News & Commentary
Content posted in April 2003
Insurance Carriers Providing Policyholders With Bank Disclosures
News  |  4/28/2003  | 
Insurance carriers pick up the burden of Gramm-Leach-Bliley notification provisions from bank-owned insurance agents and their holding companies.
Natural-Language Search Engines
News  |  4/28/2003  | 
Weeding through thousands of pages of Web-site documents to locate the answer to a question can be a laborious process and a challenge outside the scope of many search engines. Now, financial institutions are turning to natural-language search engines to make them more efficient and improve the self-help capabilities of their Web sites.
Battling ID Theft, Lenders Mobilize Old Friends with New Technologies
News  |  4/28/2003  | 
Absent a national identification system, there is no IT solution today that can ascertain whether an individual is the rightful owner of a valid ID. With that said, annual lender losses of an estimated $1 billion make a compelling case for trying.
Taxing Question
News  |  4/25/2003  | 
BS&T editor, Paul Doocey writes about electronic filing and paperless processes
Unforgiven
News  |  4/25/2003  | 
BS&T senior editor Ivan Schneider discusses the bad wrap Wall Street brokers have recently received from Hollywood.
Some Essentials in Structuring a Successful BPO
News  |  4/25/2003  | 
Some Essentials in Structuring a Successful BPO.
Wachovia Gets Hooked On E-Learning
News  |  4/25/2003  | 
The merger of First Union and Wachovia was the catalyst for building a world-class training and e-learning organization.
BofA Cuts Network Recovery Time By 90 Percent
News  |  4/25/2003  | 
Bank of America has reduced network recovery time from 24 hours to four hours using data synchronization software.
Efficiency Expert
News  |  4/25/2003  | 
CountryBank CEO, Terry Jorde discusses how the bank is using information technology to efficiently serve its agricultural and retail customers.
Bank Molds Solution To Fit Its Needs
News  |  4/25/2003  | 
UWCU successfully upgrades to Corillian Voyager 3.0 and enhances the online banking and bill payment services available to its more than 91,000 members.
Banks Tap S1/Yodlee Aggregation System
News  |  4/25/2003  | 
Nine banks license an account aggregation system from S1 to work with their S1 personal and business banking applications.
Error Message
News  |  4/25/2003  | 
Traditional methods of performance measurement break down when applied to online banking channels, according to a TowerGroup research report.
Charting A New Course
News  |  4/25/2003  | 
By Web-enabling their trade finance applications, banks are taking the headache out of obtaining letters of credit and other trade transactions. Yet the shipment of goods around the world remains a paper-bound process.
Paper Cut
News  |  4/25/2003  | 
Imaging systems abound, but eliminating paper across all channels may be easier said than done
Sandy Spring Bank Installs Planning Solution
News  |  4/25/2003  | 
Sandy Spring Bank installs corporate performance management system from INEA Corp.
Arvest Bank Licenses Imaging Software
News  |  4/25/2003  | 
Arvest Bank licenses document capture products from Captiva Software to process incoming account applications, correspondence, loan and other financial documents and forms.
Charter Bank Chooses Jack Henry
News  |  4/25/2003  | 
Charter Bank contracts with Jack Henry and Associates to begin using its SilverLake core banking system this summer.
Banks Prepare for Fed Service Cuts
News  |  4/25/2003  | 
Banks urge Fed to do what it can to lessen the blow of its service cutbacks.
TCF Bank Taps Business Intelligence Software
News  |  4/24/2003  | 
TCF Bank installs business intelligence software.
Local Oklahoma Bank Joins Endpoint Exchange
News  |  4/24/2003  | 
Local Oklahoma Bank joins national check image exchange.
System Eases Pain of Budgeting and Forecasting
News  |  4/24/2003  | 
For Comerica, a new Web-based system has taken the pain out of budgeting and forecasting.
Liberty Bank Installs S1 System
News  |  4/24/2003  | 
Liberty Bank uses S1's teller, call center and sales and service platform to boost productivity and customer satisfaction across multiple interaction channels.
Bank Applies Portfolio Techniques To IT
News  |  4/24/2003  | 
Banks looking for ways to eliminate waste in IT spending are advised to start taking a portfolio management approach.
Surecomp Platform Gets Bolero Nod
News  |  4/24/2003  | 
Imex, a thin-client trade finance solution from Toronto-based Surecomp, has been certified to work with bolero.net.
World Briefs
News  |  4/24/2003  | 
Scotiabank contracts with First Data to provide credit card processing services for its operations in the Caribbean and Central America; Deutsche Bank establishes FIX connectivity with Charles River Trading System; Bank Millennium installs ICBS, a core banking and teller solution from Fiserv.
Account Aggregation Crosses Pacific
News  |  4/24/2003  | 
Bank of Tokyo-Mitsubishi, Japan's largest bank, has introduced an account aggregation service spanning two continents.
Polish Bank Taps Sanchez Software
News  |  4/24/2003  | 
AmerBank licenses Sanchez Profile, an integrated banking platform from Sanchez Computer Associates.
Sumitomo Mitsui Opts For XBRL
News  |  4/24/2003  | 
Sumitomo Mitsui Banking Corp. expects to boost the efficiency of its trade processing thanks to a new XBRL-based system built by an NEC subsidiary.
Bank Bytes
News  |  4/24/2003  | 
HomeStreet Bank and Roebling Bank contract with Open Solutions for core banking services; Sandy Spring Bank licenses Web banking satisfaction software from ForeSee Results; EMC Mortgage installs PredatorAnalyzer from ComplianceEase.
CLS Bank Volumes Expected To Climb
News  |  4/24/2003  | 
The volume of instructions submitted through CLS Bank is predicted to increase 150 percent by the middle of 2005, according to research among its top banks.
Follow the Sun
News  |  4/24/2003  | 
Sun Microsystems has convinced 80 banks to port their core banking applications from IBM hardware to Sun servers.
First Data-Concord Merger Creates Payments Powerhouse
News  |  4/24/2003  | 
The long-anticipated merger of First Data and Concord creates a payments powerhouse with a coast-to-coast EFT network formed by Star and NYCE.
Citifinancial Adopts Lending Model to Emerging Markets
News  |  4/21/2003  | 
Citifinancial Mortgage plans to export the substance of the U.S. business lending model around the world, and in the process, make it possible for people to reach otherwise unattainable fiscal goals.
Dow Jones Tests IM For Premium Content Delivery
News  |  4/21/2003  | 
Dow Jones & Co. is experimenting with instant messaging as an emerging channel for delivering premium subscription content.
Helping Customers Feel Secure That Confidential Information Stays That Way
News  |  4/21/2003  | 
On the surface, banks have mastered the art of protecting customer privacy. However, financial services firms must take additional steps beyond these fine-print policies to truly demonstrate their understanding of privacy concerns.
ABA Endorses Customer Identity Verification System
News  |  4/16/2003  | 
The American bankers Association has endorsed ID Point, an identity verification system from LexisNexis.
"Banks In Quandry Over Anti-Terror Compliance"
News  |  4/16/2003  | 
The need to screen customers and transactions against growing lists of known or suspected terrorists is straining record keeping and IT resources.
Card Issuers Face E-Commerce Liability Shift
News  |  4/16/2003  | 
Authentication programs from Visa and Mastercard will soon allow merchants to shift fraud liability onto banks
Annual Losses To Identity Fraud Top $1 billion
News  |  4/16/2003  | 
U.S.-based lending institutions are losing more than $1 billion each year to identity theft, according to a recent TowerGroup survey.
Wells Fargo Adding First Data's Tax Payment Service To Portal
News  |  4/14/2003  | 
Wells Fargo wants business owners to use its Internet portal to pay 1,700 different types of taxes to federal, state and local governments, along with obligations such as child support payments.
Union Bank Uses ArcSight To Manage Complex Security Environment
News  |  4/14/2003  | 
Union Bank of California uses security management software to keep upper management informed of enterprise network security.
Core Systems Replacement - The Time Is Now
News  |  4/14/2003  | 
Going forward, it will be almost impossible for a large financial institution to remain competitive without replacing its core system. That's why Celent predicts that up to half of the top 100 global banks will replace their core banking systems within the next few years.
Bank of America's Trade Finance Strategy
News  |  4/7/2003  | 
Bank of America, in conjunction with S1 Corporation, developed a trade finance purchase order processing system (known as POPS) that helps the bank to manage letters of credit, documentary collection and open account transactions on behalf of its customers and their trading partners.
Safe At Sea
News  |  4/7/2003  | 
Companies expect that the technologies that track and protect goods for security reasons will also provide greater visibility into supply chains and better management capabilities, and help speed goods through customs and other checkpoints along the way.
Beware The Dangers Of Outsourcing
News  |  4/7/2003  | 
Once upon a simpler time, when bulls roamed on Wall Street and Ken Lay had a job, outsourcing-services vendors worried that customers might run into financial trouble and not pay their bills. In 2003, though, it's the corporate executives who do the outsourcing who need to worry about the risks related to the business, financial, and operational viability of their vendors.


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