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February 22, 2010 - February 26, 2010
General News
* SeerGate & IBT Introduce Secured Lock System
* Harland Financial Solutions Signs 100-Plus New Internet Banking Clients
* uMonitor & TransUnion Announce Expanded Relationship
* HEIT Adds Paul Reymann to Executive Team
* Member Advantage Mortgage Partners with Xetus
Integrated Banking Technology (IBT), a company that specializes in providing core processing, imaging software applications and other products for credit unions, announced that the company will deploy SeerGate’s Secured Lock System, a secure and convenient system for interactive, real-time online banking transactions, to provide an interbank payment and invoicing solution for its clients. SeerGate’s Secured Lock System allows credit unions to create direct payment and invoicing connectivity among individuals and businesses performing electronic transactions.
Harland Financial Solutions announced that it has signed more than 120 new Cavion Internet Banking clients in 2009, which is the third straight year of 100-plus sales. XCEL Federal Credit Union ($120M in assets) in Secaucus, NJ is the latest credit union to select Cavion Internet Banking.
uMonitor, a financial solution services provider for operational excellence with member acquisition and retention, announced that it has expanded its relationship with TransUnion in a manner that will enable both parties to better serve their mutual customers. This expansion focuses on helping credit unions using uMonitor's account opening and funding solution make better decisions by providing members with easy access to TransUnion's full suite of Fraud and Identity Management and Risk Management services.
HEIT, a Master Managed Services Provider for credit unions, announced that GLBA Security Rule co-author and former Federal Regulator Paul Reymann has been formally appointed to a strategic advisory position by HEIT's Board of Directors. Reymann has more than 24 years in the industry (13 years with the Treasury, 11 years as senior executive at private companies serving financial institutions), and often serves as an author and speaker for such topics as the future of risk management, simplified compliance, network and information security, and other safety and soundness topics.
Member Advantage Mortgage, based in Ada, MI with assets of $4 million, has transitioned to the new RESPA regulations with the use of Palo Alto, CA-based Xetus’ XetusOne Loan Origination System. XetusOne runs as a “software-as-a-service” (SaaS), in which users access the service through an Internet browser while modifications to the LOS are made in Xetus’ data center.
Hardware News
Staples has launched a technology unit to deliver everything from data center hosting to printer management to network services. The division, Staples Technology Solutions, is especially targeting organizations with 40 to 50 employees. Staples Technology Solutions has the following services:
- Managed services and on-site and remote server and desktop support;
- Printer fleet management;
- Data center assessments and supplies;
- And hardware sales.
Hewlett-Packard has upgraded to its storage arrays, and added some powerful new features that very few products in the entry level space include. We will tell you about them in the March issue of Credit Union tech-talk - subscribe now.
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Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)
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Software Updates
A storage virtualization start-up called Virsto Software has developed a Microsoft Hyper-V add-on that speeds up access to data in virtualized data centers. Their goal is to eliminate the I/O bottlenecks caused when virtual servers try to access storage systems. Virsto claims it can reduce VM disk consumption by as much as 90%. Virsto's software installs into the hypervisor and manages its interaction with any type of storage. For example, Virsto ensures that storage systems perform sequential reads and writes, rather than random, reducing the amount of time needed by the disk head to do its job. It also prevents files from being needlessly duplicated. Virsto One can be evaluated for free for 30 days.
Kerio Technologies has just released the latest version of its mail server, Kerio Connect 7 (formerly known as Kerio MailServer). Kerio Connect 7's big new features are the ability to link standalone servers into a single distributed domain system, and its new web-based Administration Console which lets administrators remotely manage Kerio Connect 7 from most browsers. Kerio Connect 7, like the previous editions, runs on Windows and Linux, plus it is available as a VMware or Parallels Virtual Appliance.
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Software Updates Sponsored by
Raddon Financial Group (RFG)
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ATMs/Kiosks
Wincor Nixdorf and Sicap have unveiled ATMs specially designed for mobile money services, including cash-in /cash-out transfer facilities. The ATMs have initially been setup to offer three options: mobile cash remittance, cash topup and self-service subscription management. Sicap and Wincor Nixdorf have jointly pioneered the design and development of the three solutions whereby Wincor Nixdorf manufactures the ATMs and the server-based software, while Sicap designs and implements the service to the telecoms.
Skimmers have been around for years, of course, but the scam artists are constantly improving them. Some of the latest skimmers sold via criminal forums are extremely sophisticated, incorporating features such the ability to send an SMS text message to the thieves’ mobile phone whenever a new card is swiped. One thing to look for is an additionally flap below the card acceptance slot that holds the electronics used to capture the card data. Credit unions should tell their members that when they see something that doesn’t look right — such as an odd protrusion or off-color component on an ATM — that they should strongly consider going to another machine.
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Vendor Case Studies
Here is a chance to learn about real life credit union case studies from various technology vendors through the words of their clients. This week's vendor is:
Innovative Technology, Inc. (INTECH)
and their client is:
Torrance Community Credit Union
Credit Unions - if you have a vendor that you are happy with then please let us know!
Vendors - if you have a credit union that is happy with your solutions then please let us know and we will give you a $100 discount on your Case Study!
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Wireless World
The “Mobile Money Study” by Data Innovation found that a strong majority of US smartphone users (68.7%) had accessed banking or other financial services on their mobile phone in the past three months. The top activity was checking account balances, followed by looking for posted transactions. Nearly three in 10 smartphone users paid bills via mobile, and many used nonbanking financial services, such as paying credit card bills (more than 50%). More than 65% of smartphone users said their mobile browser was their primary vehicle for mobile banking, compared with less than one-fifth who preferred mobile apps. A majority of respondents also said they would be interested in the possibility of a “mobile wallet,” which would allow users to swipe mobile phones like credit or debit cards and would store data such as loyalty cards and coupons.
Meanwhile, new forecasts from ABI Research indicate that in 2015 about 244 million people worldwide will carry out financial transactions using their mobile phones. Of those, some 66 million will be in North America. The report notes that North American growth has been somewhat limited so far because – in contrast to financial institutions elsewhere – the North American FIs are offering mobile banking primarily to existing users of their online banking services. Also, wide access to computers and easy access to physical branches lessens consumers’ motivation to adopt the mobile banking model in North America.
Recently a mobile phone security challenge contest was held to look for new ways to prevent mobile phone crime. Some interesting solutions were submitted and we will show the three new design innovations that won in the March issue of Credit Union tech-talk - subscribe today.
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Security Section
IronKey announced its Trusted Access for Banking solution which is an application and services suite that utilizes the capabilities of IronKey’s Trusted Computing Environment platform to allow credit unions to provide identity protection, strong authentication and fraud protection at the endpoint for their business members. IronKey says that their solution which plugs into a USB port isolates access to the online banking system from the host PC, creating a trusted virtual computing environment and protecting business members from current and next-generation malware and fraud schemes.
Research by the security vendor Webroot shows that four in five IT professionals believe Web 2.0-based malware will pose the biggest security threat this year. Almost 75% believe Web-based threats are more difficult to manage than email-based threats, and 23% said their organization was vulnerable to attacks on Web 2.0 applications including social networks such as Facebook and Twitter.
A company called RavenWhite has come out with their Blue Moon Authentication system which is an authentication mechanism used for password resets. Rather than ask your mother's maiden name, it asks you to check whether you like or dislike a list of 15 items for which you have previously registered your like or dislike. The company claims Blue Moon Authentication results in less than 1% false positives. It is meant to overcome problems other methods have such as bad sites capturing the answer to authentication questions and applying them to other sites the user accesses and that ask the same question.
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Security Section Sponsored by
William Rogers & Associates
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CU InfoSecurity Conference
The CU InfoSecurity Conference is the original and premier conference dedicated solely to credit union security. Here are just some of the topics that will be covered in this two and one half day security summit:
Social Networking
Phishing & Malware
Vendor Management
Virtualization Security
Security Best Practices
Controlling Admin Rights
Protecting Online Banking
Website Risk Management
Member Security Education
Controlling Employee Access
All paid attendees receive 2 complimentary room nights at a 5 star resort as part of the low conference price - the only conference in the credit union movement that makes this generous offer!
Plus multiple attendees from the same credit union attend at no charge!
More Info & Register Now ~ 800.808.2188
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Leaders Roundtable
Security:
Managing Risk and Security Efficiently and Affordably
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Technology and Marketing
Celent, a Boston-based financial research and consulting firm, has released a new report entitled Top Technology Trends in Retail Banking for 2010. In it, they note the following technology and marketing trends for American FIs:
1) FIs Employ Self-Service as a Way to Please Consumers and Cut Costs
2) Mobile Banking is Moving Mainstream, but Remains Basic
3) Branch Renewal Waits Another Year
4) FIs Start to Address the Implications of Social Media
5) FIs get Serious about PFM
6) Behavior Analysis Becomes a Standard Tool
7) Paper Becomes the Exception in Branches.
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Technology & Marketing Section Sponsored by
MARQUIS Software Solutions
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Contact John Kassing @ johnk@gomarquis.com to learn more.
GoMarquis.com ~ 800.365.4274
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Online Banking/E-Commerce/Website Design
February is Go Direct/Direct Express Month, and the Go Direct campaign is sponsored by the U.S. Department of the Treasury and Federal Reserve Banks. It is designed to encourage Americans to use direct deposit for their Social Security, Supplemental Security Income and other federal benefit payments. The campaign is looking to partner with credit unions, social service agencies, community-based groups and other organizations to promote direct deposit. Their website is: www.godirect.org.
Madison, WI-based UW Credit Union has unveiled Money Management Tools, a free customized online expense tracking and reporting tool. Members can assign categories to transactions and make notes on each transaction, plus they are able to view a chart or graph of transaction histories by any field such as category, label, description, date or dollar amount.
Alternative payment methods will continue to grow in volume and claim more share of Web-based sales, but the good news for credit unions is that credit and debit cards are poised to stage at least a partial comeback. We will cover this topic in the March issue of Credit Union tech-talk - subscribe now.
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Online Banking Section Sponsored by
Code Green
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Credit Union tech-talk readers receive a 10% discount!
Sign up today: http://www.codegreen.org/cuwebhunt
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Internet Access
Nextiva has been awarded a “2009 Product of the Year” by INTERNET TELEPHONY magazine for their Nextiva Connect 360 hosted business VoIP service. Starting at around $20 a month, Nextiva’s Connect 360 includes IVR, voicemail, dial-by-name, call transfer, find me/ follow me, and a host of other features that larger organizations were once only able to afford.
Many organizations are looking to replace receptionists with “virtual receptionists” in the form of Internet-based software. While the human interaction is lost, virtual receptionists have some features live ones do not such as real time texting of important voice mails. Vendors include:
- eVoice ($12.95 a month after a six-month free trial)
- Onebox
- VoiceShot
- DaVinci Virtual Receptionist
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Call Centers
Contact centers that handle chat often cross train their agents on handling calls, e-mails and chat. However chat conversations tend run longer than calls because except for a few impatient callers, most of the chats drag on because callers are often busy online and responding at the same time. Some centers consider four concurrent chats as a good target, as anything over this starts to delay the response, or the quality of service can take a dip.
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Call Centers Sponsored by
Telecom Recovery
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Inbound Telecom Disaster Recovery
Nothing is more important than serving your members. Telecom Recovery, which protects the communications for dozens of credit unions across the US, has a very powerful - and low cost - technology that protects your inbound calls during any kind of outage including:
• equipment failure
• carrier failure
• network congestion
• line-cuts
• disaster
• pandemic (employees forced to work remotely)
• complete evacuation
• and more…
During any of these events your members' calls would still ring to the right people - with just a few clicks on the mouse to re-route all incoming calls and faxes.
All we need is 5 minutes of your valuable time to discuss whether there’s enough of a fit to arrange a brief Web demonstration at a later date.
Sign up now for a 5 minute consultation.
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2009:
February 21-25, Washington - CUNA Governmental Affairs Conference
March 8, Washington - MACUMA Seminar
May 19-21, Las Vegas - Credit Union InfoSecurity Conference
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