Credit Union tech-talk News
April 30 - May 4, 2007
- General News
- Hardware News
- Software Updates
- ATMs/Kiosks
- Biometric Digest Highlights
- Wireless World
- Security Section
- Leaders Roundtable
- Technology and Marketing
- Online Banking/E-Commerce/
Website Design - Internet Access
- Call Centers
- Conferences
General News
* Fiserv Signs 15 New Credit Union Clients in Hawaii since December
* Ewart Technologies Announces New CU Email Marketing Solution
* VACORP Federal Credit Union Selects Open Solutions
* Ongoing Operations Adds 4 New Clients
* Passageways Holds Successful PowWOW
Fiserv, a leading provider of technology solutions, announced that its Credit Union Division has signed contracts with 15 Hawaii credit unions for core processing solutions since December 2006. With the addition of these credit unions to the Fiserv family, Fiserv now serves 63 credit union clients that have a combined $4.5 billion in assets and 514,462 members.
Ewart Technologies, a leading South Florida-based technology firm that specializes in IT solutions for credit unions, announced a new email marketing solution designed specifically for small to medium sized credit unions. For a fixed monthly price starting as low as $35, credit unions can send unlimited emails to their members. Features include advanced options such as the tracking of email views and click-thrus of links, automated subscribe/unsubscribe forms, automated bounced email processing, an integrated HTML editor, and templates using prior emails.
Lynchburg, VA–based VACORP Federal Credit Union recently selected Open Solutions Inc.’s The Complete Credit Union Solution, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets. In addition to The Complete Credit Union Solution data processing platform, VACORP will be implementing Open Solutions’ Financial Accounting Suite.
Ongoing Operations, a CUSO with clients across the United States, announced that within the past two months, four new clients have signed on for various Disaster Recovery and Business Continuity services. Recently acquired credit unions include: 1) NAPUS Federal Credit Union, Alexandria, VA; 2) US Postal Federal Credit Union, Clinton, MD; 3) SB1 FCU, Center City, Philadelphia; and 4) State Department FCU, Washington D.C.
Passageways, a leading portal provider to credit unions, recently held their annual conference in West Lafayette, Indiana. Over 90 representatives from Passageways’customers attended the Passageways Portal PowWOW. The conference was also the chosen platform for launching the latest Passageways Module – e-Forms Builder Module.
Hardware News
UsedCisco.com sells and buys pre-owned Cisco and other networking hardware to and from end-users worldwide. Buyers of used networking hardware which are thoroughly inspected and refurbished by UsedCisco.com can realize savings of 55%-95% off list price on hardware which is ready to be installed and used. The company, which started in 2002, recently launched its direct to end-user e-commerce platform that includes a "click to buy" format.
Epson and RDM, a provider of specialized software and hardware products for electronic payment processing, have unveiled a new check scanning solution called CaptureOne. CaptureOne offers a 100-sheet document feeder in two versions, with scan rate options of 30 or 60 documents per minute. Their desktop scanners are targeted at back office capture (BOC), remote deposit capture (RDC) and branch capture applications.
Dell has become one of the first vendors to make available Linear Tape-Open (LTO-4) storage drives and media. Dell's PowerVault LTO-4-120 drives include a number of capabilities, most notably device-level encryption. Dell said its drives also offer double the capacity - 800 GB native - and a 50% performance improvement over previous generation tape drives. Pricing for the external standalone Dell PowerVault LTO-4-120 drive starts at about $4,000, while tapes run about $200.
Hardware Section Sponsored by MagTek |
MagTek®’s ExpressCard 1000 is the industry’s first “ALL-IN-ONE” instant issuance and complete card personalization platform forCredit, Debit, ATM, and Financial Gift Cards designed to fit securely and comfortably within a branch location.
For the first time, card personalization features such as color
card-printing, magstripe encoding, smartcard encoding, card embossing,
indent printing, and foil tipping have been combined into a single
device which provides both the physical and logical security features
required to meet the demands of a branch or retailer’s card issuing
environment.
Equipped with MagnePrint® card authentication technology (www.magneprint.com),
the ExpressCard 1000 offers the capability to capture the card's
reference MagnePrint at the time of card issuance so that reference
value may be used in conjunction with complementary risk management
analytics with card present transactions. The ExpressCard 1000 can be
connected as a peripheral to MagTek’s IntelliCAT and MCAPS 3000 PIN
selection and instant issuance software suites creating a complete and
secure card issuing platform.
For more information on ExpressCard 1000, go to www.magtek.com or call your MagTek sales representative at 800-788-6835.
Software Updates
PKWare released a free version of SecureZIP, encryption software designed for use on PCs, portable devices and laptops. SecureZIP Standard Version 11 aims to secure the body of e-mails, e-mail attachments and information stored on hard drives. The software will work with e-mail applications such as Microsoft Outlook. PKWare, which initially developed the protocol for ZIP compression technology, is also selling SecureZIP Enterprise Version 11 for $49.95
Seattle-based Verdiem has developed a PC power management software package called Surveyor. The software centrally monitors the behaviors of users and places their PCs into lower power settings when they're not in use, such as when a user is in a meeting, at lunch, or has gone home for the evening. It also includes IT management capabilities, e.g., it has the ability to bring all the PCs back up in the middle of the night to deploy a security patch or software update. The city of Boston has deployed the package and is saving an average of 180 kilowatts of electricity, or about $25, per PC per year.
Software Section Sponsored by Raddon Financial Group (RFG) |
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The right business decision requires reliable business intelligence. With RFG's evolutionary profitability model, nextPROFIT, iNTEGRATOR offers unparalleled management reporting capabilities based on consistent financials mapped from the credit union's general ledger. iNTEGRATOR's advanced functionality and industry-leading member intelligence is complemented by a dedicated team of Strategic Advisors who evaluate each client's marketing challenges and opportunities to deliver a custom Earnings Improvement Plan every six months. If you're not seeing the return on investment you expected from your current MCIF, take advantage of the power and versatility of iNTEGRATOR and the opportunities identified by your Strategic Advisor. For more information, give us a call at 800.827.3500 or register for a live demo at www.raddon.com/demo. Please use promo code: TT55. |
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-- Kari Hullinger, Marketing Director |
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ATMs/Kiosks
Infonox and Elan Financial Services have created a partnership to develop sophisticated multifunction ATMs under the name Pass+. The ATM/kiosk line supports multiple financial transactions: bill payment, cashing payroll checks, transferring funds, and buying money orders and prepaid cards. Elan will provide marketing, back-office, cash management, EFT processing, and settlement services, while Infonox will deliver the software, device management and driving, switching, monitoring and support functions.
Mid tier ATM manufacturer Triton Systems has rolled out a new product called Triton Closed Loop (TCL). TCL is a host simulator system that allows ATMs to be used as offline cash dispensers and in non-traditional roles.
Biometric Digest Highlights - WWW.BIODIGEST.COM
Voice biometrics offers multifactor authentication for telephone bankers with an added convenience - learn more about voice biometrics in the May issue of Credit Union tech-talk - subscribe now.
Wireless World
Sprint has formed a partnership with mFoundry to bring mobile banking and financial services to Sprint customers with Vision or Power Vision phones. mFoundry has integrated its existing mBanking product into Sprint's Spotlight Platform, and all of its current mobile banking consumers will be included in the Sprint Spotlight mobile banking solution. Financial institutions using Spotlight to deliver full-service mobile banking will allow their users to check account balances, search for transactions, transfer funds, receive and pay their bills, and find ATMs and branches.
After offering its contactless payment cards generically for two years, Visa USA has attached a brand name to its contactless payment platform. The name, payWave, will identify Visa’s contactless technology around the world, serving the same function as MasterCard Worldwide’s PayPass and American Express’s ExpressPay contactless brands. Visa saw on average a growth rate of 34% in contactless transactions each month last year, a rate of increase that the company says continues into 2007.
Cisco Systems is targeting small offices and remote branch networks with their new HWICs (high-speed WAN interface cards). These cards, priced at $850 each, allow certain Cisco routers to connect to carrier (AT&T, Sprint, Verizon, etc) 3G networks using EV-DO or HSDPA. This permits wireless backup should landline data connections go down.
Security Section
According to security firm Trend Micro, Internet users can expect more cyberattacks to originate from the Web than via e-mail by next year. E-mail has traditionally been the top means of attack, but security tools for e-mail have become commonplace. However, the same isn't true for Web traffic which is more difficult to monitor and block. More and more security vendors are adding Web security features in order to compete with companies such as Websense, Surf Control and ScanSafe who specialize in blocking known malicious sites and scanning Web traffic.
GFI Software, a developer of network security, content security and messaging software, has released EndPointScan, a free online service that allows you to check what devices are or have been connected to computers on your network and by whom. The diagnostic tool is designed to help identify those areas where the use of portable storage devices could pose a security risk.
A New Zealand security firm called IsecT runs a website called NoticeBored. The website includes a wealth of purchasable security-awareness materials that can brighten up your employee security education program. Among other things, you can create on-line security training sessions and quizzes for employees based directly on your security policies and check compliance using their structured checklists.
Security Section Sponsored by MAGENSATM |
MAGENSA™ is a trusted verification authority (TVA) that provides real-time remote-hosted credential authentication services. These services enable credit unions, financial institutions, businesses, and government agencies to integrate PCI DSS and FFIEC multi-factor authentication and end-to-end data encryption capabilities into their existing processing environments without the need for substantial financial investments or massive changes to the existing infrastructure.
Specifically tailored to enhance the security of internet banking and
ATM applications, MAGENSA delivers unprecedented security and
authentication using the familiar magstripe card credentials (secure
tokens) that a credit union has already issued to its members. MAGENSA
is powered by the trusted and proven card authentication technology
known as MagnePrint® (www.magneprint.com). MagnePrint differentiates a
members’ authentic magstripe card from an altered or counterfeit
version, transforming the traditional magstripe card into a powerful
security token.
MAGENSA’s Secure Data Center (SDC), a reliable 24x7 operations center
that is maintained 365 days a year, simplifies the integration of data
decryption and MagnePrint scoring into existing websites, and allows
for data federation across institutional domains.
For more information on MAGENSA, please visit www.magensa.net or call 877.MAGENSA.
Leaders Roundtable
SECURITY:
Finding a Balance between Security and Convenience
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Arcot - http://www.arcot.com
Read R. 'Doc' Vaidhyanathan's comments: http://www.cunews.com/roundtable/Arcot.pdf |
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Code Green Networks - http://www.codegreennetworks.com
Read Chip Hay's comments: |
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Comodo -
http://www.comodogroup.com Read Andrew J. Pynes' comments: http://www.cunews.com/roundtable/Comodo.pdf |
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Corillian -
http://www.corillian.com Read Greg Hughes' comments: http://www.cunews.com/roundtable/Corillian.pdf |
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Digital Resolve - http://www.digital-resolve.net Read Dennis Maicon's comments: http://www.cunews.com/roundtable/DigitalResolve.pdf |
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e-DMZ Security -
http://www.e-dmzsecurity.com Read Kris Zupan's comments: |
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GalaxyPlus - http://www.galaxyplus.com Read Vince Francone's comments: http://www.cunews.com/roundtable/GalaxyPlus.pdf |
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Intrusion - http://www.intrusion.com Read Jay Barbour's comments: http://www.cunews.com/roundtable/Intrusion.pdf |
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MagTek - http://www.magtek.com Read Kiran Gandhi's comments: http://www.cunews.com/roundtable/MagTek.pdf |
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Network Armor - http://www.networkarmor.com Read Stephen Goldsby's comments: http://www.cunews.com/roundtable/NetworkArmor.pdf |
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Perimeter Internetworking -
http://www.perimeterusa.com Read Kevin Prince's comments: |
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RSA
Security - http://www.rsasecurity.com Read Marc Gaffan's comments: http://www.cunews.com/roundtable/RSA.pdf |
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Symitar - http://www.symitar.com Read Larry Widel's comments: http://www.cunews.com/roundtable/Symitar.pdf |
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TriGeo Network Security - http://www.trigeo.com Read Michelle Dickman's comments: http://www.cunews.com/roundtable/TriGeo.pdf |
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WhiteHat Security - http://www.whitehatsec.com Read Jeremiah Grossman's comments: http://www.cunews.com/roundtable/WhiteHat.pdf |
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WinMagic - http://www.winmagic.com Read Joseph Belsanti's comments: http://www.cunews.com/roundtable/WinMagic.pdf |
Technology and Marketing
According to Sheshunoff Management Services, financial institutions with the most aggressive account opening programs have among the worst attrition rates. It appears that lavish gifts do not pay in the long run. The Austin, Tex.-based firm found that institutions that lure people to open accounts with gifts lose 65% to 70% of those accounts in the first year, which compares with an industry-wide statistic of about 45%.
MasterCard Advisors has announced several enhancements to its Segmented Loyalty Programs which enable issuers to design customized promotions to reach highly targeted groups of cardholders and thereby encourage card usage. The program can now identify and categorize groups of cardholders based on their past spending behavior, and then tailor offers designed to drive them to new categories of spend, as well as to new merchants. MasterCard is touting the fact that targeted cardholders do not need to show coupons or keep receipts, and credit union card issuers can select how to deliver rewards to their members.
Online Banking/E-Commerce/Website Design
According to a study from TransUnion and Edgar, Dunn & Company, more consumers prefer debit cards than any other type of payment for point of sale purchases. This is the first time in the study's history that debit cards exceeded all other payment devices as the overall preferred payment product. Twenty-nine percent of respondents prefer debit cards versus 26% for credit cards. Additionally, 35% of respondents indicated that Relationship Rewards is the leading incentive to acquire a new credit card from their primary financial institution (up from 31% in 2004).
Meanwhile card preauthorization charges continue to generate some confusion among cardholders. Preauthorization charges aren't new, but the details surrounding them can be confusing. While retailers set the amount and card issuers determine how long a hold stays on, actual procedures vary wildly between retailers, financial institutions, types of cards and even types of transactions. According to the National Association of Convenience Stores, preauthorization holds are standard practice for any business that accepts plastic as a form of payment in a situation where the final dollar amount is unknown. They note that signature-based debit transaction holds can remain for 48 to 72 hours, while PIN-based debit transaction holds should last just a few minutes.
Zoot Enterprises, a provider of advanced instant credit decisioning and loan origination solutions, announced the expansion of its Enterprise Cross-Sell Manager solution to lenders serving the underbanked market, or consumers who have limited or no credit history. They claim that the platform is an effective tool for minimizing risk for lenders serving non-traditional credit customers by providing a more complete and accurate credit assessment of borrowers with thin credit files.
Online Banking Section Sponsored by MAGENSATM |
Revolutionary Convergence of Security Technology for Secure Internet Banking!
MagneSafeTM P55 is a portable card reader/authenticator with four key technologies for secure online banking: Cardholder Data Encryption,
MagnePrint® card authentication technology, Website Authentication and Track 1, 2 and 3 card reading capabilities. In conjunction with
MagneSafeTM, the MagneSafe P55 is designed to offer secure, multifactor authentication for Internet banking, empowering consumers with the freedom and confidence of knowing that their transactions are protected anytime, anywhere.
MAGENSA, a Trusted Verification Authority that provides real-time, remote-hosted credential authentication services, allows credit unions to integrate PCI DSS and FFIEC compliant multifactor authentication, data encryption, website authentication, and data federation capabilities without the need for substantial financial investments or massive changes to the existing infrastructure.
For more information about the MagneSafe P55 or MAGENSA, visit
www.magensa.net, or call
877.MAGENSA.
Internet Access
Voice over Internet Protocol (VoIP) is gaining market share as organizations are recognizing the significant benefits of the technology. Hosted business-VoIP is one area that is growing rapidly for a variety of reasons, including predictable monthly voice communications expenses with no up-front capital expense, and toll savings for intra- and inter-company long distance and local calling. According to research firm AMI Partners, organizations with 10 to 50 employees will generate particularly high adoption rates of hosted VoIP. Leading vendors, based on seats, include Covad Communications, XO Communications, Packet8, Cbeyond, and M5 Networks.
Smaller organizations that are looking to purchase or upgrade their business phone systems may want to take a look at VendorGuru.com. Their latest white paper is entitled "Telephony Simplified: Finding the Solution That Fits Your Small Business." It surveys the landscape of enterprise telephony today: the features available, the pros and cons of traditional and VoIP systems, and the adaptability of new generation equipment to rapidly changing business needs.
Call Centers
Best Practices, a research and consulting firm, has released a report entitled “Transforming Contact Center into High-Performing Sales Channels: Building Service that Sustains Sales.” In it they say that successful cross- and up-selling requires three items: selective recruitment, focused and ongoing training and standardization of the cross-selling/up-selling functions. In terms of recruiting, they say that self-confidence, awareness and motivation are the most important hiring criteria for successful new service-to-sales recruits. This survey also found that 75% of respondents invest less time training their call center supervisors in sales techniques than their service representatives. They noted that this lack of sales training for managers sets the call center agents up for failure in the event they are not meeting sales goals as their supervisors will not be adequately trained to help them to improve.
Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2007:
June 7-8, Las Vegas - Credit Union InfoSecurity Conference
August 9-10, Pasadena - Financial Technology Solutions International Technology Forum
October 10-13, Albuquerque - Firefighters' National Credit Union Summit
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