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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.
European Banks Working on Gen Y Strategies Survey finds 31 percent of Euro banks do not have a strategy for marketing to and serving 14-to-30-year olds, but 38 percent say they are working on one.
Monitise and DeviceFidelity Collaborating on Contactless Mobile Payments Piloting joint mobile banking/mobile payments program with a large U.S. bank.
ProfitStars Announces New Mobile Remote Deposit Capture Solution ProfitStars, a division of Jack Henry & Associates, Inc., today announced a new mobile remote deposit capture solution, which will be marketed under its Alogent brand.
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.
Hancock Bank Deploys Hosted Mobile Banking from NCR Running mobile banking, online banking and ATM transactions on the same platform to provide a consistent cross-channel experience for customers.
Financial Firms Fear Their Data, Analytics Systems Can't Handle Rising Data Volumes More than half of large firms surveyed plan to add cluster, grid and cloud resources to improve analytical processing needs.
Bank of the West Builds Online Payment Portal for Small Businesses Plans to roll out online bill payment to small business clients in the first half of 2011.
National Australia Group to Continue Outsourcing App Development to Accenture Agreement extends outsourcing arrangement to 2015.
BofA Tests Online Banking, Online Payments for Corporate Clients Online global payment hub expected to go live with entire customer base in the first quarter of 2011.
Data Governance Work Will Help Banks Prepare for Basel III Poor data quality could lead to costly higher capital requirements, Ernst & Young principals say.
Thomson Reuters Launches Governance, Risk and Compliance Unit Former chief strategy officer David Craig will run the new business unit.
Wolters Kluwer Financial Services Acquires FRSGlobal Wolters Kluwer Financial Services acquires FRSGlobal; deal creates what the companies say is the world’s largest compliance and risk management business focused on financial services.
Visa-Carrying NYC Subway Riders Now Mobile Payment Users Visa's contactless payment system, payWave, now active on some subway lines and buses, along with MasterCard's similar PayPass system.
New Software Lets Banks Extend Mobile Deposits to Customers New Software Lets Banks Extent Mobile Deposits to Customers
BofA, Citi, IBM Create Portal for Small Suppliers Website provides simplified application process for small businesses seeking to become suppliers to large companies.
12.5% of E-commerce Transactions Will Be Mobile By the End of 2013, Gartner Predicts Location or profile information from mobile phones will be used to validate 90% of mobile transactions, analysts estimate.
Visualizing Data For Value Financial services firms can leverage data visualization tools to better understand their customers and drive more-profitable decisions.
Rabobank Rolls Out Online Foreign Exchange Trading Foreign exchange portal for small and medium-size businesses is based on Nexaweb FX Accelerator software.
SWIFT to Reduce Message Prices by Average 20 Percent SWIFT to reduce message prices by average 20 percent; customers expected to save EUR 70 million in 2011.
Chase Public Apology Addresses Online Banking Outage Several days after an extended online banking outage affected some 16.5 million customers, New York-based Chase issued a public apology on its website.
Q&A: Bruce Temkin on Customer Retention Bruce Temkin discusses how banks and insurance companies can enable a positive customer experience and unlock the power of loyal customers.
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.
Consumers Managing Cash Flows Through Bill Payment Practices, Survey Says Nearly a quarter of consumers change the way they pay their bills month to month.
75% of Banks Have Data Management Projects Underway, Survey Says More than half the large, global banks surveyed by the EDM Council say they're building an enterprise-wide data management framework.
IDC Examines Why Some Mobile Payment Models Succeed Clues to how PayPal, MasterCard, Zoompass and others make it work.
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.
Top 7 Ways Basel III Affects U.S. Banks and Their IT Departments New capital rules will drive banks to use new risk models and perform data integration projects.
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.
JPMorgan, UBS Said to Be Considering Letting Employees Use iPhones According to Bloomberg News, some large banks, including JPMorgan and UBS, are considering officially allowing employees to use the Apple iPhone for corporate email, for the first time allowing a mobile alternative to the BlackBerry.
What Do Customer Centricity and Risk Management Have in Common? Some readers may consider this question an oxymoron while others may be puzzled by the fact that there could be common attributes that link customer centricity and risk management.
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.
Dynamics Debuts Programmable Payment Card Card with programmable magnetic stripe and authentication scheme said to offer secure payments.
69% of Americans Optimistic About Their Household Finances 81 percent say they are more responsible with their household finances than they were two years ago.
Smart IT Decisions Matter; Not Champagne Taste on a Beer Budget In my last column (Hot Summer Matches Heat in a Banker’s Kitchen) I offered an analogy about the choices facing the management teams and bank technology vendors under stressful conditions.
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
Citi's Martin Kennedy Shares His Fondness for the IBM z196 In a rare public display of affection for hardware, Citi's managing director of enterprise systems infrastructure Martin Kennedy, has divulged to InformationWeek's Bob Evans his admiration and high hopes for IBM's new water-cooled z196 mainframe, one of which the bank recently purchased.
New Report Seeks to Define 'Engagement Banking' The customer is changing. And so is their relationship with the bank. And if the bank can't adapt, the consequences could be dire.
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.
MasterCard Launches MoneySend P2P Payments for BlackBerry New app allows users to send and receive card payments from their BlackBerry.
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