Channeling Keynes and Hayek. . . Through Rap
What would F.A. Hayek and John Maynard Keynes do if they came back to life to attend a conference on the economic crisis? They'd go out on the town for drinks and maybe rap on economics, of course.
Beware of Microbursts, Cisco Warns Banks
You may be measuring data latency in your data center or trading environment, but you may not be measuring it in small enough increments to detect very short spikes in traffic that could be causing data packets to be dropped, in turn causing orders to be dropped or market data to fall out of sync with trading strategies, Cisco executives said yesterday. High-frequency trading is the most logical place for bankers to be worried about microbursts;
J.P. Morgan to Join Microinsurance Fund LeapFrog
On May 6, 2010 at the IFC headquarters, the world's first microinsurance fund, LeapFrog Investments, will announce that the fund has raised a record amount for investments in Africa and Asia. LeapFrog will also announce new investor J.P. Morgan among other major institutional investors.
Federal Home Loan Bank of San Fran. Selects Calypso
Calypso Technology, Inc., a global application software provider, announced today that the Federal Home Loan Bank of San Francisco has selected Calypso Technology's front-to-back office system to support its front office trade origination, valuation, accounting and back office processing activities.
Chase to Open 90 Calif. Branches in 2010
Chase announced Tuesday that it will open 90 new branches in California, bringing approximately 1,200 jobs to the state and effectively extending Chase's reach in California to more than 800 branches and nearly 3,000 ATMs.
BofA Builds A Corporate Payment Hub
One of the most commonly used phrases at the NACHA Payments conference this week is "corporate payment hub." All the big-booth vendors offer one, consultants and analysts say banks must have one. Not only is a universal payment platform needed to satisfy the needs of corporate clients who insist on being able to make any type of payment (ACH, EDI, wire, check, etc.) through one channel and have that payment information routed directly into their accounting systems, these proponents say, but addi
Decide Out Loud, Former Google CIO Advises
Douglas Merrill, former CIO and vice president of engineering at Google, gave NACHA Payments attendees tips on innovation during a luncheon speech. The audience was very attentive and seemed to agree with his key points, which included these:
Bankers Cautiously Intrigued By Square
The youthful founders of payment startup Square, Jack Dorsey and Jim McKelvey, created a stir at the NACHA Payments conference yesterday. After their keynote panel, we asked attendees what they thought of the company and its scheme for letting people accept payments using a mobile phone and a small white cube. Everyone we spoke to had a strong opinion.
EBIDS Has Handled 4.5 Online Bills, Is Now Open to All Banks, Billers
Online bill presentment is not new, but neither is it ubiquitous, Janet Estep, president and CEO of NACHA, pointed out today at a press conference at the Payments conference in Seattle. The payment organization's eBIDS bill presentment project is an effort to provide universal access to online bill presentment across financial institutions and billers, so that consumers can see and pay all
How Square's Model Could Take Over Mobile Payments
Payment newcomer Square has ambitious plans to build a universal payment utility that will allow merchants and customers to send payments to each other, accepting payments by swiping cards with a small square device the size and roughly the shape of a marshmallow in conjunction with a mobile device. "A lot of people have mobile devices and are looking for new ways to manage their money and their life," said CEO Jack Dorsey at the NACHA keynote speech this morning. "Square is one way to make that
Hartsema Parlaying Love of Lockbox into Growth Strategy at Huntington
Huntington Bank plans to grow its treasury management business in a dramatic way, says Doug Hartsema, senior vice president and director, treasury management, Huntington Bank, who sat down with us this morning at the NACHA Payments conference in Seattle. Hartsema is a payments veteran and player. He started his career at Wachovia, was there for 18 years in various positions in operations, trust, and treasury services, then moved to treasury workstation vendor Selkirk (in which Wachovia had bough
Analyst Labels M-Commerce Renaissance a Priority
Banks making a concerted push to promote contactless payment technology are focusing on the wrong target and should switch their short-term focus to mobile commerce. That's the main conclusion of a new report by independent technology analyst Ovum, which finds that m-commerce is set to experience a renaissance as industry players express renewed interest and mobile banking services take root.
Is Blippy's Data Breach An Online Payments Cautionary Tale?
The news that the card numbers of five Blippy users had been exposed to anybody with the search savvy to Google "site:blippy.com +'from card'" came as a bit of a shock on Friday. The first question is, who would want to share with strangers all their credit card purchases at a site like Blippy, whose sole purpose is credit and debit card spending voyeurism? What kind of psychological need is being filled by broadcasting that you just purchased an i
HDFC, NCR Win Two Asian Bank Tech Awards
SINGAPORE " India's second largest private bank, Mumbai-based HDFC Bank, and its technology partner, NCR Corporation, won two awards at the 2010 Asian Banker Technology Implementation Awards for the best "Multi-channel Capability" project and the best "ATM Installation and Management Solution," beating 60 other entrants.
Channel Innovation: Building Online Relationships
Looking to connect with Gen Y and other hard-to-reach consumers, banks are getting more creative in reaching out to customers online, particularly with personal financial management tools and social media.
Payments Execs Leery of More Regulation, Survey Says
JERSEY CITY, NJ - April 22 — Fundtech Ltd., a global transaction banking solutions provider, today announced the results of a survey of payments industry participants. Survey results show pronounced differences between members of the corporate and banking communities on the matter of further government regulation, as well as an overall trend towards increasing value-added services in the industry.
TCO vs. ROI vs. Payback Time: Is One Better?
In the best and worst of times for IT budgeting, internal debates and analysis within banks and other financial institutions will invariably get around to some financial justification for incremental new spending, evaluating new projects, or looking at contracts up for renewal in one or two years. Over the past three decades there have been several methodologies that bank finance types and third party consultants have used to perform this type of analysis. None of the alternatives are perfect an
Lesser-Known Vulnerabilities of Mobile Payments
I recently read the following sentence in an email and was alarmed: "Hackers can extract cryptographic keys from smart-card enabled credit cards and payment devices by monitoring the card's power consumption while in use." It turns out that this vulnerability was discovered in the mid-1990s. "There are elements of it that have been reasonably well solved by the payments industry and there are elements where the story is not yet finished," says Benjamin Jun, vice president of technology at Crypto
Even Bank CIOs Don't Know the Real Cost of Their IT Resource
Calculating the accurate cost of a bank's IT resource is like pinning down the exact location of Osama bin Laden's cave. There are some ideas floating around, but they're fuzzy. Because I don't have a personal stake in this matter, I believe I can present an interesting case to explain this phenomenon.
TD Bank Opens Prototype Green Branch
With the launch of an LEED Platinum-certified branch in Queens Village, N.Y., TD Bank takes a major step in its quest to significantly cut its greenhouse gas emissions.
Cardlytics' Transaction-Based Ad Model Booming
As a business model, Google is a Web advertising platform with a search engine, e-mail and productivity software suite, Web browser and a host of other computing tools built on top. Search for something on Google and you usually find what you're looking for, along with any number of paid advertisements for products that might have something to do with what you seek. Apply that concept to advertisements based on consumer purchases printed in an account statement, and you get an idea of where
What Did Goldman Tell Abacus Investors?
The SEC's case against Goldman, which it unveiled Friday, hinges mostly on one thing: what did the Wall Street giant tell investors about the toxic-waste-based CDO it sold them?
LEGO ATM: Plastic Bricks, Real Money
It dispenses cash and coins. It accepts Visa and MasterCard. And it's made out of plastic bricks. While it might not be rolled out en masse to the nation's retail banks any time soon, Ron McRae's homemade ATM just might be the best cash machine ever assembled from a bucket full of LEGO parts, a HiTechnic IRLink and a Cadatex RFID Sensor.
ING Commercial Banking Adopts Worldflow Research Distribution
Amsterdam-based ING Commercial Banking became the first customer to sign up to the worldflow Research Distribution (wRD) service, which the bank will use as a fully-managed and audited service to distribute its equity and economic research to clients and internal users. Launched last month, wRD is a new product of London-based software and financial service provider, woldflow.
Syracuse Students Say No to Dimon
In an effort to "Take Back Commencement," a group of Syracuse University students has engaged in the protest of JP Morgan Chase CEO Jamie Dimon's upcoming speech at the school's commencement ceremony in May.