News & Commentary
Content posted in June 2003
FACING SARBOX, BANKS TURN TO IT
News  |  6/30/2003  | 
With internal controls under increased scrutiny, banks seek to streamline workflows in financial reporting.
CALIFORNIA’S NEW RULES OF DISCLOSURE
News  |  6/30/2003  | 
A California law that takes effect July 1 will force companies inside and outside the state to disclose embarrassing information-security breaches.
HESNEY OUT OF TOWERGROUP AFTER THREE MONTHS
News  |  6/30/2003  | 
In a surprising management about-face, Maureen Hesney, a TowerGroup senior executive vice president hired in February to run the firm's research and consulting practice, has left the firm after only three months in the job.
Staying in Front of Change
News  |  6/27/2003  | 
As anyone involved in the banking technology world knows only too well, change has become a way of life in business.
E-Checks Rapidly Gaining Acceptance, NACHA Says
News  |  6/27/2003  | 
Automated Clearing House (ACH) transactions could grow to 18 billion payments by 2010, up from 9 billion in 2002, according to a recent study released by the National Automated Clearing House Association (NACHA).
Banks Launch Nostro Service
News  |  6/27/2003  | 
Banks chose Cable & Wireless Real-Time Nostro as a standard infrastructure for sharing Nostro information.
FSTC Project Targets Web Services
News  |  6/27/2003  | 
FSTC works to establish Web services standards for corporate banking.
Bank Bytes
News  |  6/27/2003  | 
Japanese Bank Dials Up Packet Solution
News  |  6/27/2003  | 
In a bid to better control the traffic over its telecommunications network, the Bank of Tokyo-Mitsubishi has redesigned its system, deploying bandwidth management technology from Packeteer, a Cupertino, Calif.-based technology company.
India Opens National ATM Switch
News  |  6/27/2003  | 
Euronet Worldwide, an e-payment technology company, has received approval from the Reserve Bank of India to operate a national shared ATM switch, with Industrial Development Bank of India as the settlement bank.
Japanese Banks Ink Deal With IBM
News  |  6/27/2003  | 
Four regional banks in Japan plan to outsource fundamental components of their IT infrastructures to IBM Japan, using core systems from Bank of Tokyo-Mitsubishi as a starting point.
World Briefs
News  |  6/27/2003  | 
Ohio Savings Bank Taps Fiserv
News  |  6/27/2003  | 
Moving to replace an aging system and bring its processing capabilities into the 21st century, Cleveland-based Ohio Savings Bank has contracted with Fiserv CBS Worldwide for a variety of processing systems.
Fleet Installs Expense Tracking System
News  |  6/27/2003  | 
Fleet National Bank selects expense management system from Zeborg.
UBOC Aims to Expand Global Payments Capabilities
News  |  6/27/2003  | 
Union Bank of CA selects S1 for global payment capabilities.
U.S. Bancorp Taps E-Learning System
News  |  6/27/2003  | 
U.S. Bancorp uses Pathlore training system for 15,000 employees.
Banks Face Excess Capacity, Experts Say
News  |  6/27/2003  | 
Declining volume of checks will leave banks with excess check processing capacity.
Georgia Credit Union Taps Open Solutions
News  |  6/27/2003  | 
GA credit union selects Open Solutions' product for core transaction processing.
Bank of Hawaii Installs INEA Suite
News  |  6/27/2003  | 
Bank of Hawaii selects performance management system from INEA.
Prosperity Bank Upgrades To Precision Product
News  |  6/27/2003  | 
Prosperity Bank has contracted with Precision Computer Systems, a Sioux Falls, S.D.-based software company, for a new core system, Vision.
The Race Belongs To The SWIFT
News  |  6/27/2003  | 
By establishing a private network, SWIFTNet is poised to outdistance the World Wide Web as the primary carrier of bank-to-bank financial messaging.
Who’s Who in EAI
News  |  6/27/2003  | 
TowerGroup analyst describes some of the players in the Enterprise Application Integration (EAI) market.
SWIFT Hopes to Conquer Fear of "New Realities"
News  |  6/27/2003  | 
Now that host country Singapore has been given the "all-clear" signal by the World Health Organization, SWIFT's Sibos 2003 conference seems all set to proceed as scheduled, from October 20 to 24.
Busy Signal
News  |  6/27/2003  | 
Banks continue to push customers to adopt the wireless channel.
Taking to the Air
News  |  6/27/2003  | 
Will new payment systems arise with the convergence of technologies? Is the threshold to wide acceptance too high? Are the benefits too minor to justify abandoning traditional payment methods?
Getting In Gear
News  |  6/27/2003  | 
Regulators and financial service institutions seek common ground in the ongoing business continuity planning/risk management debate.
Uncertainty Slows Preparation
News  |  6/27/2003  | 
A lack of clear direction by regulators is causing some to adopt a wait-and-see approach to preparing for Basel II.
E-Payment Competition Heats Up
News  |  6/27/2003  | 
The overall total for online bill payments are skyrocketing.
Debit Card Usage Is Rising
News  |  6/27/2003  | 
Consumers prefer to make small transaction via Debit payment.
Banks Move to Comply With PATRIOT Act
News  |  6/27/2003  | 
Banks are racing to comply with the USA PATRIOT Act's requirements that terrorists not be allowed access to the financial system, such as by assuming a false identity in order to shift funds electronically from one account to another.
Union Planters Offers Payroll Card
News  |  6/27/2003  | 
Union Planters Bank is offering a new payroll option that gives companies the ability to use stored value card technology to replace the costly and often time-consuming paper paycheck process.
First Data Offers Secure ACH Service
News  |  6/27/2003  | 
First Data Corp. and Hagenuk, a provider of secure card readers, have introduced a Web-based solution for Automated Clearing House (ACH) payment transactions.
Federal Reserve Seeks Safety In Seals
News  |  6/27/2003  | 
The Federal Reserve Bank of Philadelphia has been investigating the possibility of using seal encoding technology to detect fraudulent items among the approximately 250 million U.S. Treasury checks annually presented for payment.
ABN AMRO Centralizes The Funds Transfer Process
News  |  6/27/2003  | 
Dutch banking giant ABN AMRO's North American operation is centralizing its payment systems for wire transfers, both domestically and internationally, utilizing the Mercator Integration Broker and Mercator InsidePayments applications from Mercator Software, a Wilton, Conn.-based provider of enterprise application integration software.
A Season of Renewal for Bank Branches
News  |  6/27/2003  | 
Because the financial services industry is an integral cog in the mechanics that drive personal and business commerce, it remains in a constant state of evolution as it attempts to mirror the needs and desires of its customers.
Weekend at Marx's
News  |  6/27/2003  | 
With "Irrational Exuberance," Yale economics professor Robert Shiller captured the limelight and the grudging admiration of the denuded investing public. Now he's exuberant about ideas of his own.
US BANCORP TRACKS EMPLOYEE DEVELOPMENT
News  |  6/23/2003  | 
As US Bancorp employees learn about lending, deposit gathering, and effective branch management, management can track their continued development.
AVOID BAD-DATA POTHOLES
News  |  6/23/2003  | 
In this day of stepped-up data analysis, data quality is a critical issue that is getting more attention.
SECURITY FEARS STYMIE ONLINE BANKING ADOPTION
News  |  6/23/2003  | 
Apprehension surrounding Internet security is still the number-one roadblock to mass consumer adoption of online banking in the US.
MasterCard Picks Velosant for E-Invoicing
News  |  6/16/2003  | 
MasterCard has added purchasing card payment options into the electronic invoice presentment and payment (EIPP) system of Velosant, a First Data affiliate.
Lawmakers Want To Bar Overseas Outsourcing
News  |  6/16/2003  | 
New Jersey Sen. Shirley Turner aims to restrict overseas outsourcing of financial services in government contracts.
Celent Expects Online Mortgage Share To Double
News  |  6/16/2003  | 
Even if mortgage origination volume falls, Celent expects the share of mortgages originated via the Internet to double by the end of 2005.
Mellon Financial Subsidiary Banks on Insurance Carriers and Agents
News  |  6/9/2003  | 
AFCO, a Mellon Financial Corp. subsidiary, provides premium financing for independent agents, and electronic billing services for both agents and mid-size to large insurance carriers.
The Case for Security Policy Monitoring at Banks
News  |  6/9/2003  | 
Although there's no magic bullet that will make your organization compliant with HIPAA, the Gramm-Leach-Bliley Act or ISO 17799, you can interpret applicable portions of the regulations into policies that can then be enforced and monitored.
Bank of America Stays On Top Of Gomez SOHO/Micro Rankings
News  |  6/9/2003  | 
Bank of America shored up a weak spot by introducing real-time synchronization between ATM activity and its Web banking transaction history.
USA PATRIOT Act Compliance Requires Top-Down Approach, Regulators Say
News  |  6/3/2003  | 
Diversified global financial institutions such as Citigroup implement enterprise-wide policies to satisfy regulatory entities including the SEC, NASD, the Federal Reserve, and the OCC.
Security Handoff
News  |  6/3/2003  | 
More large companies, including Merrill Lynch and Raymond James, are turning to service providers to handle their security.
CMP Media’s InformationWeek Launches Vertical Industry Network
News  |  6/3/2003  | 
CMP Media's InformationWeek has launched the InformationWeek Vertical Industry Network, consisting of Bank Systems & Technology, Insurance & Technology and Wall Street & Technology.


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