Currency Reporting: Balancing Societal Benefits and Banks' Burdens
Regulations are in place that encourage banks to exempt certain accounts from Currency Transaction Reports reporting requirements. However, most banks have ignored the exemption process over concerns about fines for technical violations of the exemption process. How did we get into this mess? And is there any way out?
Wachovia Bullish On EBPP Despite Slow Adoption Rates
Electronic bill presentment and payment can provide banks with a number of unexpected benefits, says Anne M. Brown, senior vice president of Internet payment strategy at First Union National Bank, now a part of Wachovia.
Steven Kropper selected to the Residential Loan Production Steering Committee of the Mortgage Bankers Association of America; Debora Volansky named president of Connex International; Russell Lake appointed director of Global Sales for Neoris FS.
KBC Bank NV selects Sungard's intelliMATCH to reconcile securities items and related cash; SWIFT enters into an agreement with Financial Fusion and Global Crossing to offer a FIX hub messaging solution to the securities industry; The London Stock Exchange, London Clearing House and Euroclear sign a joint agreement to develop straight-through settlement.
North America Bytes
AMVESCAP National Trust Company inks business process outsourcing deal with BISYS; CIBC Business Banking launched using products from S1 Corporation; Bank One Corporation and Microsoft Corporation unveil a three-year strategic relationship.
Trade Show/Association Update
The Call Center & CRM Solutions Conference & Exposition offers specialized tracks and industry forums; Direct Marketing Association approves the recent publication of specific guidance to help financial institutions comply with the requirements of the Gramm-Leach-Bliley Act; NACHA accredits 365 payments industry professionals.
Wells Fargo Adds Web Gateway
Wells Fargo establishes gateway that authenticates and processes electronic payments, ensuring protected transactions for Web merchants.
A Sense Of Urgency
Banks race to overhaul outmoded disaster recovery and business continuity plans.
IntesaBci licenses CLS Server; Kosovo American Bank installs Globus; Banco de Bogota signs three-year software and services agreement with Alltel.
Effingham State Bank installs CheckQuest; M&I Bank, Zions Bancorp and Societe Generale Bank join BankOxygen; IBEW 110 Federal Credit Union licenses suite of banking applications.
Visa, MC Mull Options After Court Decision
MasterCard and Visa ponder next moves following last month's ruling in the antitrust case brought by the Justice Department on behalf of American Express and Discover.
Banks, looking to win market share in the New York City, follow the issue they believe will attract a large number to bank with them: service.