The Politics of Outsourcing
Recent world events have some financial institutions reconsidering which countries they use for outsourcing.
Card Agreement Will Make Fast Food Faster
A rule change by the major payments associations, allowing certain merchants to skip the signature requirement on transactions under $25, will allow fast-food restaurants to accept card payments at the drive-thru window.
Norm Balthasar named senior executive vice president and chief operating officer for Fiserv, four other promoted to division presidents; Anthony T. Anzevino appointed Banking & Investment Banking Industry Group leader for KPMG's New York Financial Services practice; Matt Semrad named chief operating officer for APPRO Systems.
Krung Thai Bank selects the Sanchez Profile real-time banking solution from Sanchez Computer Associates; Akbank has gained one million new customers in the eight months since it introduced the Axess credit/smart card from Welcome Real-time; EFG Eurobank Ergasias installed PAYplus, an electronic payments and cash management solution from Fundtech.
North America Bytes
Citibank e-Business launches a Web-enabled treasury outsourcing solution; Wilmington Savings Fund Society purchases a comprehensive suite of bank outsourcing solutions from Metavante Corporation; Bank of America signs on to the SafeCHECK point-of-sale check verification and electronic check conversion service.
James Gilmore, chair of the Congressional Advisory Commission on Terrorism, will keynote the second BioDefense Mobilization Conference & Exhibition; FDIC and XBRL USA co-host a half-day conference on extensible business reporting laungauge for financial service leaders; Sandra Jansky of SunTrust Banks elected chair of the Risk Management Association.
One Year Later
On Sept. 11, 2001, McLaughlin-Moore was in Tampa, Fla., setting up a command post for the bank's wire business, when she got word of the terrorist attacks. She shares her insights about large-value money transfer post-9/11.
Cranking Out Savings
Banks are reaping order-of-magnitude productivity gains using workflow automation technology, which allows organizations to map business rules and procedures, and in combination with imaging, to automate the routing of documents.
Playing For Keeps
Web-based cash management helps banks attract and retain profitable customers.
Florida Bank Taps Intrieve
First Bank of Jacksonville has contracted with Intrieve, a Cincinnati-based service provider, for core processing and item processing services.
Mechanics Bank Tunes Its Call Center
Mechanics Bank has increased its call volume to between 800 and 1,000 calls daily, reduced its abandoned call rate, and lowered customer wait time to one minute or less using an agent productivity suite.
Fed Adds Color To Bills
Next year, the U.S. Treasury and Federal Reserve will issue colored bills, code-named Nexgen, intended to deter home-grown counterfeiters.
SWIFT taps Iona to link investment managers and hedge funds to the SWIFT financial messaging network; DiBa contracts with NCR to migrate 850 ATMs from the OS/2 operating system to Windows NT; Bank of Ireland licenses AutoDealer.
China To Begin Money Transfer Service
Electronic money transfers into and out of China will soon be possible thanks to a new service from China Post, the government-owned postal service.
Wachovia uses networked storage plus data management software from EMC; Capital City Bank uses Series 2000 from Banklink; Fleet Bank installs Core that it co-developed with Carreker.
Metavante Acquires Spectrum and Paytrust
Establishing itself as a marquee player in EBPP, Metavante has acquired Spectrum, a bill presentment switch, and Paytrust, a scan-and-pay consumer service provider (CSP).
After certain shared catastrophic events, we experience the cycle of healing as a group. We're in the midst of such a phenomenon now. The attack and collapse of the World Trade Center occurred a year ago this month, yet it already seems like something that happened a decade or generation ago.
Electronic Payments Network Goes West
In a bid to increase its presence in smaller regional financial institutions, the Electronic Payments Network will market its ACH processing services through Western Payments Alliance.
Alex Tan named CEO of the Asia-Pacific region for Welcome; Simon T. Nahnybida joins Online Resources as senior business development executive; Todd Gresham named to the GlassHouse Technologies Board of Directors; Nayeem Qureshi appointed vice president of business development at Foundation Source; Mervyn Farrant named non-executive Chairman to the Board at Cognotec.
First Chicago Tokio Marine Financial Products to implement software solutions from Summit Systems; Indusland Bank installs their channel management solution from CR2; SFF Investment Funds goes live with SunGard Investment Management Systems' Global Portfolio II; China Securities Depository and Clearing Corp., and Euroclear sign a consultation agreement.
North America Bytes
U.S. Bank installs Enterprise Sort Pattern Test Facility from Gilson and Associates; KeyCorp implements a business intelligence solution from Cognos; Western Corporate Federal Credit Union, Sterling Savings Bank and Pacific Capital Bancorp pilot test a check image exchange from Endpoint Exchange; Cenlar FSB licenses business process automation software from Proacsys; Lyndonville Savings Bank purchases a check imaging solution from Mitek Systems and EastPoint Technologies.
Association/Trade Show Update
Speakers from United States government agencies to speak at the 10th Annual Conference of the Smart Card Alliance; Sun Microsystems' SUNnetworld Conference 2002 to present technology vision and practical application for Sun users; Electronic Check 2002 will be held Sept. 23-24 in San Diego; 2.5G and 3G Wireless 2002: Putting the Pieces Together, a seminar regarding new wireless networks, to be held in Washington D.C. Oct. 28-29.