Northern Trust Images Checks With Fiserv
Northern Trust (Chicago) implemented Fiserv's (Brookfield, Wis.) ImageStream Merchant Capture solution to make it easier for customers to deposit electronic checks. Built upon the Fiserv BANKLINK iLINK cash management platform, the solution employs a full set of user entitlement options, optional dual approval, dollar limits, and reporting and audit tracking that is required to support business customer use, Fiserv says. Financial institutions can process the electronic deposits either by having Fiserv print image replacement documents and process them as substitute checks, or by electronically presenting them through an image exchange.
Largest Worldwide Core Banking Deployment
During the first half of 2006, Bank of India (BOI; Mumbai) completed a rollout of Misys Banking Systems' (London) Misys Midas Plus with Global Processing across 16 international branch-banking operations. According to the vendor, Misys Midas Plus provides BOI with a single, real-time, consolidated view of its worldwide business, including transaction processing across treasury and capital markets, commercial lending, trade finance, payments, and retail services with straight-through processing capabilities. This is the first time that a bank has rolled out a packaged core banking system across three continents while managing processes from a single hub, Misys says.
Fremont Bank Launches E-Mortgage Solution
In June, Fremont, Calif.-based Fremont Bank went live with Houston-based Encomia's eMortgage solution. According to Encomia, the solution provides financial institutions with a comprehensive tool kit that features the creation of SMART Docs, electronic signature capability and secure document archival, enabling Fremont Bank to originate fully electronic mortgages.
aving outgrown its legacy encryption system, which was a mix of products from several vendors pieced together, Stillwater National Bank and Trust Co. (Stillwater, Okla.), a subsidiary of Southwest Bancorp, implemented the PGP (Palo Alto, Calif.) Encryption Platform in March for companywide encryption of confidential data. The platform includes PGP Universal Server for central security policy enforcement, automated key management, reporting and gateway e-mail encryption.
According to Jacob Mays, Stillwater's assistant vice president of information systems, the bank's previous solution required installation on individual desktops, password exchange by phone and end-user training. PGP's Encryption Platform, however, is easy to use, automatically encrypts e-mails and does not require password exchange. "Using PGP encryption is effortless because it's completely transparent to the end user," Mays says. "Employees don't have to remember to encrypt messages and recipients don't have to be technically savvy to open encrypted e-mails and retrieve information they need."
Stillwater National Bank and Trust also is using the platform's PGP Desktop to protect internal e-mail communications and PGP Whole Disk Encryption to protect data stored on employee laptops.