Content posted in May 2010
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Q&A: Sean Kelley, Deutsche Bank CIO, Believes Banks Belong in the Cloud
Sean Kelley, CIO of the asset management division and the platform services group at Deutsche Bank, yesterday became chairman of the Enterprise Cloud Leadership Council, a group of business leaders who are working on standards for emerging cloud technologies. At the end of the day, he graciously spent some time with Bank Systems & Technology to tell us about his new role and his thoughts on cloud computing.
42% of Americans Want Government to Leave Banks Alone
Survey of 1,000 Americans found that only 26% want to see more government involvement in financial services.
Detica Launches U.S. Operations to Curb Fraud
Due to increased licensing and implementation of its NetReveal fraud and risk management solution, U.K.-based technology consulting and data firm Detica has formally established operations in the United States, opening an office in McLean, Va.
Could Mobile Banking End Poverty in Africa?
An article posted yesterday on Voice of America's website suggests that a new mobile banking service in Kenya could eradicate poverty in the country.
HP Signs Services Contract with Switzerland-Based RTC
Palo Alto, Calif.-based HP Enterprise Services announced Thursday it signed an applications and infrastructure services contact with Switzerland-based RTC Real-Time Center AG (RTC). The contract will see HP establish a banking service center in Bern, Switzerland to support RTC.
Fiserv, PhoneFactor Partner For Phone-Based Multi-Factor Authentication
Authentication services provider PhoneFactor, Inc. and Fiserv today announced a partnership makes phone-based multi-factor authentication available through Fiserv's Corillian Online banking solution.
Half of Consumers' Attempts to Open Online Bank Accounts Fail
Banks need to make their online account opening process easier, faster, and more secure, a Javelin research report finds.
Chase Rolls Out Instant Action Text Alerts
Chase rolled out new mobile banking features leveraging SMS technology to alert customers about low account balances and transfer emergency funds from qualifying accounts.
Banks and Social Media Sites Don't Necessarily Mix
Forrester has come out with research showing that consumers don't want to access their bank accounts through social media sites such as Facebook and MySpace. A survey of 5,000 U.S. adults - conducted online, so these are web-savvy folks - found that a daunting 71% have little or no interest in accessing their bank accounts through Facebook-style social media sites. They say they're worried about hackers (60%) and privacy (59%), they like to keep their social and financial lives separate (56%), t
Sun National First NJ-Based Bank to Offer Mobile Banking
Multi-mode Sun on Hand lets customers bank from any mobile device.
MasterCard to Release Open API
MasterCard Worldwide announced it will release Open Application Programming Interfaces (Open APIs) for third-party and independent software developers later this year.
Online Banking, Payments Outpace Growth of Internet
Online banking and mobile payments are growing at a faster pace than the Internet, according to Fiserv's 2010 Consumer Billing and Payment Trends Survey.
ValidSoft Finds Out If Cardholder is Near Card
Transaction "proximity correlation analysis" method uses global cell phone network data to help banks determine if a credit or debit card user is within the proximity of a live transaction, without running foul of privacy laws.
Less-Than-Full Usage of Bank Software, Part 2
When I wrote last week's blog, I knew I wasn't going to get off easy. There's a lot more to tell about bank software, and some clever readers spotted my short cuts. This second installment was inspired by a reader who pointed out that applications are often packed with superfluous features that don't necessarily serve business needs. I agree with that statement. The reason I chose to bring up the matter of sub use is that "superfluous" is in the mind of the beholder. Bank tech vendors work for
Corvil Unifies Application and Latency Management
Latency management system provider Corvil today announced it added application monitoring, troubleshooting and reporting to its CorvilNet latency management system, in an effort to build a single-platform latency management and data capture requirements.
SWIFT's Peric Aims to Bring Members' New Ideas to Life
How do you bring a new idea to fruition in your bank? Do you execute it privately without telling anybody and wait for the look of delighted surprise on your boss's face when he finds out about it from a customer or competitor? Do you mention it in the elevator to your CIO, who then puts you in charge of making the new concept happen?
IBM Wades into Payments With Sterling Commerce Buy
Software giant to buy B2B transaction software company for $1.4 billion, tapping into demand for supply chain networks and corporate payment hubs.
Viewpointe Expands Data Storage Services
Exponential growth in enterprise electronic data, increasing demands on data retention periods and an increased cost focus have led to a "perfect storm" in data proliferation, according to an IDC white paper commissioned by Viewpointe.
Nice, France to Begin Europe's First Contactless Card Trial
Credit Mutuel-CIC, NRJ Mobile, Gemalto and Orange partner to let residents of the French city pay for food and transportation using contactless cards.
Obama, Bank Lobbyists React to Passed Senate Bill
In a major step toward passage of finance reform legislation, late yesterday the Senate passed its 1,566-page version of Wall Street/bank reform. The House and Senate still have to reconcile their two versions of this legislation before it can be enacted, but it seems likely this work will be completed well before the fall elections. Broad measures in the Senate version
Banks Beef Up Data Security in Spite of Tight Budgets
By Matt Mancuso, Ernst & Young
With external and internal data security threats on the rise - both malicious and inadvertent in nature - financial services organizations are taking a more holistic view of risk and security and focusing on the overall health of their information security management programs.
Sybase Debuts Mobile Platform
Servers, software and services to help banks and other companies deliver and manage enterprise mobile applications.
Wells Fargo Rolls Out Rapid Alerts for Visa Credit Cardholders
San Francisco-based Wells Fargo ($1.2 trillion in assets) and Visa announced today the rollout of Rapid Alerts for Wells Fargo Visa credit cardholders. The free service brings customers near real-time detection of fraudulent activity, and helps manage and track spending.
Brazilian Credit Union Engages Accenture
Accenture's developers to write credit card applications for credit union Sicredi.
BofA Hires Data Security Czar
Gregory Garcia, former assistant secretary for the Office of Cybersecurity and Communications in the U.S. Department of Homeland Security, to lead bank efforts to keep data secure.
Navigating Legislative and Regulatory Sea Changes
One thing everyone connected to the banking industry can agree on is there is no lack of daily headline-grabbing developments. One area that contributes to this condition is the variety of regulatory related topics.
Xerox to Manage Printing at Huntington Bank
Software to control employee printing activities at all 600 locations
FaceTime Offers Security, Compliance, Archival for Social Media
New archiving feature intended to meet FINRA requirements and legal e-discovery needs.
HP Develops Manure-Powered Data Centers
Last May, Google announced that it was using a herd of goats to mow the lawn at its Mountain View, Calif., headquarters. This year, HP has taken the lead in innovative uses for livestock in business. Its researchers have come up with a way to power data centers with cow manure.
Walmart MoneyCard First to Offer Cash Back on Prepaid Debit Card
Giving cash back for gas purchases made with a reloadable Visa card.
The Value of Bank Software is Based on a Bank's Skill in Using It, Not the Vendor's Price
Before I go any further, I know what you're thinking. I'm not talking about ASP, or outsourcing, or cloud computing (if that idea ever becomes popular in banking), where the cost model is based on how many transactions a vendor processes for a bank. Nor am I talking about tiered pricing where the license fee for core software is geared to the FI's asset size, from $50k to several million dollars. My point is more subtle. It's about how much value a bank can squeeze out of a piece of standard app
Despite Homeowner Dropouts, HAMP Drives Banks to Upgrade Mortgage Systems
The government today released its monthly report on the Home Affordable Modification Program (HAMP) for struggling mortgage borrowers; the report showed that about 1.2 million trial modifications have been started under the plan and about 281,000 homeowners have been dropped from the program as of the end of April. A total of 295,348 home owners have received permanent loan modifications since the program began. The Obama Administration touts these numbers as evidence of success; the media today
First Niagara Using SAS Analytics to Measure Profitability
The upstate New York bank has doubled in size in the past year and has upgraded its profitability system to guide business decisions.
MasterCard Resists Senate's Merchant Fee Cut
Card group says Durbin amendment to financial reform bill will lead to higher payment card costs and less choice for consumers.
iPhone Making Inroads in Banks
Reuters reports today that Standard Chartered Bank is allowing employees to swap their BlackBerries for iPhones, with the bank's full support. This is one of the few large banks we know of to adopt an enterprise version of the iPhone internally, but this may open the door to other, similar announcements.
U.N. Credit Union First to Issue Chip Cards in the U.S.
Merrill Halpern, card services manager at United Nations Federal Credit Union, believes its time for U.S. financial institutions to catch up with the rest of the world and offer EMV-based chip cards.
This ATM is Good as Gold
When you hear analysts and advertisers talk about our future in a cashless society, Gold To Go is probably not what they have in mind.
Bank of the West Offers Mobile Payments Through Bling Nation
Bank of the West ($63.6 billion in assets) will offer mobile payments to its more than 330 client banks through a referral agreement with Bling Nation.
Citi, USAA Execs Share Social Media Best Practices
For many banks, social media - sites such as Twitter, Facebook and FourSquare where users freely share information with each other - is scary, unchartered territory. These banks might have a marketing page up but little else. A few brave pioneers, including Jaime Punishill, senior vice president of digital channel strategy and social media at Citi; Rhonda Crawford, vice president of digital media and innovation at
Citizens Financial Spends $500 Million on Tech Upgrades
100-year-old bank to speed up loan processing, add ATMs.
FDIC Wants Banks to Draft a 'Living Will'
Under a new proposal from the Federal Deposit Insurance Corp., banks would draft a "living will" of sorts, The Wall Street Journal reports.
Chase Rolls Out New Cards for Mid-Size Businesses
Single-use accounts intended to help businesses control costs and improve efficiency.
Billeo Helps Banks Offer Online Bill Payment Using Debit, Credit Cards
A bridge from biller-direct online bill payment to banks' websites.
J.P. Morgan Treasury Services Sees Opportunity in Clients’ Need for Transparency, Ease of Doing Business
J.P. Morgan Treasury Services sees opportunity in clients’ need for transparency, ease of doing business; bank’s 9th Treasury Services Expo showcases solutions in areas such as green treasury, fraud prevention and single-use cards.
Banks and "Bring Your Own Computer" Might Work
Banks and BYOC (Bring Your Own Computer, in other words, letting employees use their own computers to work from home and abroad) are two concepts that appear on the surface to be as compatible as oil and water or Obama and the iPad. Security, policy, and compliance issues make the idea seem absurd. But according to Dale Fuller, CEO of MokaFive
Chase First to Release iPad App
Chase released an iPad app May 5, becoming the first U.S. bank to get a native mobile banking application on Apple's new tablet computer.
Q&A With Raju Shivdasani, A General in the Front Lines of Bank Tech
It's hard to pin down the year in which I met Raju Shivdasani, president of Harland Financial Solutions, but now I count decades so the year doesn't matter. Orlando is the world of fantasy and citrus, but I relate to it as a national center for bank technology. I recently caught up with "Raj" there and asked him for his take on the bank tech world in which he has engaged for so many years.
Israeli Bank Monitors Transactions to Improve Service
First International Bank of Israel aims to ensure that all transactions, including stock purchases and wire transfers, are completed quickly and correctly.
First iPad App for Loan Documents Launches
Borrowers can review the documents on the tablet, sign directly on the iPad and electronically complete the process.
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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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