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Credit Union tech-talk News
February 23, 2009 - February 27, 2009
General News
* CU*Answers Offers Pay Day Lending Solution
* Gladiator Technologies Offers Enterprise Security Monitoring
* Open Solutions IA Systems Releases New Business Lending Module
* HEIT Receives High Ranking on MSPmentor 100 List
* CU*Answers Announces Enhancement to Online Credit Cards
West Michigan-based CUSO, CU*Answers announced it now has two credits union utilizing its standalone web-based short-term loan origination tool, Retailer Direct: MicroLender. CU*Answers and Lender*VP are leading a new initiative so that credit unions can begin offering Pay Day loans with very little start up time. By partnering with Prospera Credit Union, and their proven business model, GoodMoney, the two CUSO’s are able to offer branding and consulting services along with the origination tool.
Jack Henry & Associates, a leading provider of integrated technology solutions and data processing services for credit unions, announced the general availability of its Enterprise Security Monitoring (ESM) solution. This ESM solution is provided by Gladiator Technology, the ProfitStars solution that operates as a managed security services provider (MSSP) exclusively for financial institutions nationwide. Gladiator ESM assists credit unions in proactively protecting information assets and core systems from outside security threats and unauthorized internal actions.
IA Systems, a strategic business unit of Open Solutions, announced the availability of its new business lending module. This module integrates with its flagship loan origination system, StreamLend Velocity 2.0. IA Systems’ StreamLend Velocity is a paperless, Web-based loan origination system that speeds credit and loan decisioning, integrates sales channels and manages risk for credit unions.
HEIT, a managed services provider (MSP) with an exclusive focus on the financial industry, has been ranked #13 on the second annual MSPmentor 100 list for 2008. The MSPmentor 100 is a distinguished research report identifying the world’s most progressive managed service providers. Nearly 1,000 MSPs, from the United States and internationally, submitted comprehensive online surveys for consideration.
Lender*VP, a division of CU*Answers, announced its latest enhancement to their online credit card program, which allows credit unions to schedule skip-a-pay programs without a fee. Many of CU*Answers credit unions offer these programs to their members during the holiday season and summer months, and they will now be able to schedule their own skip-a-pay programs without a related fee. The enhanced process will allow credit unions to select certain members that “qualify” for the skip-a-pay program based on credit union-defined qualified parameters.
Hardware News
Asempra Technologies introduced an enhanced version of its Business Continuity Server (BCS), which adds the recovery of SQL databases. BCS 3.0 is a server recovery product that protects business-critical applications from either local outages or disasters. The company says that the appliance enables the recovery of a multi-terabyte SQL database in as little as 30 seconds. BCS 3.0 uses Asempra’s Virtual-On-Demand Recovery technology to allow complete database restoration in the background.
The ThinkPad USB Portable Secure Hard Drive is a portable hard drive that looks like it merged with an ATM keypad. The addition of the keypad on the front of the device provides one layer of security — a computer won't recognize the drive until you enter the correct PIN. As many as 10 user passwords (six to 16 digits) can be stored on the device, and the drive supports 128-bit AES security along with full disk encryption.
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Software Updates
A group of industry vendors, led by IBM, Hewlett-Packard and EMC, is proposing a new standard to make their encryption management software work together. Called the Key Management Interoperability Protocol (KMIP), the standard is being proposed through OASIS (Organization for the Advancement of Structured Information Standards). The standard is designed to replace the hodgepodge of different encryption key management products currently on the market and work on a wide variety of systems: e-mail encryption, storage, database, etc.
Bethpage Federal Credit Union is implementing a Workforce Management System (WFM) from Verint Systems called the Impact 360 for Retail Financial Services. The system includes forecasting, scheduling and strategic planning functionality. The WFS software is specifically designed for branch environments, and to help credit unions accurately forecast member demand and transaction volumes, optimize staff schedules against forecasts, and conduct “what if” scenarios to test staffing needs.
According to one of the largest consulting firms in the world, IT managers should not assume that software-as-a-service is always less expensive than on-premise software. We will present their arguments in the March issue of Credit Union tech-talk - subscribe now.
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Software Section Sponsored by
Raddon Financial Group (RFG)
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ATMs/Kiosks
Level Four Americas, a provider of open standards-based ATM software, in its most recent commissioned consumer survey conducted on its behalf by Harris Interactive, found that 67 percent of U.S. adults who have a primary financial institution with ATMs would be at least somewhat likely to switch financial institutions if their primary financial institution suffered an instance of ATM fraud or data breach. Further, nearly one in four (24 percent) would be likely or very likely to consider switching primary financial institutions in the case of an ATM security compromise.
In related stories, ATM fraudsters have been busy lately. A Minnesota man was arrested for allegedly reprogramming the code in an ATM and taking $7,400 from the machine. Police investigated when bank employees reported that there were ATM transactions where the code for the cash bill denominations was changed prior to the transactions. The machine was being reprogrammed to record cash distributions that were much less than what was actually paid out. Meanwhile in Washington state, police are investigating a string of thefts in which a group of people apparently tricked an ATM out of $60,000 over several months. The thefts allegedly occurred at one Boeing Employees Credit Union machine where the thieves were able to manipulate the machine's software in a way that caused it not to recognize that it had dispensed money, and it would then dispense money again.
Triton announced that credit unions now qualify for a $500 rebate on their full-function, through-the-wall ATM, the FT7000 that comes with check scanning or envelope depository. The FT700 features a 15” color display and comes standard with support for advertising and screen customizing capabilities. It also features an Intel Pentium IV processor and Microsoft Windows XP Pro, and runs Triton's Prism ATM software with 912 or NDC emulation.
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Biometric Digest Highlights - WWW.BIODIGEST.COM
Some biometric proponents are urging organizations to purchase laptops and netbooks with built-in biometric sensors because they believe that not only is it a better and more convenient authentication method, but they recommend it because it forces users to put and keep security top of mind. They are convinced that this psychology will trickle down to everything employees do and the way they approach security in general, and generally make for a more diligent employees.
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Wireless World
Visa announced plans to work with the GSMA to help advance the delivery of mobile financial services around the world. Their plans call for Visa and the GSMA to create a set of standards for mobile phone-based money transfers, mobile payment and related services. They hope this collaboration will allow carriers and financial institutions to deploy mobile payments more rapidly and limit market fragmentation. They say that standardization will promote interoperability among carriers and institutions to ensure a consistent and reliable experience, and help promote faster adoption of mobile payment technologies.
While many consumers remained concerned about the security of mobile banking, many experts have come to the conclusion that far from being less secure, mobile banking is more secure than online PC banking. We will cover their reasons for thinking this way in the March issue of Credit Union tech-talk - subscribe now.
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Security Section
CSC has introduced ComplyID which is a Web-based service that provides automatic detection and resolution of potential identity fraud attempts. ComplyID is a decision and workflow software solution that addresses sections 315 and 114 of the Fair and Accurate Credit Transaction Act of 2003 (FACTA) by identifying and resolving bureau alerts and ID discrepancies, and providing tracking and reporting for compliance measures.
ConSentry introduced a new version of software for its intelligent switches that adds a permanent agent for assessing endpoint posture and can assess what Windows operating system patches have been applied. New software for the company’s LANShield intelligent switches and its LANShield Controller access-policy appliances also enables automatic remediation of shortcomings discovered via endpoint assessments. The system can blend data about user, application, protocol, port, URL, time of day and so forth to create a policy that will send warnings to IT administrators.
Top Layer Security, a network Intrusion Prevention System (IPS) vendor, has come out with a "Competitive IPS Trade-Up Program" whereby users of qualifying competitive IPS products can upgrade to Top Layer's IPS 5500-E-Series with no capital expenditures by purchasing three years of related subscription and services. They also have a "Zero CapEx IPS Purchase Program" which is designed to help organizations obtain IPS technology with zero capital expenditure investment.
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Leaders Roundtable
Security:
Protecting Member Data at Rest and in Motion
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Technology and Marketing
MindBlazer, a marketing technology company that leverages interactive video and new media for the financial industry, announced that they experienced increased demand in 2008 for its educational, interactive content. In 2008, MindBlazer grew to provide more than 140 financial institutions with a variety of interactive media tools, and introduced MoneyMinutesTV, a syndicated series of education-based interactive videos designed to inform the public about financial products and services. MoneyMinutesTV videos are approximately one to three minutes in length and cover a range of topics that are customizable to match each credit union’s brand. The content can be placed directly on high-traffic areas of the website, or used in-branch.
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Online Banking/E-Commerce/Website Design
When it comes to analyzing online banking websites, New York-based Corporate Insight considers eight key areas: account selection tools, account information, bill payment capabilities, transfer capabilities, self-service features, alerts, private site help and online applications. While the research firm believes more financial institutions will deploy Web 2.0-type tools like blogs and Twitter accounts, they do not think Web 2.0 tools will be the only element that makes the online banking site of tomorrow. In many cases, traditional features, such as advanced funds transfer capabilities, online account opening ability, a variety of account and security alerts, and personalized member service answers via secure messaging, will be the hallmarks of the best online banking sites.
Pearl River, NY-based Palisades Federal Credit Union is allowing members to make check deposits from their home computer through Palisades’ online banking site. Once the check is entered into the secure online log, the deposit is instantly available. Members can then mail the check into the $150 million credit union using pre-paid mailing envelopes.
Alternative payments are making good headway against credit and debit cards which is causing some industry observers to recommend that credit unions introduce their own alternative payments offerings or consider partnering with alternative payment leaders. We will discuss some options in the March issue of Credit Union tech-talk - subscribe now.
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Internet Access
SolarWinds, a network monitoring company, has added a new tool to its freeware arsenal that helps network managers troubleshoot performance problems via a user interface that configures to Cisco routers, switches and other IP devices. SolarWinds Cisco IP SLA (service-level agreement) Monitor measures network performance and allows network managers to analyze specific transport metrics from a Cisco IP SLA-capable device to another Cisco router or other IP device, SolarWinds says. Historically such monitoring would require administrators to use a command line interface (CLI) to configure and read results.
Verizon Business is looking to help protect their clients from denial-of-service-attacks. Verizon Business’ service provides two fundamental and separate functions – attack detection and attack mitigation. Once an attack is detected, customers may choose simply to be notified or, they may elect to take advantage of the mitigation service in which case the traffic is filtered – still within the network – by Verizon, and only the valid traffic is passed through.
Riverbed will sell Microsoft’s Windows Server bundled with its WAN optimization devices as a way to simplify purchasing for its customers. The server will run on the Riverbed Service Platform (RSP), a partition of Riverbed’s Steelhead WAN optimization appliances that can support five VMware virtual machines per appliance. Running applications on branch office Steelheads enables organizations to consolidate the number of devices deployed in branches without actually pulling the applications out of the branches and into central data centers. To take advantage of the Windows Server bundle, customers have to buy a Steelhead device and upgrade it for about $1,000 to acquire RSP capabilities and to make sure the device has enough memory. Riverbed already accelerates specific Microsoft applications based on the applications’ unique protocol characteristics so they operate more efficiently over the WAN than if they were subjected just to Riverbed’s generic optimization techniques. These applications include Windows, Exchange, SharePoint, SQL Server, System Center Configuration Manager, Data Protection Manager and App-V.
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Call Centers
Contactual’s virtual call center solution is designed for agents that work from home and the company says that their system is readily adaptable for people with disabilities. They tout the following features:
- Flexible connectivity that allow agents, working from homes nationwide, to be connected via either Voice over IP (VoIP) or hard line phone systems
- Records live calls and training sessions that can be used again to remotely train new agents
- Integrates with NetSuite’s Customer Relationship Management software
PSCU Financial Services announced that Member Loyalty Group has partnered to use the company’s Total Member Care call center solution for outbound call services. Member Loyalty Group is a CUSO created to implement a standardized member-loyalty metric for credit unions. The CUSO will utilize PSCU Financial Services outbound call services to conduct phone surveys, which, in collaboration with the mail and e-mail surveys already used by Member Loyalty Group, will provide credit unions with member loyalty data using the Net Promoter Score (NPS). NPS is a metric that measures how effectively credit unions and employees serve members.
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2008:
April 6-8, Park City - 2009 MVi Users Conference
June 4-5, Lake Las Vegas - Credit Union InfoSecurity Conference
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