News & Commentary
Content posted in July 2001
TECHNOLOGY BOOST NEEDED TO GROW ONLINE MORTGAGE LENDING
News  |  7/26/2001  | 
A TowerGroup report claims online mortgage lending growth will remain slow until the technology is improved to better meet customer needs.
BANK OF AMERICA INKS AGGREGATION DEAL WITH YODLEE
News  |  7/26/2001  | 
Bank of America has entered into a strategic alliance with Yodlee and its new aggregation platform.
NETBANK CEO ADDRESSES WEB BANKING CONCERNS
News  |  7/26/2001  | 
D.R. Grimes, CEO of Netbank, discusses the Internet business banking model and recent developments at his firm.
UCB ADOPTS JAVA WEB PRODUCT FROM BROKAT
News  |  7/26/2001  | 
United California Bank launched the first phase of WebDirect, its commercial Internet banking service based on Enterprise Java Beans.
EXECUTIVE CHANGES
News  |  7/26/2001  | 
Bradley Abelow appointed to the board of Omgeo; Dr. Donald L. McCracken named chief architect at Access Data Corporation; Steve Sjoblad named vice president of Corporate Development at Fair, Isaac and Company, Aurum Technology names four new corporate officers; Bob Vosburgh becomes president and CEO of BlueSuit, Inc.
INTERNATIONAL BYTES
News  |  7/26/2001  | 
Bangkok Bank taps Corillian to develop its Internet banking service; Sumitomo Mitsui Bank installs Sierra System fixed income operation support software from FNX Limited; Bank of Bermuda set to go live with a trade capture system from SunGard Asset Management; e-MID S.p.A. has formed a strategic alliance with Reuters.
NORTH AMERICA BYTES
News  |  7/26/2001  | 
Bank of America chooses Compaq to provide single-source service, support and hardware; ING Aetna Financial Services selects an insurance distribution solution from BISYS; U.S. Bancorp to use a private-label, Web-based 401k product from ExpertPlan; First Citizens Bank licenses online banking software from Financial Fusion; Fiserv acquires EPSIIA.
TRADE SHOW / ASSOCIATION UPDATE
News  |  7/26/2001  | 
NACHA's ISAP pilot proves successful; Sandy Kemper and Dennis Jones appointed to executive positions at the Global Trading Web Association; EuroFinance to hold its Cash & Treasury Management Conference in Madrid.
New Access Channels Demand New Technologies
News  |  7/13/2001  | 
With consumer demand increasing for electronic services, financial institutions and software/technology providers should act now to migrate to these open technologies under a common architecture.
California Bank & Trust Sees the Future with Digital Document Imaging Technology
News  |  7/13/2001  | 
Facing fervid competition, an ever-changing marketplace and customer demands for anytime-anywhere decision making, California Bank & Trust has added check image recovery to its online internally developed CalBank Network cash management product.
Analytical Approach Pays Off For Credit Union
News  |  7/13/2001  | 
When Credit Union of Texas (formerly Dallas Teacher's Credit Union) embarked on a CRM data warehouse project two years ago, it had no idea how large it would grow. What started primarily as a marketing tool has become an analytical decision-support for the entire organization.
Creating A Smooth Transaction
News  |  7/13/2001  | 
The National Automated Clearing House Association, or NACHA, is perhaps best known as the governing body of the automated clearing house, or ACH, electronic payment system. But the 31-member Herndon, Va.-based group also sponsors a number of initiatives aimed at making money movement across various electronic channels more efficient and safer.
The Road to CRM Nirvana
News  |  7/13/2001  | 
Strategy is as important as technology when it comes to attaining CRM bliss
Turning the Tables
News  |  7/13/2001  | 
Banks hire ethical hackers to uncover potentially costly Internet shortcomings
Open Skies
News  |  7/13/2001  | 
Since the dawn of the Jet Age, passengers can travel farther, faster and cheaper than ever before. The Internet Age promises similar advantages to people financing their homes. But when the mortgage industry builds its version of the Boeing 747 jumbo jet, banks might find themselves booking tickets rather than flying the plane.
MasterCard Flexes New Platform Muscle
News  |  7/13/2001  | 
A new, integrated global payment processing platform being rolled out by MasterCard International will give 20,000 member banks greater flexibility when it comes to everything from settlement times to rolling out new programs.
Scotiabank Inks Outsourcing Deal With IBM
News  |  7/13/2001  | 
Concerns over the ability to attract top IT talent and keep pace with technological developments prompted Scotiabank to outsource its Canadian computer operations to IBM Canada Global Services.
First Tennessee Joins Viewpointe Archive Service
News  |  7/13/2001  | 
First Tennessee Bank has signed a seven-year contract with Viewpointe Archive Services, an archive and retrieval service for check images operated by J.P. Morgan Chase, Bank of America and IBM.
FleetBoston Kicks Off E-Bill Initiative
News  |  7/13/2001  | 
FleetBoston has jumped on the e-billing bandwagon, forming a strategic alliance and licensing agreement with edocs, a Natick, Mass. bill payments software company.
World News
News  |  7/13/2001  | 
Roundup of bank/vendor news
RBS Standardizes On Chordiant
News  |  7/13/2001  | 
RBS Group recently announced the selection of Chordiant Software as its "strategic CRM platform and the standard for all new CRM developments within the Group," according to Steve North, head of strategy and architecture at RBS Group Technology.
EBPP Poised for Growth, TowerGroup Reports
News  |  7/13/2001  | 
After a period of sluggish growth, electronic bill presentment and payment (EBPP) is poised for accelerated expansion as more financial services institutions get into the game, according to a report by TowerGroup.
NYCH To Update Its Payment and Settlement System
News  |  7/13/2001  | 
As part of a new business-to-business e-commerce initiative, the New York Clearing House has introduced a payment and settlement system that will make ACH transactions and wire transfers easier, and reduce Internet fraud.
BANK BYTES
News  |  7/13/2001  | 
Roundup of recent bank and vendor transactions.
Chip Cards Power Navy Payment System
News  |  7/13/2001  | 
The U.S. Navy's installation of a new payment system that does away with the need to store cash aboard ships is a breakthrough in the military's battle to control spending. Called Navy Cash and engineered by J.P. Morgan Chase, the system features a dual mag stripe/stored value card that enables shipboard purchases to be made with electronic cash, eliminating the need to store and count cash.
Some Firms Elude Anti-Money Laundering Rules
News  |  7/12/2001  | 
A regulation requiring broker-dealer subsidiaries of banks to report suspicious activities to the government has gone unenforced since passage of the Gramm-Leach-Bliley Act, the General Accounting Office reported. As a result, large portions of the financial system are outside the reach of anti-money laundering initiatives.
Just Thinking
News  |  7/12/2001  | 
I have been a client with the same bank for 15 years,and not once have I been told the reason behind ATM fees and why they keep rising.
EUROPEANS FLOCK TO FINANCIAL SERVICES WEB SITES
News  |  7/11/2001  | 
The number of Europeans visiting financial Internet sites has doubled over the past year, according to a recent Jupiter MMXL study.
IDENTRUS TRUST SYSTEM NETS THREE MORE BANKS
News  |  7/11/2001  | 
Royal Bank of Scotland, Wells Fargo and Sanwa have joined the Identrus global trust system, which is looking to improve security in B2B Internet commerce.
SEARS TAPS SIGNALTREE TO AUTOMATE CREDIT DECISIONS
News  |  7/11/2001  | 
Instead of partnering with a bank, Sears decided to draw upon its own resources, and product from SignalTree, to automate its Mastercard decisioning process.
AUTOMATED VALUATION MODELS GROW ON GMAC-RFC
News  |  7/11/2001  | 
GMAC-RFC relies on automated valuation models to streamline certain aspects of the mortgage process.
EXECUTIVE CHANGES
News  |  7/11/2001  | 
Jim Pedrick appointed senior vice president, Marketing, for ING Americas; Stephen Moon named director of Project Management for Cognotec; Mitsugu Serizawa promoted to manager of the Planning Office for Manufacturers Bank; Joseph Guagliardo named managing director, Global Systems Integration, for FNX Limited; Roy Couchman takes over as general manager of Kofax's Ascent Software Business Unit.
INTERNATIONAL BYTES
News  |  7/11/2001  | 
AIG Private Bank purchases back-office automation capability from SmartStream Technologies; British Coal and Pension Schemes re-appoints J.P. Morgan Investor services as global custodian; Visa International to launch new online credit card authentication program; Bumipatra-Commerce Bank Berhad to install e-finance software from Corillian; Clearstream International cleared of money laundering charges.
NORTH AMERICA BYTES
News  |  7/11/2001  | 
Wachovia pilots @GlobalTrade product from CCEWeb; BB&T Corporation purchases desktop PCs and workstations from Compaq Computers; ABN AMRO Information Technology Services Company deploys Financial Fusion e-finance platform at three North American affiliates; M&T Bank launches enhanced small business Website from Corillian; BNY Western Trust Company appointed global custodian for UCLA Trust Foundation.
TRADE SHOW / ASSOCIATION UPDATE
News  |  7/11/2001  | 
SWIFT and FIX agree to converge respective messaging protocols; NACHA's Project ACTION draws interest from financial institutions; Java-dedicated conference for financial services to debut in London.


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