BofA Merchant Services Adds Secure Payment Product
Electronic payment provider First Data and Charlotte, N.C.-based Bank of America today announced that Bank of America Merchant Services will offer the First Data TransArmor solution to its U.S. merchant base, bringing secure payments to its merchant customers.
Temenos to Acquire Wealth Management Provider Odyssey
Core banking software provider Temenos signed an agreement to acquire Odyssey Financial Technologies, a global provider of front- and middle-office software for the private banking and private wealth management industries.
First Data Names New CEO
First Data Names Jonathan Judge, former Paychex CEO and IBM veteran, as new Chief Executive Officer.
Visualizing Data For Value
Financial services firms can leverage data visualization tools to better understand their customers and drive more-profitable decisions.
Revamping the Customer Experience
Today, financial services firms aiming to provide a quality customer experience have to revamp processes, support multichannel communications and — most critically — actually talk to the customer.
Point West Strikes Customer Feedback Gold
Point West Credit Union adopts an interactive online survey by Fuse Insight Labs and gains actionable customer intelligence that creates revenue opportunities and reduces costs.
SAP Introduces Two Banking-Specific Analytics Solutions
Enterprise software provider SAP AG on Tuesday unveiled ten new applications that comprise a new BusinessObjects portfolio aimed at enabling industry-specific analytics. Of the ten solutions, two are aimed specifically at the banking industry.
If a Bank Doesn't Have the Best Commercial Loan System It Might as Well be Using an NCR Post-Tronic
One reason why I'm using this blog to announce the importance of the commercial loan (CL) module of core systems is that not many people know it's the most valuable application in the suite. Here's a case in point. During my seminars for bank tech vendors, it is clear that the best people show up. It's as if my announcement said, "Don't send your rookies." Early on, as an attention grabber, I use the following hypothetical situation: "You are invited to make a 15-minute presentation to a body of
India Bringing Mobile Banking to Every Village
In several recent speeches and press conferences, Reserve Bank of India Deputy Governor K C Chakrabarty has vigorously advocated improving bank technology to help the "common people" and the unbanked. He said yesterday at a press conference that he is working on a plan to cover every village with mobile banking services by 2015. In this case, "mobile banking" means a bank-operated vehicle that rolls into a neighborhood and provides basic services such as deposits and withdrawals.
Chase Online Banking Outage Result of Technical Issues
New York-based Chase's online banking suffered an outage due to technical issues, says a bank spokesman. The bank is working to resolve the issue, which has caused an outage for the bank's online services since Monday evening, Tom Kelly, Chase Media Relations.
Apple's Relaxed App Review Guidelines Offer Flexibility to iPad, iPhone Mobile Banking App Developers
Yesterday, Apple debuted new review guidelines for iPhone and iPad applications. These App Store reviews have been a mixed blessing for developers of mobile banking applications — on the one hand, the review process takes time and some developers have been frustrated at being rejected for violation of an Apple rule; on the other, the App Store hasn't been filled with fake banking apps the way the Android Marketplace has.
Is Goldman's $27 Million FSA Fine A Call for Better Risk Management Software?
Today, the U.K.'s Financial Services Authority fined Goldman Sachs $27.1 million for "failure to ensure that it had in place adequate systems and controls to enable it to comply with its U.K. regulatory reporting obligations." Essentially, no one told the compliance department of Goldman's U.K. arm, GSI, about the SEC's investigation of Goldman's Abacus 2007-AC1 synthetic collateralized debt obligation, and therefore the compliance department did not notify the FSA, its regulator.
2010 Was Supposed to be the Beginning of Banking's Recovery - It Wasn't
Bank earnings are shrinking; bank failures are growing (20% more than last year at the end of this eighth month); bank customers (retail and commercial) aren't making good on their loans; Chairwoman Bair's troubled list (829) is growing; Chairman Bernanke continues to report the weak economy isn’t going to end soon and yet he can't find a better bailout; the wrists of too-big-to-fail banks are broken from all the congressional penalty slaps; bank tech vendors are reporting flat revenues; b
Grameen Grows Its Microfinance Platform on Amazon's Cloud
We've recorded recently how Grameen Foundation — a U.S.-based nonprofit that builds on the work of Grameen Bank founder Muhammad Yunus to try to "enable the poor to create a world without poverty" through microfinance (very small loans, such as $500) — has enlisted the help of SunGard and ThoughtWorks to scale up its Mifos platform. Mifos is essentially a core banking platform for microfinance institutions, and the organization has brought on four new institutions in the last four mo
There's Value in Every Press Release - About 95%
The value of a vendor's press release varies according to who is reading it. The difference is the equivalent of being served a crawfish etouffee dinner at Bon Ton in New Orleans vs. a display of raw ingredients on the chef's workbench. The creator of a press release wants to sell something; an analyst who reads it wants to boil the content down to bare facts. I want both sides of the story.
Drunk Mortgage Worker Shoots Computer Server; Groundswell of Popular Support Absent
The Deseret News has reported that a 23-year-old mortgage worker at RANLife Home Loans in Salt Lake City attended a concert after work one night, got drunk, went back the office, and shot the company's $100,000 server with a .45-caliber handgun. Although the assailant, Joshua Lee Campbell, told police someone had stolen his gun and threatened to kill him, a coworker said she found him passed out next to the server with a gun in his hand.
SAP and Sybase Share Their Roadmap for Banks
When SAP announced its intent to acquire Sybase in May, I assumed that Sybase's mobile banking and high-speed analytics technologies were the crown jewels the German business software giant was after. A conversation this afternoon with Raj Nathan, executive vice president and chief marketing officer, worldwide marketing and business solutions operations at Sybase and Sethu M, senior vice president, strategy and products, business analytics technologies at SAP Labs, confirmed that assumption and