Content posted in March 2002
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U.S. Treasury Prepares For USA PATRIOT Action
Excerpts from a speech given by Jimmy Gurule, U.S. Treasury Under Secretary for Enforcement, at the March 11th Executive Technology Forum, sponsored by Bank Systems & Technology, BAFT and BITS.
XML Footprint Grows In The Financial Space
The financial services sector will spend $8.3 billion on XML-powered technologies by 2005, according to a report by ZapThink.
Citigroup Taps .NET Technologies From Microsoft
.Net products will streamline and enhance customer access to Citigroup's products on the Internet.
Searchspace and IBM Join Forces To Provide USA PATRIOT ACT Relief
The technology exists to help financial firms meet USA PATRIOT ACT requirements, the trick is to implement these solutions in a timely fashion.
Why Site Traffic May Not Correlate With Business Success
As banks effectively build out their delivery of online services, most site traffic measures will cease to be reasonable indicators of Internet success.
Executive Changes
Catherine Graham named executive vice president and chief financial officer for Online Resources Corp.; Richard D. Fairbank elected chairman of the U.S. Region Board for MasterCard International; Ron Braco named senior vice president of E-Business Solutions for ALLTEL Information Services; Ralph A. Dangelmaier appointed president of Politzer & HANEY Inc.
International Bytes
Bank of Cyprus licenses an Internet-powered trade finance solution from Surecomp; Barclays Global Investors launches trade settlement tracking and relative ranking system from JPMorgan; Banco BBA Creditanstalt S.A. and Ascent Financial Technologies complete the first customization of value-at-risk technology for the Brazilian financial markets.
North America Bytes
Coast Bank of Florida chooses Raymond James Financial Services to provide investment services for subsidiary; Bank One Corporation selects a middle market credit process platform from Automated Financial Systems; Twelve Alabama banks tap into CONNECTIONS, a marketing and sales software solution from Marketing Solutions Inc.
Association Update
John A. McKinley, Jr., of Merrill Lynch to speak at the TowerGroup 2002 conference; The Financial Services Technology Consortium to launch a next-generation account aggregation framework pilot; NACHA allows checks delivered to remittance and lockbox locations to be converted into e-checks using the ACH Network.
Treasury Proposes New Information-Sharing Regs
The USA PATRIOT Act gave financial institutions and government agencies unprecedented leeway to share information.
NYCH Promotes "Best Practices" for Managing Correspondent Banks
The New York Clearing House issues guidelines to help the international financial community combat illegal activities.
Bank One Installs System To Manage The Private Foundation Process
Private Client Foundation technology helps Bank One streamline the establishment of private foundations.
Teknowledge Teams Up With Fiserv for Account Aggregation
Teknowledge's Tekportal aggregation service will form the core of Fiserv's Account Exchange Network.
Executive Changes
Marcela Pino appointed client services manager in the J.P. Morgan Chase Mexico City office; Craig Hoffman, J.D., LL.M for SunGard Corbel, to serve as a delegate for the 2002 National Summit on Retirement Savings; Amy Schultz named chief financial officer for e-Bank.
International Bytes
ABF Capital Management selects a comprehensive array of fund services from BISYS; IKB Deutsche Industriebank installs Finance KIT version 5.1 from Trema; The Bank of Scotland to use ALLTEL's Advanced Commercial Banking System.
North America Bytes
Sovereign Bancorp has installed Return Items Control System (RICS) Image from Fiserv; Sterling Financial Corporation and U of C Federal Credit Union convert to Corillian Voyager Special Edition; GMAC-RFC has approved eValu, a hybrid property valuation product.
Association Update
NACHA's annual conference on electronic payments and e-business will be held in April in Dallas; The Risk Management Association unveils Web-based comprehensive knowledge management tool for bankers.
Union Planters Overhauls Customer Contact System
An internal evaluation process determined the Union Planters' telephone systems needed increased flexibility to better meet the delivery demands of today's consumers.
XBRL: Standard Bearer of Financial Reporting
Business Reporting Language promises to simplify the mechanics of working with financial statements.
Credit Union Taps Netkey System
CCU developed self-service kiosks where customers may research, select and apply for the products and services they need.
Future Perfect
Provident Bank's new branch platform utilizes AI technology to smooth the transaction process.
Shared Vision
Financial services industry take another look at peer-to-peer computing for a wide variety of applications.
Online Designs: Mortgage bankers look to build a stronger Web presence
The nation's largest mortgage bankers are now viewing these devices as an increasingly important part of servicing customers in the post dot-com era.
Bank Inks Aps Deal
New York-based Amalgamated Bank signs a seven-year outsourcing agreement with Alltel Information Services to provide an integrated end-to-end banking application.
Farm Lender Grows ASP Solution
When its ISP announces that it discontinues its home banking product, Northwest Farm Credit Services has to scramble to find a new solution that could support not only its own customers, but those of Farm Credit System.
NatCity Buys Argo Tools
National City Corp. contracts with Argo Data Resource Corp. for enterprise retail delivery solutions for National City's call centers and 1,200 branches.
Comerica Licenses Corillian Software
Comerica licenses Corillian's Voyager platform.
ABN AMRO Boosts Voice Capacity
ABN AMRO is using and is committed to voice technology from S1 for its mortgage subsidiaries.
CIBC Kicks Off Business Site
Canadian Imperial Bank of Commerce launches Canada's first business banking site that provides cash management services on a single, Internet-based platform.
World Briefs
Citibank deploys Flexcube, a wholesale back-office system from i-flex, in 11 countries.
Bundesbank Buys Trema System
Deutsche Bundesbank goes live with a system for managing its foreign currency reserves.
Bad Data Plagues ERP
While the subject of data quality gets more attention as companies look to deploy CRM or data warehouse systems, the enterprise resource planning, or ERP, world still has a long way to go.
Halifax Installs Web Collaboration Tool
Halifax plc selects Interwoven's Content Infrastructure for multiple Web and interactive television-based customer services.
Wells Fargo Begins e-Bank Deployment
E-Bank lands Wells Fargo as its first marquee customer.
Bank Bytes
Community Credit Union uses customer self-service software to power its network of self-service banking kiosks; First of Omaha Merchant Processing licenses Enterprise Payment System; FleetBoston selects DemandMoreLeads to boost cross-selling capabilities.
Bank Of America Inks $71 Million ATM Deal
Bank of America signs a seven-year deal with Diebold to take over the maintenance of 10,000 machines.
IT Spending to Hit $34 Billion This Year: Report
Information technology spending at commercial banks, non-banks and finance companies will reach $34.2 billion in 2002, up 4 percent from 2001.
Going For The Bronze
The most shocking occurrence during these games (2002 Olympics) was the Bank of America ads touting their Internet banking and online services.
The USA Patriot Act: Can Your Money Laundering Detection Software Keep Pace?
When Congress passed the USA Patriot Act in October 2001, it came with a host of new anti-laundering provisions with which financial institutions (FIs) must now comply. But that's not all it included. Within the fine print are new definitions of what types of businesses are considered FIs, and increases in the responsibility for transactions with correspondent banks.
Treasury Proposes New Information-Sharing Regs
The USA PATRIOT Act gave financial institutions and government agencies unprecedented leeway to share information. Following up with the details, the Treasury published its proposed regulations for information-sharing in the Federal Register on Feb. 26th, which marks the start of a 30-day comment period before the groundbreaking regulations take effect.
Terrorist Financing: Cleaning Up a Dirty Business
A contributed article by Ernst & Young Banking organizations operating in the U.S. already have AML compliance programs in place, as required by prior regulations implementing the Bank Secrecy Act of 1970 and related legislation. However, in light of the passage of the Patriot Act, these programs will need to be revisited, and in most cases updated and strengthened. The need to develop AML programs
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Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.
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