News & Commentary
Content posted in October 2012
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Guaranty Bank Adopts Saas-based System for Payroll
News  |  10/31/2012  | 
Guaranty Bank drives down payroll errors and restores employee confidence by adopting Ceridian's Dayforce SaaS-based system.
Bank of America Offers Assistance Program After Hurricane Sandy
News  |  10/31/2012  | 
The bank notified customers that it is launching an assistance program to help those in need of financial assistance in the wake of the storm.
Fundtech And Accenture Partner On Liquidity Management
News  |  10/31/2012  | 
The two companies announced they join forces to help deliver new tools for banks facing more stringent capital requirements from regulators.
Hurricane Sandy Wallops Internet Commerce Just As Hard
News  |  10/31/2012  | 
From Fab.com to Amazon.com Inc and eBay Inc, e-commerce companies scrambled on Tuesday to get goods to buyers on time after Hurricane Sandy tore a swathe of destruction across the U.S. northeast.

In Hurricane, Twitter Proves a Lifeline Despite Pranksters
News  |  10/31/2012  | 
As Hurricane Sandy pounded the U.S. Atlantic coast on Monday night, knocking out electricity and Internet connections, millions of residents turned to Twitter as a part-newswire, part-911 hotline that hummed through the night even as some websites failed and swathes of Manhattan fell dark.

Social Media Helps Banks Communicate with Customers Affected by Hurricane
News  |  10/30/2012  | 
A number of banks are posting service updates, contacting customers and even providing safety tips to followers through their social media channels during Sandy's aftermath.
TD Bank's Assistance Program to Help Customers Pay for Costs of Hurricane Sandy
News  |  10/30/2012  | 
The bank is offering quick credit lines, instant issue of debit cards and waived fees to help customers in the aftermath of the storm.
Hurricane Sandy Disrupts Northeast U.S. Telecom Networks
News  |  10/30/2012  | 
Power outages and flooding caused by Hurricane Sandy disrupted telecommunications services on Tuesday and coverage was spotty for everything from cellphones and home telephones to Internet services in Northeastern states.

U.S. Stock Markets Consider Opening on Wednesday
News  |  10/30/2012  | 
U.S. stock exchanges are looking at opening on Wednesday after monster storm Sandy receded from New York, sources said, and the New York Stock Exchange is testing a new plan to help resume trading.
U.S. East Coast Power Outages from Hurricane Sandy Top 7.4 Million
News  |  10/30/2012  | 
More than 7.4 million homes and businesses along the U.S. East Coast were still without power as the remnants of Hurricane Sandy continued to batter the region.
Cloud Growth: Strategy, Not Cost-Cutting
Commentary  |  10/30/2012  | 
Adoption of cloud and as-a-service computing models is accelerating in banking. While costs-savings may be the primary driver, increasingly the cloud is seen as a means of innovation and competitive advantage.
Banks Prepare For Sandy Onslaught
News  |  10/29/2012  | 
Most branches in the Northeast and Mid-Atlantic U.S. are closed; disaster recovery plans in progress.
Sandy Shuts Down Wall Street
News  |  10/29/2012  | 
Hurricane Sandy, the monster storm bearing down on the U.S. East Coast, strengthened on Monday after hundreds of thousands moved to higher ground, public transport shut down and the U.S. stock market suffered its first weather-related closure in 27 years.

Sheila Bair's 4 Types of Dysfunctional Regulators
News  |  10/26/2012  | 
Sheila Bair, former FDIC chair and current industry critic, thinks that regulators are partly to blame not only for the financial crisis and the banking industry's continuing lousy reputation, but she also has plenty of criticism for bankers and politicians.
Spain on Track With Bank Sector Reform
News  |  10/26/2012  | 
Spain is on track to correct the problems in its financial sector, but needs more decisive action to deal with challenges facing some banks, the European Central Bank and the European Commission said in a joint statement on Friday.

Citi Fined $2 Million by Massachusetts Over Facebook IPO
News  |  10/26/2012  | 
Massachusetts top securities regulator said on Friday that his office fined a Citigroup Inc unit $2 million after research analysts improperly disclosed confidential information about Facebook Inc's initial public offering.

Ally Looks to Sell Most of its Mortgage Business
News  |  10/26/2012  | 
Ally Financial Inc's banking subsidiary said on Friday that it was looking to sell most of its remaining mortgage business, the company's latest step toward exiting the home loan business to focus on its U.S. auto lending and banking operations.

Checking Balances, Viewing Transactions Are Top Mobile Usages, Study Finds
News  |  10/26/2012  | 
The study, conducted for Virtual Hold Technology by The Adcom Group, also found consumers grow increasingly frustrated when problems arise with mobile apps that prevent them from completing a task.
Is the Role of the CIO Truly Changing?
Commentary  |  10/25/2012  | 
Some say we are embarking on an era that will see a fundamental shift in the responsibilities of the CIO.
Financial Services CEOs Among Those Calling for Action to Reduce Federal Deficit
News  |  10/25/2012  | 
Chief executives of more than 80 big U.S. corporations, including Goldman Sachs , JPMorgan and Boeing, joined forces on Thursday to pressure Congress to reduce the federal deficit with tax reform and spending cuts.

Square Touches Down in Canada
News  |  10/25/2012  | 
The mobile payment company will expand its presence outside the U.S. for the first time.
Why Mobile Will Be More Secure Than Online Banking
Slideshows  |  10/24/2012  | 
Mobile devices have a number of features - some that are built-in and some that are not - that will help make them more secure against fraud than the online channel.
Visa Names Former JPMorgan Chase Retail Head as New CEO
News  |  10/24/2012  | 
Charles W. Scharf, formerly CEO of Retail Financial Services for JPMorgan Chase, will succeed Joseph W. Saunders as Visa’s Chief Executive Officer.
Basel Official Defends New Global Bank Capital Rules
News  |  10/24/2012  | 
A simple approach to reining in risks at banks would fail to capture the complexity of modern day lenders, a top global regulator said.

ABN AMRO Upgrades Data Analytics Capabilities
News  |  10/24/2012  | 
The bank has partnered with Teradata Technologies to enhance its data warehouse to meet regulatory requirements and improve customer analytics.
USAA, ING Direct, PNC Leaders in Customer Retention, Report Says
News  |  10/24/2012  | 
Meanwhile, an analysis from Forrester Research also found that Chase, Wells Fargo, and Bank of America are the leaders in driving sales and attracting new customers.
Awareness and Interest in Mobile Money Services Grows in Developing World
News  |  10/23/2012  | 
Consumers want to make payments and send funds with their mobile devices, but issues with ease of use and trust in service providers remain biggest barriers to adoption, a Visa survey found.
Chexar and Visa Deliver Mobile RDC to Prepaid Cardholders
News  |  10/23/2012  | 
Visa prepaid cardholders will be able to deposit their checks with their mobile devices on to their prepaid cards, gaining immediate access to their funds.
Majority of IT Departments Ignorant of BYOD: Report
News  |  10/23/2012  | 
Industry analyst Ovum surveyed 4,000 employees from around the world on their corporate BYOD policy.
First Virginia Community Bank Completes Acquisition of First Commonwealth Bank of Virginia
News  |  10/22/2012  | 
The acquisition is the first in the history of the 5-old-bank and will add $410 million in assets to the institution.
J.P. Morgan Treasury Services Draws on Consumerization Trend in Relaunch of ACCESS Portal
News  |  10/22/2012  | 
J.P. Morgan Treasury Services draws on consumerization trend in relaunch of ACCESS portal; new platform for corporate clients was developed using collaborative agile methodologies.
Ex-Chase Exec Tapped for New Huntington Bank CTO Position
News  |  10/22/2012  | 
Huntington Bank announced the hiring today of Paul Heller, formerly of JPMorgan Chase, as the bank's new chief technology and operations officer.
U.S. Bank Unveils Windows Phone Mobile Banking App
News  |  10/22/2012  | 
The Minneapolis-based bank said it has developed two apps for the phone -- one through U.S. Bank's Wealth Management division and the other through U.S. Bank Retail Payment Solutions.
Seen & Heard at BS&T’s 2012 Executive Summit
Slideshows  |  10/19/2012  | 
Hot topics at Bank Systems & Technology’s recent Executive Summit in Phoenix included how to overcome barriers to customer engagement, moving from big data to the concept of “intelligent data,” identifying the next generation of online banking and how to dominate in a “post-channel” world. Along with the discussion was high-level networking and BS&T’s annual Elite 8 Awards Ceremony. Participants in this year’s event included CIOs and other senior execut
U.K. Retailer Sainsbury's Trials Mobile POS Service
News  |  10/19/2012  | 
The company says this is the first technology of its kind in the U.K.
Ally Financial Latest U.S Bank to Face Cyber Attacks
News  |  10/19/2012  | 
Ally Financial Inc on Thursday became the latest U.S. financial institution to face cyber attacks that may stem from hackers in Iran.

Goldman Gives its Version of Angry Employee's Departure
News  |  10/19/2012  | 
Just days before publication of a book promising to expose a rampant culture of greed a t Goldman Sachs Group Inc, the Wall Street company is writing its own story about the book's author.

MasterCard Pushes Contactless Payments in the Middle East
News  |  10/19/2012  | 
MasterCard announced that it will soon install more than 1,000 terminals at merchants in the United Arab Emirates for its PayPass contactless cards initiative.
What Banks Need to Know About the Cloud
News  |  10/18/2012  | 
The industry group Cloud Security Alliance offers resources for financial institutions looking to utilize cloud services.
Rise of the Mobile Wallet
Commentary  |  10/18/2012  | 
Two more major m-payments announcements were made this week, as the digital wallet space continues to heat up.
How a Banking Union is Dividing Europe
News  |  10/18/2012  | 
European leaders meet for a two-day summit on Thursday where they will try to bridge divisions over a banking union intended to underpin the euro zone. But questions over the scheme's scope and mechanisms are likely to take months to resolve.

Isis Set to Debut in October
News  |  10/18/2012  | 
The mobile wallet, a joint venture between T-Mobile USA, Veirzon Wireless and AT&T, will use NFC technology.
Oracle and Deloitte Offer New Solution for Accounting and Financial Analytics
News  |  10/18/2012  | 
Financial Services SolutionPrint, a joint solution from Oracle and Deloitte, helps with finance accounting that can improve shareholder value for banks.
Citi Rushes to Replace Corbat in EMEA Top Job
News  |  10/17/2012  | 
Citigroup's new boss Mike Corbat is rushing to plug the gap he left at the helm of the U.S. bank's European business, a major hub for investment banking income but which still lags other regions by revenue.

One in Four Customers Are Card Fraud Victims, Study Finds
News  |  10/17/2012  | 
Banks need to do a better job engaging with customers and educating them about fraud, ACI's 2012 Global Fraud survey found.
BofA Merrill Lynch Launches Online PIN Check Service
News  |  10/17/2012  | 
The service is designed for the bank's corporate clients who use chip and pin cards.
SME Mobile Banking: A Revolution Just Around the Corner
Commentary  |  10/17/2012  | 
Small and medium enterprises want mobile-based banking that helps them run their businesses smarter.
What's Behind Pandit's Resignation from Citigroup?
News  |  10/16/2012  | 
Conflicts with Citigroup's board may have spurred the unexpected resignations of CEO Vikram Pandit and president/COO John P. Havens; Michael Corbat promoted from Citigroup's CEO of EMEA to CEO and director of Board.
Corporate Treasurers Expect Multi-Channel Banking, Study Finds
News  |  10/16/2012  | 
New research released by Fundtech shows a growing demand from treasurers for the kind of consistent multi-channel banking experience that consumers are already demanding.
Umpqua Bank Selects ACH Alert Fraud Protection Service
News  |  10/16/2012  | 
ACH Alert’s fraud protection service, called A.L.E.R.T, provides banks with fraud detection services and helps to mitigate risks associated with electronic payments.
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