News & Commentary
Content posted in August 2002
LexisNexis Sees Private Future for Public Record Data
News  |  8/23/2002  | 
As data gains "currency" as a means to perpetrate fraud and other crimes, new controls over who can access information and how it can be used are likely to emerge, according to LexisNexis' chief privacy officer.
ATMs Poised To Capture A Larger Slice Of Remittance Business
News  |  8/23/2002  | 
Bank ATMs have the potential to threaten Western Union's dominance of the global money transfer and remittance market, according to a recently released report by Celent Communications.
Charter One Bank Taps Into Alert System
News  |  8/23/2002  | 
Charter One Bank has introduced Centerpost Corp.'s FYI Alerts, a messaging service enabling online banking customers to receive account information on multiple communication devices.
Bill Pay: The Troubled Savior Of Web Banking
News  |  8/23/2002  | 
Banks are in a remarkable position from a competitive standpoint to dominate the EBPP market, but need to work hard on increasing customer acceptance, beginning with efforts to entice those already banking online.
Executive Changes
News  |  8/23/2002  | 
Principia Partners increases its staff; Paul Zagnoni named chief operating officer at Corpedia Education; Linda A. Weber appointed senior vice president of products and technology at ImageSoft Technologies; Paul Pluschkell named executive vice president of Strategic Business Development at Hyperfeed Technologies; Mitch Hovendick appointed to the Board of Directors at Billserv.
International Bytes
News  |  8/23/2002  | 
JP Morgan Investor Services builds a global repository to streamline STP; Fox-Pitt Kelton buys an enhanced version of FIX.NET Server 2002 produced by SolutionForge; Standard Bank Asia implements Financial Software Systems' Spectrum Treasury System at its Hong Kong trading center; Housing Development Finance Corporation (HDFC) Bank, goes live with a trading systems from SunGard Trading Systems; Prudential Financial to utilize messaging technology from PFS TraderTools.
North America Bytes
News  |  8/23/2002  | 
BISYS enters into an outsourcing agreement with the Right Bank For Texas N.A.; Regions Bank to use account management and collections suite from Fiserv LeMans; TCF Bank to implement S1 Personal Banking and S1 Customer Center; Saskatoon Credit Union signs software licensing agreement with Fincentric; American Home Mortgage Holdings upgrades its call centers with Alcatel's OmniPCX 4400 IP-PBX.
Association Update
News  |  8/23/2002  | 
Catalyst 2002 Customer Forum, a business meeting run by S1 Corp., will be held Sept. 30-Oct. 3 in Atlanta; The ASIS seminar, which addresses issues of crime and loss prevention, will be held Sept. 10-13 in Philadelphia; The First SunNetwork Conference and Pavilion, which will feature discussions on end-to-end solutions from Sun, will be held Sept. 18-20 at the Moscone Center in San Francisco.
Treasury Issues Reasonable Account Opening Rules
News  |  8/12/2002  | 
Proposed rules recently released by the U.S. Treasury would force banks to establish customer identification programs to comply with USA PATRIOT Act legislation.
Online Cash Management Systems Make Gains In U.S.
News  |  8/12/2002  | 
Web-based cash management makes inroads in the U.S. market as more businesses see value in the technology.
Taking the Risk Out Of Financial Businesses
News  |  8/12/2002  | 
A recent report by PricewaterhouseCoopers and the Economist Intelligence Unit outlines steps financial institutions can take to strengthen risk management programs.
Prior Planning Prevents Poor Imaging Performance
News  |  8/12/2002  | 
Proper planning and management is key to cashing in on new low-cost imaging technology, according to Benchmark Consulting International.
Executive Changes
News  |  8/12/2002  | 
Costa Christodoulou appointed chief executive officer of City Networks; Wessel van der Scheer named managing director of the Asian Zone for Fimat Group; Fabio Micheli to become regional sales manager in Italy, Greece and France for TSYS; Gregory Coticchia named chief executive officer of LogicLibrary; Robert Lario appointed director of product development at iBank.
International Bytes
News  |  8/12/2002  | 
Banca Popolare de Milano selects legacy integration package from Jacada Ltd.; AFFIN Bank orders a CRM solution from S1; Deutsche Bank becomes the first foreign bank to transfer money internationally with China Post; Fox-Pitt, Kelton Limited goes live with an ISO 5022 messaging solution from HelioGraph.
North America Bytes
News  |  8/12/2002  | 
United Airlines Employees' Credit Union enter into an EBPP agreement with Metavante Corporation; Stanford Federal Credit Union to implement a wealth management system from Fincentric Corporation; GMAC Mortgage selects Fiserv platform to service both residential and consumer loan products; Union Bank of California uses S1 Corporation Web product to help deliver global banking services; Bank One and Gelco Information Network form a marketing alliance to offer organizations an integrated travel, fl
Association/Trade Show Update
News  |  8/12/2002  | 
Comerica moves its ACH volume to Electronic Payments Network; Commerce Bank joins NACHA's Electronic Payments Association; SWIFTReady 2002 Gold accreditation given to Fundtech Ltd.
NCF Gets Personal With Internet Banking
News  |  8/7/2002  | 
National Commerce Financial Corp. wanted more than the typical transaction-based solutions being offered on the market. To give its customers a more personalized experience, NCF decided it had to build its own system.
Banks Start to Embrace Workforce Technology
News  |  8/7/2002  | 
Some 3 million of Wells Fargo's retail customers, or nearly a third of its total customer base, are online. Its bill pay customer base increased 44 percent in 2001. And it recently signed off on two major online payments deals.
Helping A Little BITS At A Time
News  |  8/7/2002  | 
From a humble start as a trainee at PNC's management development program in 1972, James Rohr has gone on to become the bank's chairman and CEO.
Mellon Steers A Steady Sales Integration Course
News  |  8/7/2002  | 
Mellon Financial embarked on a multiyear journey to transform our sales culture into one that's cross-functional and information-sharing.
A Kraft-y Solution
News  |  8/7/2002  | 
Kraft Foods Federal Credit Union taps Siebel eFinance 7 to help it be more responsive to its 40,000 members, while also substantially increasing sales productivity.
There's No 'O' in CRM
News  |  8/7/2002  | 
Successful projects emphasize customers, not operations.
That’s A Wrap
News  |  8/7/2002  | 
Web services help institutions bundle and organize legacy systems in a transparent and logical manner.
Back To The Future
News  |  8/7/2002  | 
With the ATM surcharge boom over, banks are once again turning their attention to customer service.
Two R.I. Banks Merge IT Systems
News  |  8/7/2002  | 
Six months after Washington Trust announced its acquisition of First Financial Corp., the two banks merge their technology platforms with the help of Open Solutions.
New Teller System Helps Protect the Elderly
News  |  8/7/2002  | 
To help protect its older customers, Farmers Bank installs a teller automation system with special security and fraud detection features from National Source One (NSO).
Independence CB Deploys Loan Software
News  |  8/7/2002  | 
Independence Community Bank taps the Strategy servicing system from McCracken Financial Software to manage its portfolio of 3,500 multifamily loans.
Rocky Mountain High-Flyer
News  |  8/7/2002  | 
FirstBank launches "guided-selling" solution.
STP Forces Payment Systems To Reconsider XML
News  |  8/7/2002  | 
"As we move away from paper-based checks more and more, and with the Check Truncation Act that's pending, the opportunity to go to more straight-through processing in the various channels in banking becomes greater and greater."
WaMu Opens Four Stores in NYC
News  |  8/7/2002  | 
Washington Mutual opens four of its signature Occasio stores in Manhattan.
GMAC Taps Fiserv
News  |  8/7/2002  | 
GMAC Mortgage selects Fiserv's MortgageServ system, integrated with its InformEnt mortgage data warehouse, as its single platform for the servicing of both residential and consumer loan products.
KeyCorp Upgrades HR and Web Systems
News  |  8/7/2002  | 
KeyCorp performs major facelifts on its human resources and online banking systems. The changes are to improve both internal and customer-facing processes at the $81 billion institution.
Online Bank Zaps Paper Processes
News  |  8/7/2002  | 
A workflow solution helps AdvanceBank reduce paperwork by digitizing its account opening process.
World Briefs
News  |  8/7/2002  | 
Commerzbank purchases a TotalStorage Enterprise Storage server from IBM, as part of a 185-terabyte storage networking infrastructure; Bank Vozrozdenie, Industrial and Construction Bank, Bank Baltyisky, and Alfa-Bank purchase ATMs from NCR, Dayton, Ohio; KKB provides creditors with access to credit scores from Fair, Isaac.
HSBC Takes Scientific Approach to Lending
News  |  8/7/2002  | 
A streamlined installment loan decision process allows HSBC Holdings to strengthen its balance sheet by extending credit to customers with the highest expected profitability.
Bank Bytes
News  |  8/7/2002  | 
Wells Fargo licenses Personal Advisor from mPower; Colonial Bank taps Sierra Clearing; Fifth Third Bank installs the DVMS1600 Digital Video Management System from Silent Witness to monitor activity at its branches.
Banks Get With The Risk Program
News  |  8/7/2002  | 
Several large financial institutions implement Horizon, an operational risk self-assessment tool from J.P. Morgan Chase.
Bank of Montreal Powers Off Wireless Service
News  |  8/7/2002  | 
Bank of Montreal shuts down its wireless banking service in Canada.
Wells Fargo Inks Two Online Payments Deals
News  |  8/7/2002  | 
Two deals by Wells Fargo, one involving electronic bill payment and the other consumer-to-consumer payments, hold clues about trends in online banking.
Funny Money
News  |  8/7/2002  | 
Technology aimed at reducing the flow of counterfeit money into the economy could eventually lead to the creation of multi-functional "smart" money.


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