Regulations are in place that encourage banks to exempt certain accounts from Currency Transaction Reports reporting requirements. However, most banks have ignored the exemption process over concerns about fines for technical violations of the exemption process. How did we get into this mess? And is there any way out?
Financial service institutions (FSIs) will play a major role in the EBPP market's growth because they can serve as key providers to their consumer and corporate customers while also employing the technology to reduce their own billing and statementing costs.
Electronic bill presentment and payment can provide banks with a number of unexpected benefits, says Anne M. Brown, senior vice president of Internet payment strategy at First Union National Bank, now a part of Wachovia.
Steven Kropper selected to the Residential Loan Production Steering Committee of the Mortgage Bankers Association of America; Debora Volansky named president of Connex International; Russell Lake appointed director of Global Sales for Neoris FS.
KBC Bank NV selects Sungard's intelliMATCH to reconcile securities items and related cash; SWIFT enters into an agreement with Financial Fusion and Global Crossing to offer a FIX hub messaging solution to the securities industry; The London Stock Exchange, London Clearing House and Euroclear sign a joint agreement to develop straight-through settlement.
AMVESCAP National Trust Company inks business process outsourcing deal with BISYS; CIBC Business Banking launched using products from S1 Corporation; Bank One Corporation and Microsoft Corporation unveil a three-year strategic relationship.
The Call Center & CRM Solutions Conference & Exposition offers specialized tracks and industry forums; Direct Marketing Association approves the recent publication of specific guidance to help financial institutions comply with the requirements of the Gramm-Leach-Bliley Act; NACHA accredits 365 payments industry professionals.