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Main / In the News Weblog

The story behind the story of the operational crisis and ongoing reorganization at Citi is one of technology.

Banks are always talking about how important it is for them to find new markets in order to grow. The unbanked and underbanked have been making headlines for months as financial institutions try to develop strategies to lure this group into using banks for their finance needs. However, another possible avenue to take might be in the microfinancing area.

While Maria Bruno Britz takes a much needed vacation in Hawaii this week — no, I'm not at all jealous — I’m taking over her newsletter duties.

Congress introduced legislation on Oct. 22 to combat abuses in the mortgage lending market and "to provide basic protections to mortgage consumers and investors."

While FEMA is no better prepared for a major hurricane today than it was when Katrina struck in September 2005, one bank has taken it upon itself to be prepared for future crises.

By Maria Bruno-Britz, Bank Systems & Technology

The world of payments just got a tad less confusing, thanks to NACHA, the Herdon, Va.-based payments organization. Effective March 20, 2009, all international payments made via the ACH Network will be identified as International ACH Transactions using a new Standard Entry Class (SEC) Code—IAT. The new rule will also require that IAT payments include specific data elements defined by the Bank Secrecy Act’s (BSA) Travel Rule.

Executive VP Gary A. Refinski was named chief information officer of Milwaukee-based Metavante. He will be responsible for operations and service delivery, technical support, technology infrastructure and corporate systems. Also, SVP Dave Fortney was named chief technology officer of the company. He will report to Refinski and will provide leadership for Metavante’s technology direction and also lead the Technology Committee.

Joe Purzycki was appointed chief operating officer for Barclay’s U.S. credit card business (Wilmington, Del.). Purzycki is responsible for all operational aspects of the business, including customer support, collections and technology.As the COO, Purzycki will lead efforts to drive bank-wide efficiency, innovate with new technologies, improve the customer experience and provide foundational
support for Barclays growth.

IT services provider Hexaware Technologies (Mumbai) and Pemtrad International will launch Risk Technology International (RiskTech). The new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech will have offices in U.K., U.S. and India.

By Nancy Feig

The federal banking regulators on July 20 finally reached an agreement regarding the implementation of Basel II in the United States. The agreement will lead to the finalization of a rule implementing the advanced approaches for computing large, international banks' risk-based capital requirements.

John O’Connor, chief credit officer of First Horizon National (Memphis, Tenn.) for 18 years, is nearing retirement age and is transitioning chief credit officer duties to Greg Olivier, who has worked for the company since December 2003. O’Connor will continue full-time until at least the end of the year and will remain in a consulting role until May 2008.

William Keiper, CEO of payments solutions provider Hypercom (Phoenix), is stepping down as CEO of the company and will be resign as a member of the board of directors effective Aug. 15, 2007. Philippe Tartavull, president of Hypercom, was promoted to chief operating officer effective immediately. Ian Marsh, EVP and managing director, Asia Pacific Region of the Western Union Company, was appointed a member of the board. Until a new CEO is found, the Hypercom will be directed by an interim office of the chairman comprised of Daniel Diethelm, chairman, Philippe Tartavull, president and COO, and Thomas Liguori, CFO.

By Maria Bruno-Britz, Bank Systems & Technology

Anyone who thought Coinstar was just a company that provided nifty change counters at the supermarket should think again. The company, which also offers such services at its kiosks as DVD rentals and gift cards, has made an acquisition that further strengthens its presence in the international remittance market.

By Maria Bruno-Britz, Bank Systems & Technologyy

Hector Sants was appointed chief executive of the Financial Services Authority (FSA) as of July 20, 2007. Sants succeeds John Tiner, who will step down at the Annual Public Meeting on July 19.

By Maria Bruno-Britz, Bank Systems & Technology

People’s United Bank (Bridgeport, Conn.) will use Zurich-based security solutions provider Vasco’s Digipass GO3 and VACMAN Controller to protect their high-value transactions. The Digipass-secured applications include ACH, Wire Transfer, Information Reporting, Internal Transfers and Stop Payments Applications.

By Maria Bruno-Britz, Bank Systems & Technology
Capital Markets Cooperative (CMC; Ponte Vedra Beach, Fla.), a provider of risk mitigation solutions to mortgage bankers, entered alliance with Fannie Mae (Washington, D.C.) that will help members of CMC when selling loans to the secondary market. CMC members will now enjoy access to Fannie Mae's Desktop Underwriter platform, in addition to benefits such as advantageous pricing, increased flexibility in methods of execution and a variety of loan products and value-added services.

By Maria Bruno-Britz, Bank Systems & Technology

Atlanta-based SunTrust Banks will use i-flex’s (Redwood Shores, Calif.) Reveleus Basel II Solution. The solution will span all activities of the bank including consumer, commercial, mortgage, private clients and capital markets.

By Maria Bruno-Britz

Last week, it was revealed that Treasury Secretary Henry Paulson is going to push for a more balanced approach to anti-money laundering compliance for smaller financial institutions. A document released by the Treasury Department states that not all financial services providers are subject to the same kinds and degree of risk. Therefore, matching risk-based examination to risk-based obligations should become the norm as smaller FIs and money service bureaus (MSBs) seek to comply with Bank Secrecy Act (BSA) regulations going forward.

By Maria Bruno-Britz

Just when you thought it was safe to be a bank, here comes Wal-Mart yet again.

After its failed effort to obtain an industrial loan corporation license, the retail giant, showing its usual tenacity, seems to have taken a different tactic in the financial services space—going after the underbanked and unbanked with a prepaid card. These are people with little, if any, relationship with a financial institution. There are millions of these people in this country (the estimates vary according to who you ask). Due to their sheer numbers, banks realize the enormous market potential of this untapped segment of the population. However, penetrating the psyche of this market is easier said than done, and banks are also realizing this fact.

By Maria Bruno-Britz

Pamela Joseph, vice chairman at U.S. Bancorp and chairman & CEO of the bank’s payments subsidiary NOVA Information Systems, was a featured speaker at this year’s TowerGroup Financial Services Business & Technology Conference. Joseph’s presentation covered NOVA’s strategy for going international and at the same time provided attendees with some good advice for doing so.

By Maria Bruno-Britz

Cliff Waggoner, co-founder and chief architect of data processing solutions provider Open Solutions (Glastonbury, Conn.), passed away May 11 after a battle with cancer. He was 66.

By Maria Bruno-Britz

Here’s a neat little come-back story. Greensburg State Bank, a small financial institution based in Greensburg, Kan., lost its only building to an F5 tornado that slammed through the area earlier this month. The twister wrought a trail of devastation throughout the town, leaving many without their homes, businesses and even their lives.

By Maria Bruno-Britz

New York-based Citi plans to purchase outsourced services provider The Bisys Group (New York) for approximately $800 million. The financial services firm plans to retain the Investment Services Division of Bisys, which includes the Fund Services and Alternative Investment Services businesses in order to beef up its own position in the hedge and mutual fund services area. Once the deal closes, Citi will sell the Retirement and Insurance Services division of Bisys to affiliates of investment advisor J.C. Flowers & Co. (New York).

By Maria Bruno-Britz

Leigh Williams was selected to serve as president of BITS, the business strategy and technology division of The Financial Services Roundtable, the Washington-based financial services public policy group. Williams will replace founding BITS CEO, Catherine Allen, who announced in January that she would step down from her CEO role, effective May 1.

SAP and banking community definition group unite the banking industry around enterprise SOA standards

By Maria Bruno-Britz

Jack Henry & Associates (Monett, Mo.) founder John W. “Jack” Henry passed away of natural causes this weekend at the age of 71.

By Maria Bruno-Britz, Bank Systems & Technology

Some banks are getting a bit creative in their efforts to make customers go electronic. Sovereign Bank (Wyomissing, Pa.), along with partner CheckFree (Atlanta), will donate $1 to The National Arbor Day Foundation for each new electronic bill that customers activate at Sovereign Bank from April 1 through May 31. Each donation will help cover the cost of planting one new tree.

By Maria Bruno-Britz, Bank Systems & Technology

Banks are certainly giving people something to talk about these days, at least that’s the conclusion of a study conducted by Keller Fay.

According to the market research firm’s TalkTrack survey, people talk about banks more than twice as much as any other financial service category. Whether this talk turns into positive results for banks isn’t always the case, however.

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