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A Look Inside Citi's Innovation Lab
Citi apparently invited Fox News Channel in to view its Innovation Lab yesterday. Although we're a little sad that we weren't invited, we're sharing with you the link to a slide show the network created based on photos of the lab:
https://www.foxnews.com/slideshow/scitech/2010/06/30/citibank-unveils-bank-future/#slide=1
While Awaiting Finance Reform, Evans Bank Automates BSA Compliance
Using software to automatically identify suspicious transactions, scan checks at the teller line and improve overall branch efficiency.
Supreme Court Rejects Business Method Patent
The Supreme Court on June 28 unanimously rejected a business method patent that would have explained how commodities buyers and sellers in the energy market could hedge against the risk of price changes.
BNY Mellon Names James Slater COO, Global Securities Lending
New COO will be charged with enforcing best practices and improving operating efficiency.
Bank Tech Vendor Revenue and Financial Institution IT Spending - More Than Meets the Eye
One nice thing about the boring business of research and numbers crunching is that without trying to get some answers, the process makes discoveries that appear out of nowhere. Here are some examples:
Christine Pratt to Head Aite Group’s Lending and Credit Risk Research
Christine Pratt to head Aite Group’s Lending and Credit Risk research; industry veteran’s coverage will span analyst firm’s retail and wholesale banking coverage.
PayPal Opens Payment Platform to Accept Non-PayPal Customers
Developers of web and mobile applications can now use PayPal to accept credit card payments from those who don't have PayPal accounts.
Societe Generale Deploys Mobile Payments in Africa
European financial services company Societe Generale today is deploying a mobile payment service to banked and unbanked customers in Africa who have access to a mobile phone. Launched thorugh Societe Generale de Banques au Senegal, Yoban'tel by Obopay is a carrier-agnostic service that will allow users to make mobile payments and transfers through their cell phone.
Jack Henry & Associates Rebrands Pemco Technologies as JHA Payment Processing Solutions
Jack Henry & Associates rebrands Pemco Technologies as JHA Payment Processing Solutions.
Is BP Too Big To Fail?
The concept of "too big to fail" continues to challenge the financial services industry and those who are seeking to change the ways in which the industry is regulated and structured.
CSC Unveils Celeriti Suite of Software Products, Components and Services for Banking, Cards, Payments and Lending
CSC unveils Celeriti suite of software products, components and services for banking, cards, payments and lending; new offerings are designed to help existing and potential clients modernize and expand their processing and IT environments.
Australian Bank to Use Bank of New Zealand's Anti-Card-Skimming Technology
"Liquid encryption numbers" rewrites the information stored in a magnetic stripe every time the customer uses a bank ATM.
Wincor Nixdorf Launches CINEO System Family to Reduce Costs and Risks of Cash Handling
New suite of products is part of company’s Cash Cycle Management solutions portfolio, designed to automate cash processes.
34% of Americans Dropping Social Networks, Mostly Due to Incivility, Survey Says
Saucy blog comments can spell trouble for companies using social media networks.
Bank Uses Digital Pens to Open Accounts in Rural Ghana
Technology allows banking in areas where there are no bank branches, roads, phones or electricity.
Mobile Payment Users to Reach 109 Million in 2010, Gartner Says
Analyst firm sees strong growth in developing markets, not so much in the U.S., where there are too many choices.
How Banks Can Become Too Smart to Fail
By David Sherriff, Microgen
Global legislative and regulatory pressure continues to grow to prevent banks from becoming too big to fail. One of the potential outcomes is that banks may be forced to split retail banking (safe, low-margin business) from investment banking (high-risk, high-profit business) to create two (at least) legal entities.
Zions Deploys Trusteer Security Services
Salt Lake City-based Zions First National Bank today announced it is deploying secure browsing services provider Trusteer's Rapport and Flashlight services in an effort to help protect its online retail and business banking customers from financial malware attacks, fraud and identity theft.
Citi Debuts Text Banking
Yr acct S overdrawn. TTYL, Citi
Mobile Banking to Reach 400 Million Users; Android Becoming More Popular
Juniper Research expects global mobile banking usage to double in three years. Other research shows that despite fraud mishaps earlier this year, Google's Android is moving up the smartphone food chain.
PCI Council to Give Banks Extra Time to Adapt to Security Standards
Moving its standards for securing payment card-related data, applications and terminals to a three-year lifecycle to give members more time to get used to them and offer feedback.
Heidi Miller Assumes New Role of President of International at JPMorgan Chase
Heidi Miller assumes new role of President of International at JPMorgan Chase, which also appoints Michael Cavanagh CEO Of Treasury & Securities Services and Doug Braunstein CFO.
There's a Lot of Story-Telling Besides the 81 Companies in Automation in Banking - 2010
At the end of each major core vendor's profile in my annual report on bank tech vendors is a commentary about what I think of the company. My comments are a reflection of how many sparks fly based on the company's 2009 activities. Because I own a "sparks meter" handed down to me by my blacksmith grandfather, I am able to gauge the volume objectively and the winner this year is FIS. So I'm offering my comments on FIS in this blog only because I believe it makes for unusual reading in a world of n
Square Runs Into Credit Processing Setback
Mobile payments startup Square announced a setback in rolling out service pending resolution of a credit processing risk issue.
Bank Security Budgets Rising, Deloitte Survey Says
Identity and access management are high priorities for bank IT executives.
Barclays Uses SAS for Capital Calculation and Reporting
London-based financial services provider Barclays announced it is using SAS software and services to improve standards in how economic and regulatory capital is calculated and reported.
EverBank Redesigns Website with PFM, Quick Account Opening, Single Sign-on
Providing a single sign-on and online financial management across all accounts, at EverBank, other banks and brokerages, credit cards, 401(k) plans and even airline reward programs.
BNP Paribas Extends Contract with Mainframe Provider Clerity
Paris-based BNP Paribas (2.058 trillion EUR in assets) today signed a new three-year support agreement for mainframe migration provider Clerity's UniKix Mainframe Rehosting software.
Feds Have Arrested 485 for Mortgage Fraud
1,215 cases being investigated nationwide, attorney general Eric Holder says.
Bank, Security Groups, Microsoft Launch Fraud Reporting System
Broad system for sharing information about fraud incidents is designed to catch and curtail criminal internet activity.
Insight Bank Cuts Costs in the Cloud
Insight Bank leverages Egnyte's cloud-based file server for secure document sharing at one-sixth the cost of a packaged solution.
2010 Bank IT Salary Survey Results
Bank technology professionals who survived the turmoil of the past few years are about to be rewarded with compensation increases over 2009 levels. An exclusive 2010 InformationWeek Analytics survey breaks down the industry's IT salary trends.
Citizens Bank of Oklahoma to Use Wolters Kluwer ComplianceOne
Software will help document loan transactions.
How Banks Can Become 'Too Smart to Fail'
There are three simple steps large banks can take to avoid being shrunk, according to Microgen's David Sherriff.
Banks Must Go Beyond the 'Compliance-Only' Mind-Set
In the efforts to comply with new regulations, there's also opportunity for banks to cut costs and become more efficient, advises Accenture's Chris Thompson.
Banks Ponder the New Normal of Risk Management Post-Financial Reform
Regulators are calling for simplicity, but the financial world demands ever-more-complex risk management. 'What's a bank to do?' asks IDC Financial Insights' Dana Wiklund.
Will Regulatory Turmoil Be the Death of IT Innovation?
Washington has taken a strong stand on financial reform, and bankers say they understand that. But already-burdened technology organizations will have a hard time keeping up with the flood of changing requirements, and IT innovation may be the first to fall victim.
Time for a Mid-year Bank IT Review
Six months ago, I provided a Bank IT forecast for 2010 (Bank Tech Budgets: Making Sense of Up, Down or Sideways) which noted that "the expectations for 2010 face a continued air of uncertainty for IT spending."
PayPal Partners With Singapore Government on Mobile Payments
Part of Digital Concierge program designed to boost mobile commerce in the region.
ZAO Citibank Rolls Out Mobile Service to Russia
ZAO Citibank, the Russian operations of New York-based Citibank, today announced it has rolled out mobile banking to its customers.
Executive Q&A: Citi's Jon Beyman on IT Talent
Jon Beyman, managing director of operations and technology for Citi's global institutional client group, discusses the ongoing search for IT talent in financial services.
United Central Bank to Deploy Core Banking From Fiserv
Using Fiserv Premier for account processing services, internet banking, cash management, electronic document management, bill pay, EFT, wire transfer processing, branch and merchant source capture solutions.
Microgen Unveils Aptitude 3.0 Business Process Software
Microgen plc, a London-based software developer, introduced Microgen Aptitude Version 3.0, the latest version of its Business Process Platform. Microgen claims the new software extends its transaction processing capabilities, provides enhanced functionality and delivers an overall increase in performance over the previous version of 30 percent.
The Banking Crunch Has Done Wonders for Expanded Development of Tech Solutions
I can think of lots of cliches that apply to the basis for this blog, but unless you live under a rock, you must have heard them all by now. My observation of good resulting from bad comes as I work on the 2010 Edition of my annual research report, "Automation in Banking." The equation that came to me is:
Bank of the West implements Lightning SaaS
San Francisco-based Bank of the West ($61 billion in assets) today announced it has completed implementation of Lightning, an SaaS solution from financial services provider SS&C Technologies Holdings, Inc.
Barclays to Build Technology Center in the Ukraine
Bank will hire 500 Ukrainian developers to build trading, risk management applications.
Why Banks Should Care About Basel III
Though the final Basel III rules won't be implemented until late 2012, the Basel Committee's rules do more to cure the ills of the financial system than the finance reform bill Congress is trying to pass by July 4, indicated David Kelly, director of credit products at Quantifi (a vendor of analytics, trading and risk management software) last week at a Quantifi-sponsored event. "It's a very thoughtful, phased approach," he said. In former roles, K
FIS to Acquire Compliance Coach
Banking and payment technology provider FIS announced Monday it will acquire Compliance Coach, Inc., a company that provides risk assessment software, e-learning and additional tools to enable compliance with applicable laws and regulations. The transaction is expected within the next 30 days, though terms of the deal were unannounced.
Chase Hires Stephenson to Expand Mobile, Internet Payments Services
New York-based JPMorgan Chase announced today it has hired Jack Stephenson as director of mobile, e-commerce and payments. Stephenson previously served as senior vice president of strategy, partnerships, analytics and new ventures at PayPal.
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