with Trema's Finance KIT for its treasury and risk management departments.
North America Bytes
Republic Bank of Chicago chooses Metavante Corporation to outsource its core processing; National City Bank Corporation selects InterChange from Netik to provide enterprise-wide application integration and automation for SWIFT message processing; American Savings Bank deploys an e-messaging suite from ZixCorp.
More then 200 million e-check payments were made during the first half of 2002, according to statistics released by NACHA; The Independent Community Bankers of America will recognize and support the Electronic Check Clearing House Organization rules for electronic check presentment.