News & Commentary
Content posted in October 2003
Federal Reserve Takes a Bath on Paper Checks
News  |  10/28/2003  | 
Declining check volumes, and the prospect of more to come as a result of Check 21, has led the Federal Reserve to predict a sharp increase in the price of paper-based payment services.
Proposed Bank Merger Would Push Technology Envelope
News  |  10/28/2003  | 
The planned acquisition of FleetBoston by Bank of America would generate $1 billion in cost savings, with some of that money going into strategic investments.
Why Online Banking Is Like a Box of Chocolates
News  |  10/28/2003  | 
While most top banking sites offer the core features associated with online banking like account history and bill payment, there are significant variations in what these institutions offer to consumers in terms of actual functionality and usability.
News from Sibos: Utility Banking Gaining Momentum
News  |  10/22/2003  | 
It's about time for the back office to get connected. But in the quest for efficiency, banks may have to cede certain functions to industry "utilities."
Is Offshoring The Major Reason For IT Unemployment?
News  |  10/22/2003  | 
Offshore outsourcing has had little impact on joblessness so far, but that could turn around in a big way soon.
Banks In Need of Payments Czars
News  |  10/22/2003  | 
At a time when dramatic changes and challenges are hitting the payment space, banks should empower a senior executive with enough clout to execute an enterprise-wide payment strategy.
Laggard Firms Face Liability on Do Not Call
News  |  10/17/2003  | 
Last week's federal appeals court ruling on the Do Not Call Registry made suddenly real the possibility of penalties to financial services companies for failure to comply.
Fed Vice-Chairman Speaks of Technology Impact in Retail Banking
News  |  10/17/2003  | 
Roger W. Ferguson, Jr., vice-chairman of the Board of Governors of the U.S. Federal Reserve, shares his perspective on the impact of technology in the financial services industry.
BI Market: Greater Need, Fewer Choices
News  |  10/17/2003  | 
A recent flurry of merger-and-acquisition activity among business-intelligence companies not only presages even more buyouts but complicates purchasing and planned BI investments.
TEST-Fed Vice-Chairman Speaks of Technology Impact in Retail Banking
News  |  10/17/2003  | 
Speaking last week at a conference at the University of Massachusetts, Roger W. Ferguson, Jr., vice-chairman of the Board of Governors of the U.S. Federal Reserve, shared his perspective on the impact of technology in the financial services industry.
Scotiabank Reshapes for Commodity Business of Banking
News  |  10/7/2003  | 
Retail customers have been trained to search for price, and to expect outstanding service. Those are difficult expectations for banks to meet. But Scotiabank has a plan.
What To Look For In Anti-Money-Laundering Vendors
News  |  10/7/2003  | 
One of the main difficulties in complying with the U.S.A. Patriot Act is sifting through the huge amount of information firms process every day.
CIP Hits the Street
News  |  10/7/2003  | 
October 1 brought more than the Autumn chill to Wall Street. It was also the deadline for Section 326 of the USA Patriot Act, requiring financial institutions to implement customer-identity-verification procedures for all new accounts.
Executive News
News  |  10/2/2003  | 
Market Timing
News  |  10/2/2003  | 
Bob Evans, Editor-in-Chief at InformationWeek, stirred up a rabid reader response when he defended the practice of offshore outsourcing as a fact of life in a July 28 editorial.
Banks Turn To BPM To Manage Critical Functions
News  |  10/2/2003  | 
BPM is reshaping the face of banking and financial services.
Nevada State Banks with MoneyLine
News  |  10/2/2003  | 
An outsourced mortgage department increases lending volume for bank.
Republic Wins 'Paper' Independence
News  |  10/2/2003  | 
Bank turns to Fiserv solution and grows loan-originations to $1.2 billion.
Good Times, Bad Times
News  |  10/2/2003  | 
Mortgage Originators Have Their Share of Challenges, Celent Says.
Regulatory Compliance: Do or Die? Or Do and Thrive?
News  |  10/2/2003  | 
Since compliance with new regulations is not optional, banks should consider it an opportunity to gain competitive advantage.
For Banks, Compliance Hurts Productivity and Costs More
News  |  10/2/2003  | 
InformationWeek Research survey shows banks plan to spend more on compliance than other industries.
SWIFT Has 'Deep' Relationship with Regulators
News  |  10/2/2003  | 
After starting his career with Banc Agricol in Spain, Lazaro Campos joined SWIFT in 1987. Campos spoke with BS&T senior editor Ivan Schneider about business continuity, regulatory compliance, and know-your-customer regulations.
Bank Compliance Officers' Top Priorities: Find New Ways To Control New Risks
News  |  10/2/2003  | 
As technology advances-inevitably creating more risks for financial institutions, as well as creating new ways to control risk-banks are transforming traditional ways of preventing fraudulent activity and complying with legislation with improved software and better business objectives.
Big Concerns: New Financial Regs
News  |  10/2/2003  | 
The new crop of regulations have financial institutions scurrying to find the technology and workforce resources necessary to comply.
Compliant, Not Complacent
News  |  10/2/2003  | 
FleetBoston Financial's CCO is among the new generation of compliance executives who understand the value of working with IT.
Bank Spots Network Problems Before They Happen
News  |  10/2/2003  | 
Software saves Glenview State Bank from hiring three network-support staffers.
Fort Billings FCU Shreds Paper with Fortis
News  |  10/2/2003  | 
Drowning in paper, credit union implements document imaging technology from Westbrook Technologies.
CTFS Moves from Basic Servicing to Up-Selling
News  |  10/2/2003  | 
New call center platform allows reps to track and target certain products to certain customers.
Eagle Bank Rides Silverback for Patch Management
News  |  10/2/2003  | 
Bank deploys network monitoring software to meet federal regulations.
Banks Upgrade Check Fraud Detection
News  |  10/2/2003  | 
Bank of New York is among those implementing a positive-payee system to identify checks with changes to the payee line.
Blackout Highlights Gray Areas
News  |  10/2/2003  | 
Business continuity/disaster recovery plans work, but there is room for improvement
FFIEC Guides Bank Notification Programs
News  |  10/2/2003  | 
Federal body issues guidelines on response programs for unauthorized access to customer information.
World Briefs
News  |  10/2/2003  | 
US/Canada Banks' Budgets Flat
News  |  10/2/2003  | 
Future spending on technology points in the direction of compliance and risk management.
Yodlee Opens Portal to Biller-Direct EBPP
News  |  10/2/2003  | 
Yodlee's new "BillDirect" service will provide a standardized interface for connecting to the "biller-direct" Web sites of almost 2,500 service providers--lenders, credit card and mortgage companies--as well as non-financial billers such as mobile phone, cable television and long-distance companies.
ACH Piloted for Bank-Centric EBPP
News  |  10/2/2003  | 
EBPP via ACH may make paying bills even easier.
Bank Bytes
News  |  10/2/2003  | 
Citibank and Chase Top MBNA/Capital One
News  |  10/2/2003  | 
Diversified players' online offerings have more functionality than monoline issuers' sites.
Trade Finance Execs Say Traditional Business Is on the Decline
News  |  10/2/2003  | 
ABN Amro, Key Bank, Bank of New York and CIBC discuss strategy in Web seminar.
Mixed Messages
News  |  10/2/2003  | 
One step forward, one step back. That's the way I often feel about my dealings (as a consumer) with banks.


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