Credit Union tech-talk News
June 4 - June 8, 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
* Texans Credit Union Selects Open Solutions
* LGE Federal Credit Union Partners with Digital Resolve
* Fidelity National Information Services Acquires AssetExchange
* CO-OP Financial Services Introduces CO-OP Concierge
Texans Credit Union announced it has 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 credit unions across the United States, Canada and other international markets. Texans CU is also implementing Open Solutions’ integrated solutions including premium overdraft protection, loan participation, cView (CRM/business intelligence), safe deposit box, positive pay and shared branching applications.
LGE Federal Credit Union, a full-service credit union serving more than 89,000 members worldwide, has deployed Fraud Analyst, a multifactor authentication solution from Digital Resolve, an authority in transparent risk-based authentication. Digital Resolve says that Fraud Analyst is a risk-based authentication solution that provides powerful yet transparent user authentication, and helps to reduce online fraud by as much as 90 percent.
Jacksonville-based Fidelity National Information Services has acquired privately held AssetExchange, a firm that specializes in brokering the sale of credit union card portfolios. Portland, Ore.-based AssetExchange has brokered the sale of more than 100 credit union portfolios in its six years in business.
CO-OP Financial Services is targeting traveling members with their new CO-OP Concierge program. CO-OP Concierge is composed of two elements. The first is Falcon Travel Notification, which gives credit unions access to cardholder contact information and travel itineraries, resulting in faster notification when a questionable transaction occurs. VIP Authorization Block Bypass is the second element of this service. It permits credit unions to identify elite cardholders they want to be exempt from any transaction blocks.
Hardware News
Auburn, CA-based ioSafe designs and manufactures disaster proof hardware to protect digital assets. They have a ruggedized NAS (network attached storage) unit that they say is 'disaster-proof.' They compare it to an aircraft black box because it can withstand intense heat, water damage, and drops from over 30 feet, and then have the disks recovered and the data remain intact. One independent group put their NAS box into a 1700 degree fire for 10 minutes, and pulled out the disks after hosing them down with water and read them with no problems.
3Com is offering their new X-Family of unified security platforms that feature TippingPoint's Digital Vaccine intrusion protection system. They feature NAC (network access control) capabilities that allow them to quarantine infected clients into a separate VLAN, where they can be cleaned up. It adds security services such as VPN, firewall and web content filtering, plus traffic shaping that allows specific traffic - such as VoIP - to be given priority over the VPN. The stand-alone X5 is $863 for 25 users, or $1035 for unlimited users, and can handle 18Mbit/s throughput. The larger rack-mount X506 is around $4,000 for unlimited users and can process 50Mbit/s.
When it comes to branches, do all-in-one devices make economic sense? Are the costs of these appliances lower than the collective cost of buying each of the functions (e.g., voice/data switching, routing, firewall, antivirus, intrusion detection/prevention, Web filtering, wide-area file services, wireless LAN, and applications) in a separate box? We will let you know in the July issue of Credit Union
tech-talk - subscribe today.
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
Launched in 2005, Tulsa, OK-based Vidoop is selling a set of SSO (single-sign on) applications that use collections of randomized images to help users remember their passwords, and allow organizations to add more complexity to their authentication systems. Based on the theory that people remember visual imagery better than text, Vidoop's application has users select three picture categories from a range of different genres such as buildings, cars, dogs, landscapes, etc. When they go to login to a website or network supporting their application, the user is presented with a grid of twelve images, three of which represent the categories they have pre-selected. In addition, Vidoop requires that users register the devices from which they log-on via the application. Vidoop has assembled a team of developers from Microsoft, the U.S. Navy, the National Institute of Standards & Technology, and various financial services firms.
TowerGroup has launched a new analytical tool for use by procurement departments and vendor selection process leaders within a credit union. The TowerGroup Vendor Selection Processor (VSP) is an analytical tool designed to streamline the scoring phase of a vendor selection initiative. The program is used to store vendor evaluation criteria, manage scores from those engaged in the selection process, and then analyze and report the results. At the end of the process, the TowerGroup says that the VSP will identify the vendor best-suited to a credit union’s budgetary and business needs.
A macro is a way to automate a task that you perform repeatedly or on a regular basis. It is a series of commands and actions that can be stored and run whenever you need to perform the task. You can record or build a macro, and then play the macro to automatically repeat the series of commands or actions. Macro Express is a top notch Windows macro utility. With Macro Express, you can record, edit and play back mouse and keyboard macros. Their built-in scripting editor creates commands in plain English, plus they include dozens of wizards to step you through common macro creations.
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
Many credit unions would like to customize their ATMs with targeted marketing messages and member specific information, but these efforts have often been hampered by outdated infrastructures based on legacy systems, or they have to contend with multivendor ATM software and hardware that doesn't interoperate well. However, it is becoming easier and more affordable to expand ATM capabilities - learn how in the July issue of Credit Union
tech-talk - subscribe now.
Desjardins Group, Québec’s largest financial institution, has added a new feature to its ATMs. Credit union members can now view their last ten account transactions directly on-screen. This follows on to credit union members being allowed to pay their bills without envelopes at ATMs. Members simply pre-register their bills and then they can be paid at the ATM with just a few steps. Desjardins also supports a “fast cash withdrawal with no transaction record” feature which the group says allows for reductions in paper use.
VSoft Corp. and Southwest Corporate ($11.5 billion in assets), a corporate credit union serving 1,300 credit unions in 42 states, have signed a remote image capture deal. Southwest has signed on for VSoft’s Merchant Capture and ATM Image Capture solutions to offer its credit unions. ATM Image Capture interfaces with image-based ATMs, allowing credit-union members to make envelope-free deposits.
Biometric Digest Highlights - WWW.BIODIGEST.COM
iMagic Software and BioPassword are two vendors that offer password verification systems based on keystroke dynamics. They say that fingerprint scanners, smart cards and passcode-generating tokens are expensive platforms to set up, maintain and upgrade, while keystroke biometrics, which is purely a software solution, can be easily installed and updated. Parda Federal Credit Union, in Auburn Hills, Mich., uses BioPassword’s Internet Edition, which is designed for Web-based applications such as online banking and business-to-business transactions. The software is installed on the credit union’s server and analyzes the keystrokes of users logging in from anywhere around the world.
Wireless World
Current users see mobile banking as a secondary or emergency banking method, according to a recent research study by SYNERGISTICS Research Corp. Genie Driskill, COO of SYNERGISTICS, stated, “Providers face a number of challenges in the market that may impact the usage of mobile banking, such as varying technologies and platforms, device functionality and screen size issues, pricing – particularly in the context of minute usage, as well as security. As our results show, users of mobile banking (cell phone or PDA/organizer) currently view this service as a secondary or emergency banking method. Many of the existing market or environmental issues will need to be resolved before mobile banking can entertain significant growth."
Startup Geezeo is offering their "Geezeo Mobile" service that gives consumers real-time access to their account information from 6,000 financial institutions and credit card companies. Geezeo claims that the new service will eliminate overdraft fees, declined credit cards, late payment penalties and avoid lower credit ratings. After registration, whenever users want to check balances or available credit, they simply send a text message to Geezeo requesting specific information, such as account balances, payment dates or available credit. Geezeo then replies with a text message with the requested information.
Walnut Creek, CA-based Pacific Service Credit Union has switched to wireless mice and keyboards. Even though there is little hard “ROI” on the hardware, the credit union made the switch in an effort to make their employees’ jobs easier. So far, the results have been positive with rave reviews from their staff.
Security Section
Many organizations struggle with implementing the proper security features on a new Windows Server 2003 installation. While there are multiple sources for checklists and guides available, including SANS, NSA, NIST, and a host of others, credit union network administrators should not overlook Microsoft's Security Configuration Wizard (Scw.exe). The main purpose of this wizard is to implement role-based security on Windows Server 2003. By defining the server's role on the network, you can disable unnecessary services, block unused ports, implement additional address or security restrictions for ports necessary for operation, and more.
Many financial institutions are lowering their transaction limits on debit cards in an effort to cut their fraud losses. Some say that while their average legitimate debit card transaction is under $50, their typical fraudulent transaction is well over $500. Some have changed their daily limit of $2,500 on debit card transactions to $1000, while others have gone down to just $500. Some institutions grant cardholders planning vacations or special expenditures temporary limit increases. KUE Federal Credit Union in Lexington, KY is one credit union that has not only lowered their signature debit card point of sale transactions to $500, but also banned ATM withdrawals from machines outside the United States.
Some security experts say that computer crime has shifted from a game of disruption to one of access. They note the use of antiforensics which includes technology and a very sophisticated approach to computer intrusions. We will cover antiforensics in the July issue of Credit Union
tech-talk - subscribe today.
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
Online Banking:
Embraced by Members - The Next Steps
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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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GalaxyPlus - http://www.galaxyplus.com Read Jay Slavin's comments: http://www.cunews.com/roundtable/GalaxyPlus.pdf |
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Microsoft - http://www.microsoft.com Read Greg Haislip's comments: http://www.cunews.com/roundtable/Microsoft.pdf |
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Open
Solutions - http://www.opensolutions.com Read Michael D. Nicastro's comments: http://www.cunews.com/roundtable/OSI.pdf |
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TowerGroup - http://www.towergroup.com Read George Tubin's comments: http://www.cunews.com/roundtable/TowerGroup.pdf |
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uMonitor - http://www.umonitor.com Read Dinesh Sheth's comments: http://www.cunews.com/roundtable/uMonitor.pdf |
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USERS - http://www.users.com Read Eric Panepinto's comments: http://www.cunews.com/roundtable/USERS.pdf |
Technology and Marketing
A German company has come out with software that enables video messages or "Videonizes" to be sent as simply and easily as email. Traditionally, video clips had to be sent as attachments, but MailPerfect Europe AG says that their Videonize messages run in the recipient's email program or browser, without any special player or proprietary software. A further advantage for email campaigns: video streams to the recipient immediately upon opening the Videonize email, thus minimizing data volume and buffer times. The firm claims that Videonize emails can be received by all current email programs.
Riverside, CA-based Altura Credit Union is successfully using email marketing to reach their members. The credit union uses “opt-out” marketing whereby members must unsubscribe if they do not wish to receive emails. One auto loan email campaign was particularly successful: it resulted in over $300,000 in new and used auto loans.
Online Banking/E-Commerce/Website Design
Unisys has announced it will design and help implement a new electronic check and image processing system in a consulting, software and hardware agreement with the Federal Reserve Bank of Cleveland, acting on behalf of the 12 Federal Reserve Banks. The 12 Reserve Banks together are one of the United States’ largest processors of payments, including paper and electronic checks, for financial institutions. Unisys will deploy its Open Payments Platform that is based on a Service Oriented Architecture (SOA) approach incorporating industry standards, Business Process Engineering Language (BPEL), and Linux.
Credit unions that offer PFM (personal financial management) tools should target 18 to 24 year olds, according to research from Javelin Strategy and Research. Javelin says that the fact that 14% of 18 to 24 year olds use software provided by their financial institution — double that of most every other age segment — shows that this group is open to using a PFM tool provided through the credit union.
Credit unions that issue credit cards would be well advised to know that the Federal Reserve Board has unveiled a proposal that would require credit card statements to carry a warning message on the consequences of paying only the minimum required payment. Among other proposed changes: a 45 day notice before raising an interest rate due to delinquency or default; requiring issuers to state on monthly statements the total interest and fees paid for the calendar year; and applying payments to the debt carrying the highest interest rate first. The major overhaul of Regulation Z (Truth in Lending) comes after gathering one-on-one feedback from cardholders over a two-year period. The new proposals also come on the heels of growing Congressional pressure to rein in credit card practices. The proposals are now open for public comment for the next four months and could take effect sometime in 2008.
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
Avaya recently announced their new Avaya Distributed Office system, a fully-IP communications system for branch offices - it focuses on high integration and easy rollout with the goal of networking employees across all branches of an organization. The Avaya Distributed Office i40 and Avaya Distributed Office i120 hardware can be pre-configured to match an organization's preferences, and a wizard walks through on-site configuration. It then links up with the central management software to take care of call routing.
Covad Communications announced it is offering a faster DSL service that promises to deliver 8M to 15Mbps of dedicated Internet access. The new service, which Covad is calling ADSL2+, is available in three flavors that support 8M, 10M or 15Mbps downstream and 1Mbps upstream of Internet access. Covad says its ADSL2+ service is provisioned the same as any of its other DSL offerings and will initially be offered in: Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, Philadelphia, San Diego, the San Francisco Bay Area, Seattle and Washington, D.C. The service ranges from $150 to $195 per month depending on the downstream bandwidth the customer purchases.
Many telecom experts believe that small organizations have enough to worry about without the added complexity of administrating a PBX or VoIP phone system. They note that VoIP offers many advantages, but often the migration process and maintenance are simply more than small organizations can handle, just as a traditional PBX may be too cumbersome. That is why some are touting the benefits of a managed VoIP phone system. We will cover these advantages in the July issue of Credit Union
tech-talk - subscribe now.
Call Centers
The Workforce Management Software Group started as a call center consulting firm, then developed what they are calling a new kind of workforce management system. Their Community package delivers forecasting, what-if analysis, scheduling, intraday management tools, and real time agent adherence and reporting features. Community 3.0 is the only .Net workforce management application available to contact centers today and requires nothing more than a browser at the desktop.
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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