05:00 PM
Vegas Credit Union Bets on Epson
Las Vegas-based WestStar Credit Union completed a rollout of Epson's TM-J9100, a compact check and ID scanner with integrated check verification and printing that enables imaging at the teller station. WestStar is using the Epson (Long Beach, Calif.) device to improve document handling and lower check processing costs, minimize fraud, and provide backup images of checks, according to the vendor.
"To optimize space, we needed an all-in-one unit that combined a printer and a scanner," said Mike Eaton, software developer at WestStar Credit Union, in a release. WestStar developed proprietary software, written in Microsoft (Redmond, Wash.) .NET, to take advantage of the TM-J9100's capabilities.
Epson's TM-J9100's drop-in auto feeder enables WestStar tellers to scan up to 25 checks at a time, the vendor says. The proprietary WestStar solution communicates with the Epson TM-J9100 to optimize check verification. As the Epson device reads the magnetic ink character recognition (MICR) line, the WestStar software sends the data to an online check verification system that displays the results to the teller. This provides tellers immediate access to account status information during the transaction, according to Eaton. In addition, the WestStar application alerts tellers if certain routing/account numbers require special processing, allowing the bank to react quickly to potential fraud. *
** USB Rolls Out Mutual Authentication Solution
In October, Union State Bank (Orangeburg, N.Y.) launched a new security feature for online banking users that employs two-factor mutual authentication to protect the log-in area of the bank's online offerings. Union State Bank teamed with S1 Corp. (Atlanta) to develop the offering. Customers select an image, write a brief phrase and select three challenge questions. The customer and the bank can pass that information back and forth to confirm each other's identity.
** First Hawaiian Adds Wealth Management
First Hawaiian Bank (Honolulu) launched a new wealth management platform through a partnership with FundQuest (Boston), a provider of asset management solutions. First Hawaiian's new platform, PrivateInvest, is a comprehensive investment portfolio selection and management program. The platform's open architecture integrates FundQuest's investment and separate account manager selection process with First Hawaiian's proprietary investment management team, according to a release.
** Central Bank of Libya Replaces Core System
The Central Bank of Libya (Tripoli) is replacing its core banking system with i-flex solutions' (Mumbai) Flexcube banking solution, which runs on the Oracle Database 10g. The i-flex and Oracle system includes a secure database and information platform, reporting tools, and system diagnostics and tuning, according to Oracle (Redwood Shores, Calif.). In addition, the bank's branches will install Oracle Database Standard Edition One, Oracle's database targeted at departmental and small business users.The bank currently is implementing hardware and networks to support the new system, which will go live in January. Oracle will provide training and consulting services.