Content posted in January 2010
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RBC to Offer Prepaid Contactless Card at Olympics
First contactless Visa card in Canada not linked to a credit card account, to be used at the Vancouver 2010 Olympic and Paralympic Winter Games.
TransUnion Says Its Income Models Comply with Credit Card Act
Credit bureau offers an income estimator and a debt-to-income estimator that it says meets the Fed's new requirements.
Deutsche Bank CEO Calls for Global Banking Rules at Davos
Josef Ackerman, CEO of Deutsche Bank, told CNBC's Maria Bartiromo his views on recent bank regulation proposals at the World Economic Forum in Davos yesterday. "We're in a global market, we need global rules," Ackerman said, suggesting that President Obama's recent proposal to separate banks from the capital markets might not work if only one country adopts it. Ackerman supports the Basel II capital allocation requirements, but feels the Volcker rule could reduce liquidity and efficiency in the
Honor Roll: This Week's Top Banking Blogs (Jan. 24-30)
Our favorite banking technology-related blog posts from around the Web (January 24-30, 2010):
Mutual of Omaha Bank Upgrades Retail Banking Systems
Implementing a slew of Fiserv software across the bank, including account processing, online banking and bill payment.
Russia Bank Deploys Flash-Based Self-Service Terminals
At the "branch of the future" Sberbank opened last month in Moscow, customers interact with contact center reps via self-service terminals using software from BPC.
Heartland Shares Lessons Learned from Its Data Breach
Heartland Payment Systems has gone from data breach victim to card data security expert. Although the card payment processor suffered a data breach in late 2008, lost 50 percent of its market cap shortly thereafter, and spent more than $32 million in legal fees, forensic costs, reserves for potential card brand fines and other related settlement costs, it has since designed and implemented an end-to-end encryption system that p
CRM in Banking 10 Years Later: Was It a Crusade or a Parade?
One of the benefits of tenure as an independent BankTech analyst is the opportunity to look back and use some 20/20 hindsight to evaluate earlier analysis and forecasts.
Chinese Bank Deploys IT Service Management Software
Bank's Shanghai data center said to be experiencing higher IT service levels.
USAA Announces Mobile RDC App for Android Phones
USAA has launched a remote deposit capture (RDC) application for use with Android-based mobile devices.
Deutsche Bank to Base Core Banking System on SAP
German bank to use SAP for partner data, payments, account management and savings applications.
IWeek: Apple Tablet Should Be Well-Received By Businesses
Apple's new Kindle-like tablet should be suitable for executives such as bankers, according to Fritz Nelson, Editorial Director for InformationWeek (a sibling publication to Bank Systems & Technology).
Beware of Unintended Consequences to the Volcker Rule
Although President Obama's "Volcker Rule" - his proposal that banks forego proprietary trading, investment or ownership in hedge funds and private equity firms and not be allowed to become too big to fail - could take three to five years to move through Congress and become implemented, if some version of it does get passed, it could have a profound impact on banks, said Matt Cohn, partner and leade
Creative Banks Could Harness Location-Aware Twitter
Now that Twitter has unveiled TwitterLocal - an Adobe Air application through which one can perform location-aware Twitter searches (for instance, you could follow anyone tweeting in the Los Angeles area, provided they have opted in to allow their location to be known) - it could open social media possibilities for retail banks. Perhaps a bank could see who was searching for ATMs in a particular neighborhood and use that data to install a new machine there. Or upon seeing that hundreds of Twitt
ING Direct's Jim Kelly to Host Chicago "Tweetup" for Savings Customers
Followers of the banks' savings-oriented Twitter feed invited to meet the COO face to face.
ClairMail Expands Mobile Web Support to Android and Blackberry Devices
ClairMail expands mobile Web support to Android and Blackberry devices, with goal for furthering mobile banking adoption among all smartphone users.
Online Banking Customers Expect Fast Website Performance, Survey Finds
Online Banking Customers
Ancillary Applications May Now Be Leading The Way In Bank IT
I don't believe it's news anymore when I tell you core system sales have tapered off in the past ten years. But here's proof. In the year 2000, 7.3% of the FI population acquired a new core system. In 2009, the rate was approximately 2%. Going forward, it may stay at 2% or it may continue to decline, but it won't increase.
Swiss Bank Upgrades Private Banking Platform
Finter Bank implemented SunGard's Ambit in seven months.
Goldman, Morgan Stanley May Drop Bank Status, NYT Reports
Goldman Sachs and Morgan Stanley, which became bank holding companies in September 2008 to gain government protection and access to the Fed's discount window, may now shed their bank status if the 'Volcker Rule' preventing banks from proprietary trading goes through, according to an article in Saturday's New York Times.
Three Ways to Deter Cyber Crime
By Joe Spatarella, Online Banking Solutions
Ironically, as businesses move from risky paper check payments to a safer means of electronic B2B payments, the online banking systems through which payments are originated have become an attractive fraud target. Although businesses are using payment fraud control devices such as ACH Positive Pay and ACH Debit Filter, they only mitigate fraud after it occurs. There are at least five fresh reasons to step up the security investment.
Honor Roll: This Week's Top Banking Blogs (Jan. 17-23)
Our favorite banking technology-related blog posts from around the Web (January 17-23, 2010):
Time for A Holistic Fraud Prevention Effort
By Mike Ressel, vice president of business development, Fiserv
Despite continuing effort and investment by banks to mitigate financial crime risk, fraud is evidently still a growing problem.
So what's going wrong?
Three Approaches to Combatting Enterprise Fraud
By David Nussenbaum, vice president, ACI Worldwide
Fraud is on the rise and it's expected to accelerate in the wake of the global financial crisis, with not just cards but other bank products and channels being targets for criminals. Urban gangs like the Crips and the Bloods have been known to collect more than 10,000 credit card numbers a night. Right now, a gang member is likely approaching a waiter as he starts his shift. The crook simply offers the waiter a card skimmer, which is s
TGIF: Hitler Finds Out Scott Brown Won Senate Seat; 1984 Apple Commercial
The Fuhrer holds forth on the Massachusetts election and other current events.
It's Time to Unite Money Laundering and Fraud Prevention Efforts
By Karen Van Ness, Oracle Financial Services Software
In the last year, the financial services industry received a rousing reminder of the profound damage that increasingly complex financial schemes and fraud can inflict on their reputation and bottom line. Analysts estimate that financial crime costs industry organizations approximately $20 billion in losses, annually. At the same time, banks are grappling with expanding anti-money laundering (AML), fraud prevention and risk managemen
Startup BlackBox Offers Mortgage Data That Takes Modifications Into Account
In this editor's humble opinion, one primary cause of the subprime/financial crisis was the fact that banks, capital markets firms, hedge funds, insurance companies and pension plans bought billions of dollars worth of collateralized debt obligations and engaged in credit default swaps around CDOs without knowing much about the underlying securities that were bundled into those products. They trusted the issuer, they believed the AAA ratings from Moody's and Standard & Poors, they saw their peer
Moody's Analytics Acquires Commercial Mortgage Modeling Software
Plans further integration of modeling tool with its other risk management products.
Omaha Bank Launches Person-to-Person Payments
First National Bank of Omaha one of the first banks to offer customers the ability to send payments to others directly from their cell phones.
BofA Repays TARP, Shareholders Lose
Lending is up and the bank's purchase of Merrill Lynch appears to be more of an asset than a liability, based on the bank's fourth quarter results.
How to Protect Online Business Banking
By Craig Priess, Guardian Analytics
Online business banking is under attack.
While much ink has been spilled detailing consumer banking fraud and its victims, business accounts are no less susceptible to cybercrime - and in many ways are more at risk. Small business banking is particularly vulnerable, especially in the current economic climate. Why? One reason is that Regulation E of the Federal Electronic Funds Tra
The Case for Data Mapping
A, um, wise man once said, "There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we now know we don't know. But there are also unknown unknowns. These are things we do not know we don't know."
If Testing 75 Brands of Bank Core Systems Sounds Intimidating, Relax, I'll Show You How To Do It The Right Way
Over the years, I have developed many good tools that I use to assist banks in the selection of a new core system. The reasons I have accumulated 36 tools containing 814 criteria are two-fold. The first is I can't stand "reinventing the wheel." The second is I don't trust myself to remember everything I did during previous projects. As a result, five months after I begin an assignment, 35 bank employees and I agree on the recommended solution. One year after the go-live date, even the bank exa
Microsoft Names Susan Hauser to Lead Worldwide Industry Sectors and Global Accounts
Microsoft names Susan Hauser to lead Worldwide Industry Sectors and Global Accounts, which includes Worldwide Financial Services, Distribution and Services, Manufacturing and Resources, and the Global Accounts Organization.
What Banks Need to Do to Combat Card Fraud
The Aite Group reported last week that card fraud costs the U.S. card payments industry $8.6 billion per year. Although this is just 0.4% of the $2.1 trillion in U.S. card volume per year, the analyst group noted it's still a number card providers would like to reduce. There are measures banks and others in the card processing chain can take to deter card fraud experts from their dastardly work; however, many of them ar
Two Colorado Banks Donate 1% of All Mobile Payments to Haiti
As customers of The State Bank and Park State Bank & Trust make payments by phone, the banks will donate 1% of the value of each transaction to the The Salvation Army in Haiti.
Microsoft: Hackers Used IE Vulnerability in Google Hack
More details are beginning to emerge as the technology community further investigates hacks that originated in China that targeted Google and other corporations. Yesterday afternoon, Microsoft announced that a vulnerability in Internet Explorer was exploited as part of the hacks.
Honor Roll: This Week's Top Banking Blogs (Jan. 10-16)
Our favorite banking technology-related blog posts from around the Web (January 10-16, 2010):
Banks Send Aid to Haiti
Say what you will about banks' role in the financial crisis and recession, one good quality of the U.S. banking industry is that it's usually the first to respond to catastrophe with money and aid.
India Bank to Deploy IBM's Data Center Pods
Karad Urban Co-operative Bank to outsource most data center functions to Big Blue.
TGIF: Unusual Bank Robberies; Mac Vs. PC Battle
This week in weird/funny (it all depends on your viewpoint) videos about finance and technology, a kangaroo holds up a bank; sketch comedy show Little Britain demonstrates how Americans rob banks, an epic battle between Mac and PC users.
Skippy and the Bank Robbery
Australian celebrity kangaroo Skippy appears to have a dark side.
Former Goldman CTO Dubno to Join BofA
Former Goldman CTO and founder of Gadgetoff to join the bank's new team.
White House Shares A Few Details of New Bank Fee
In a fact sheet, the Obama Administration has outlined a few details about the Financial Crisis Responsibility Fee the President is submitting to Congress in his next budget. If the budget passes, the fee will be levied on financial institutions with more than $50 billion in assets, it will take effect June 30 of this year and it will last a
70% of Americans Think It's Harder To Get Rich Now Than It Used To Be
Bankrate poll confirms that most Americans feel poor, are saving more and spending less.
Standard Chartered Bank Chooses New Transfer Agent Solution
Standard Chartered Bank (SCB) has selected Vitech Systems Group's Equitrak software as its new transfer agency solution.
Uninvited Guests and Banks' Security Concerns
Whether it involves protecting customer data or protecting the president and first lady, policies and procedures for handling security and fraud concerns need to be clear and well communicated.
Huntington Bank Names New Directors of Payments/Channels and Treasury Management
Huntington Bank names new Directors of Payments/Channels and Treasury Management; Mark R. Sheehan and Douglas G. Hartsema, both former JPMorgan Chase executives, take on new roles intended to enhance Huntington's business and retail banking services.
NFC Will Enable Phones to Replace Cards in 2011, Researchers Say
Near-field communication is the technology that will allow phones to be widely used for payments; banks and mobile operators will compete for this new mobile payments business, according to SJB Research.
Mobile Banking and Payments Feed Customer Experience Lab
By Bill Bradway, Bradway Research LLC
The recurring headlines touting mobile banking and more recently, mobile payments, reinforce my opinion that technology-based innovation in financial services is often ahead of the business-based needs the technology solutions address. Mobile banking over the past 10 years has been a poster child for this phenomenon. No doubt the interest in mobile banking today by bankers is rising and
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Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.
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