Bank Technology News articles from October 2006

Bank Technology News archives from October 2006

Service-Oriented Architecture: Banks Tune In, Turn On: SOA the New Mindset: One-third of CIOs prioritize service architecture plans.
October 1, 2006... Compared to Wachovia's Jupiter, Middlesex Savings Bank is Pluto. Not only in size, but in orbital pace: the $3.3 billion mutual savings institution, which doesn't have shareholders breathing down its neck, has been content to grow at a modest...

Data Management: One Screen, Many Uses: Small FIs upgrade systems to improve information access.
October 1, 2006... Small banks have many of the same challenges as the largest institutions when it comes to managing enterprise-wide data-namely that it's hard to get at. Data resides on a variety of systems, making universal access difficult and use of the...

Security Cards: Finger-Proof Way To Shop Online: Biometric smart card in talks for bank deployment.
October 1, 2006... The idea hit Colin Hendrick while developing technology in the federal government's efforts to shore up identity technology as part of homeland security. "We saw the potential for this kind of thing in the banking and finance industry,"...

Homeland Insecurity.(Brief article)
October 1, 2006... Besieged by security breaches, spooked by the rise of phishing scams (some originated overseas) and worried about complying with stringent anti-money-laundering regs, banks want to lock down the enterprise. Achieving this won't be easy. Cover...

Edit Index.(Directory)(Table)
October 1, 2006... A Actimize 32 Aite Group 32 American Bankers Association 16 American Express 16 Anti-Phishing Working Group 16 Asian Bank 37 AXS-One 16 B Bank of America 29,32,42...

Performance Of Small Banks Tells Only Part of Their Story.
October 1, 2006... The performance of community banks is often an afterthought when talk of what makes the banking industry tick gets going. Recognition is no simple matter in an industry known for its talent. Consider some of banking's CEO headliners: there...

Site Authentication: Making Sites Spoof Proof: An interoperability project by the FSTC aims to standardize how banks validate their sites to users.
October 1, 2006... That head-butting episode during this summer's World Cup did more than floor a mouthy Italian soccer player. It also spawned gobs of Web traffic to the official World Cup 2006 site by users looking for an explanation of what set French star...

News Makers.(Brief article)
October 1, 2006... 'Clear' Tech: More Green For Amex? Four years after introducing its "clear" card technology to the U.S. market, American Express has inked a licensing deal with card manufacturer Versatile Card Technology allowing Illinois-based Versatile...

Top Tech Deals.(Mergers, acquisitions and divestments)(Brief article)
October 1, 2006... Number One Fiserv acquired InsureWorx, a provider of core processing software for workers' compensation, commercial property and casualty and risk administration organizations. Fiserv hopes the deal will bolster its insurance and workers...

Brand Security: Safety Can Be a Selling Point for Consumers: New research suggests the traditional notion of not advertising on security measures may be a mistake.
October 1, 2006... Companies that don't tell consumers what they're doing to safeguard transaction and identity information against theft and mistaken loss are doing so at their peril. In what might be one of the largest studies ever made of the link between...

Techies.(appointments and promotions)(Brief article)
October 1, 2006... U.S. Bank has named card industry veteran Patrick Coll evp of retail payments, overseeing the company's consumer credit, debit, stored value and prepaid card businesses. * Fifth Third Bancorp has tapped Greg D. Carmichael to be its COO,...

Message Board.(appointments and promotions)(Brief article)
October 1, 2006... "They put in a lot of time putting out fires." Jim Bright, financial services industry marketing manager for Cisco, on the need for banks to streamline IT operations and prioritize projects. "The problem we've got in the security...

Channels: Customer Interest Missing In Service Channel Wars: Retail consumers aren't concerned with choosing their favorite way of banking. But they are predisposed to preferences for particular activities.
October 1, 2006... The service options chosen by banking customers aren't determining which delivery channel is ultimately going to be the game/set/match winner for institutions. They are only settling on the ways each model is mapping out niche strengths for the...

Banks Must Master ABCs Of AML/BSA Regulations: Evolving regulations and best practices can sneak up on an institution if it's not adequately prepared.(Interview)
October 1, 2006... Ellen Zimiles CEO, Co-Founder Daylight Forensic & Advisory Just a year after the FFIEC agencies compiled their first AML/BSA exam manual, the 300-page volume ballooned to 450 pages in its second edition published this summer. That...

Mortgage: Making Every Transaction Count: As the market cools off, technology is helping mortgage players improve lead generation, closing time and telecommunications to gain new customers and boost performance.
October 1, 2006... After literally thousands of articles debating the existence of a residential real estate bubble, it's become clear that the market is at least slowing down. The next question is where mortgage business participants-from lenders to brokers to...

Id Verification: True Identity Clues All In The Cards: A technology honed to stop underage drinkers and casino crooks is veering into financial services to stop fraud-and augment customer service.
October 1, 2006... Dressed sharply in nice suits and white shirts, would-be casino patrons are videotaped bolting out the front doors like Edwin Moses. They're not being chased, and they haven't stolen anything. But they are in flight for a good reason. Many...

Homeland Insecurity.
October 1, 2006... As U.S. banks grapple with fraud that is more complex - permeating the physical and online financial worlds - the battle against it will require them to take the channel-by-channel fight across the enterprise. One of the toughest battles for...

Wakeup Call.
October 1, 2006... The combined effects of several terrorist plots in various countries and heightened awareness among U.S. and EU regulators have solidified anti-money-laundering technology as an important way of tracking the flow of funds financing such...

Top Ten Community Bank IT Initiatives.
October 1, 2006... Even though community banks are smaller than their regional and national brethren, the competitive pressures are similar. What is different? Their much smaller IT staff and budget. This month, BTN examines 10 community banks that have overcome...

Retirement Planning: When Social Security, Pensions Retire...: Social Security is waning, and employers are getting out of the pension game. That leaves an open retirement market for brokerages, particularly the Web-savvy.
October 1, 2006... Elected officials may alter Social Security, and even if they don't, it likely won't be nearly enough for future retirees. Add to that the increasing number of corporations that are dumping their pension plans, and it's clear that retirement...

Site Security: Will Authentication in Reverse Become the New Norm?: Sources say SiteKey-style site-to-user Web site ID platforms are set to become the standard.
October 1, 2006... There was more than a smattering of snickering when Bank of America launched PassMark's SiteKey mutual authentication technology last year, those who derided the picture-based approach as cutesy and simplistic, and those who worried that it...

Business Continuity: 1st Metropolitan Fights the Flames: The mortgage firm used Web-based software to keep a burned-down branch in New Jersey humming, not to mention protecting deals that were in the pipeline.
October 1, 2006... When one of 1st Metropolitan Mortgage's branches burnt to the ground earlier this year, there was a danger that the figurative flames to its reputation could have been fanned much farther than the literal fire. "We had customers that had...

FFIEC Compliance is Possible in One-Stop Solution.(Federal Financial Institutions Examination Council)
October 1, 2006... The approaching FFIEC deadline requires fast action to upgrade online security, but institutions shouldn't rush into adopting a "point" solution and overlook the potential for more lasting value and more flexible security. Savvy financial...

To Make EA Practical, Remember the Architecture.(Enterprise Architecture)
October 1, 2006... Building an "Enterprise Architecture" (EA) is appealing, but as Harvey Koeppel, the CIO of Citigroup's Global Consumer Group, asked, "can any EA survive the next software product?" This question reflects that market resources dwarf those of...