In a bid to better control the traffic over its telecommunications network, the Bank of Tokyo-Mitsubishi has redesigned its system, deploying bandwidth management technology from Packeteer, a Cupertino, Calif.-based technology company.
Euronet Worldwide, an e-payment technology company, has received approval from the Reserve Bank of India to operate a national shared ATM switch, with Industrial Development Bank of India as the settlement bank.
Moving to replace an aging system and bring its processing capabilities into the 21st century, Cleveland-based Ohio Savings Bank has contracted with Fiserv CBS Worldwide for a variety of processing systems.
Automated Clearing House (ACH) transactions could grow to 18 billion payments by 2010, up from 9 billion in 2002, according to a recent study released by the National Automated Clearing House Association (NACHA).
Banks are racing to comply with the USA PATRIOT Act's requirements that terrorists not be allowed access to the financial system, such as by assuming a false identity in order to shift funds electronically from one account to another.
By Vijay Balakrishnan, Alogent Corporation | June 27, 2003
Because the financial services industry is an integral cog in the mechanics that drive personal and business commerce, it remains in a constant state of evolution as it attempts to mirror the needs and desires of its customers.