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January 9, 2012 - January 13, 2012
General News
* Verint Acquires GMT
* EPL Reports Customers Renewals
* CU*Answers Reaches 100 Owner Milestone
* Open Solutions' DNAappstore Experiences Success
Verint Systems, a leading provider of Actionable Intelligence solutions and services for enterprise and security intelligence, has closed the purchase of Global Management Technologies Corporation (GMT), an Atlanta-based leading provider of workforce management (WFM) solutions. GMT's software and services are widely used by organizations particularly in retail branch banking environments.
EPL, a credit union owned core system provider that has served the technology needs of credit unions exclusively for thirty-four years, announced the recent core data processing renewals of several customers. Credit unions that have re-signed with EPL include: Statewide FCU (MS); Legacy Community FCU (AL); Zia CU (NM); Mississippi DHS FCU (MS); Lanai FCU (HI); Honea FCU (HI); Garden Island FC (HI); Meadow Gold FCU (HI); EWA FCU (HI); Oahu FCU (HI); East Alabama Community FCU (AL), EBSCO FCU (AL) and Metro Employees CU (KY).
CU*Answers, a 100% credit union-owned CUSO, announced that eight additional credit unions had recently purchased stock to become CU*Answers Class A Stock Owners. CU*Answers said that with these most recent investors, it had now reached a record 101 credit union Owners.
Open Solutions, a leading provider of integrated enabling technologies for credit unions throughout the United States, Canada and other international markets, announced that twelve financial institutions have selected its core platform through Q3 2011 since launching two pioneering solutions: DNAappstore, the first online marketplace to advance global collaboration and innovation for the financial services industry; and DNAcreator, a suite of tools for creating integrated core applications.
Hardware News
Lenovo announced their first ThinkPad Ultrabook and a few other laptops. The laptops include a unique dual-OS hybrid 13-inch ThinkPad that permits booting into a Linux derivative. The X1 Hybrid includes Instant Media Mode (IMM). IMM includes a Qualcomm dual core processor, up to 16 GB of memory and a custom Linux-based operating system. To switch to IMM from Windows, users simply click on an icon on the laptop's home screen. Meanwhile, the ThinkPad T430u is the first business-class Ultrabook from Lenovo that starts at $849 and comes with up to 1 TB of HD storage. The 14-inch T430u is configurable with the full-range of Intel Core processors, and weighs less than 4 pounds.
Some hardware analysts are predicting that 2012 will bring a fundamental change in server architecture. We will tell you about their predictions in the February issue of Credit Union tech-talk - subscribe today.
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Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)
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Software Updates
PC power management (PCPM) is overlooked by organizations, despite the cost savings it can deliver, according to research firm Ovum. They say that average power consumption savings of 40 percent are being ignored, in part due to fear from IT departments that PCPM solutions may disrupt core IT operations. Ovum points to annual power consumption savings of around $36 per PC, and notes that the payback period for many solutions is expected to be no more than six months, and in the US the solution costs may be completely offset by utility rebates.
Microsoft has just released a beta version of Windows Defender Offline (WDO), a rootkit-sniffing and Windows-rehabilitation tool. This new version can help IT Departments in two very different situations:
1. Windows won't boot: You can boot your machine with a WDO CD or USB drive, and WDO will perform a detailed malware scan.
2. You suspect you have a rootkit: WDO can scan your system and remove many different kinds of rootkits.
WDO is completely self-contained - boot the afflicted PC from a WDO CD or USB drive, and the tool examines the system without any interference from the installed copy of Windows.
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Software Updates Sponsored by
Raddon Financial Group (RFG)
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ATMs/Kiosks
The single and multi-denomination currency cassettes, which sit inside each ATM's cash dispenser, come in a wide variety of dimensions and sizes. Europe is leading the way to standardize the size of ATM cash cassettes and cash transport cases. The European Payments Council is touting the benefits of standardization:
- decreased maintenance costs
- allows empty cassettes to be replenished with deposits retrieved from a different ATM in the same locality
- permits cash-in-transit companies to efficiently store cash cassettes in their trucks, thereby reducing the number of cash transport journeys required.
Managing an ATM network for maximum uptime calls for a robust ATM service management tool. We will cover some key components of ATM service management tools in the February issue of Credit Union tech-talk - subscribe now.
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CU Success Stories
Here is a chance to learn about real life credit union success stories from various technology vendors through the words of their clients. This week's vendor is:
Verint Systems

and their client is:
American Eagle Federal 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
According to a new report by Consumers Union, many cellphone and tablet users can purchase digital goods and charge them to their monthly bill or prepaid phone account, but buyers may not get the protections they need if something goes wrong with the transaction. In action, the protections that consumers receive vary depending on their wireless carrier's policies and what's in their cellphone contract. Consumers Union is calling on the top wireless carriers to strengthen their contracts to protect consumers in the event that their phone is lost or stolen, if a merchant makes a billing mistake or the customer is not satisfied with a purchase.
PayPal plans to utilize their 2011 acquisition of the location-based ad network WHERE to encourage consumers to use its upcoming in-store payment system. WHERE uses location, search, and purchase data to target consumers to offer them at deals at nearby retailers. Their goal is to encourage consumers to shop at the retailers offering the deals and to show merchants how much of their business is being driven by PayPal's payment system.
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Security Section
Credit Karma claims to be the first company to offer free credit monitoring to all U.S. consumers. The new feature will monitor a consumer's credit file on a daily basis and alert the member when a significant change occurs. The company touts that "consumers can stay on top of their credit and protect themselves from identity theft and credit reporting errors without being charged a monthly fee."
Database security must always be top of mind for credit unions and they must continually look at their processes and technologies and reassess how well they are mitigating database risks. We will present some database security experts' tips for database protection in the February issue of Credit Union tech-talk - subscribe today.
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Leaders Roundtable
Security:
Compliance and InfoSecurity – Applying the Right Resources
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Technology and Marketing
National Australia Bank has launched a high-tech concept branch in Melbourne that features free WiFi with computers and iPads as well as a special children's area. Yet its unique claim to fame is that it also comes complete with its own NAB scent, pumped into the building to help relax branch visitors. Explaining the decision to pump fragrances into the branch, an NAB spokesperson said that "it's certainly not making it smell like $50 notes. It's about getting customers to feel comfortable in the store."
Randolph-Brooks Federal Credit Union has a debit card rewards program that offers $0.10 back on debit transactions. Regardless of whether it is a PIN or signature transaction, the member earns cash back. The "swipe your card, earn a dime every time" message has resonated with members, especially during the holidays when the Texas-based credit union upped the offer to $0.15 back on all debit purchases.
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Technology & Marketing Section Sponsored by
MARQUIS Software Solutions
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Online Banking/E-Commerce/Website Design
Some analysts believe that financial institutions are throttling RDC (remote deposit capture) initiatives in part because of risk concerns. Yet these same observers believe these concerns are unfounded. They point to two consecutive surveys of U.S. financial institutions that show that fully 90% of surveyed institutions had suffered no monetary loss at the hands of RDC. The small minority that did suffer loss mostly had a single incident after offering RDC for 4 or 5 years in some cases.
Man-in-the-browser attacks are feasible during three stages of online banking:
- During the login phase - designed to capture login credentials
- At the post login phase - with Webinjects used to social engineer the victim into providing personal information or downloading malware
- At the transaction phase - tampering with transactions on-the-fly in the background, typically changing payee details and/or the amount
Now Trusteer is reporting another form of man-in-the-browser attack: the post transaction attack. These sophisticated attacks are designed to conceal illegitimate activity for as long as possible to either allow money to transfer to its final destination - uninterrupted, or continue to control the account and perform further transactions. This malware hides ("replaces") the fraudulent transactions in the "view transactions" page, as well as artificially changing the total fraudulent transaction amount to balance the totals.
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Internet Access
Virtel Voice is a communications company that caters to small to medium-sized organizations with their cloud communication system that integrates VoIP with either a web-based or virtual PBX. The system has the capability to route calls, handle holds and transfers, and allow more than one person to be reached from one number. The virtual PBX also has the ability to direct incoming calls that are not picked up to the correct destination. In addition, the PBX offering also powers fax, automated greetings or messages, touch-tone menus, conferences, call records, and phone calls that are sent to the first available person.
Although Apache continues to dominate the Web server space, open source Nginx is nibbling at rivals' market share. Open source upstart Nginx, which has the backing Michael Dell and other venture capitalists, has edged out Microsoft IIS (Internet Information Server) to hold the title of second-most widely used Web server among all active websites. What's more, according to Netcraft's January 2012 Web Server Survey, Nginx over the past month has gained market share among all websites, whereas competitors Apache, Microsoft, and Google each lost share.
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Call Centers
Indosoft announced that their Q-Suite 5.5 Contact Center Software Suite is now compatible with its Web Services API for business-to-business applications. The new capability enables Q-Suite s Dialer and ACD management software to effectively integrate with external applications to automate different aspects of contact center operational management. The integration also enables Web Service users to move data in and out of the ACD and Dialer database and software. Web services users can incorporate libraries into their applications on any platform and in most programming languages.
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Call Centers Section Sponsored by
Better Branches
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk, at these upcoming conferences:
March 18-22, Washington, DC - CUNA GAC
June 6-8, Las Vegas - Credit Union InfoSecurity Conference
October 7-10, Long Beach - Firefighter’s National Credit Union Summit
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