Credit Union tech-talk News

September 24 - September 28, 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

* Blackstone River FCU Selects Summit
* Simpler-Webb Partners with EVault 
* Open Solutions & Netupdate Form Partnership
* Hughes FCU Chooses FSCC & Digital Dialogue 

Blackstone River Federal Credit Union of Woonsocket, R.I., has selected the Summit Spectrum core processing solution to help strengthen its financial relationships with new and current membership. Summit Information Systems, a business unit of Fiserv, is a leader in delivering advanced core processing solutions to the credit union industry. 

Simpler-Webb, a provider of managed and professional consulting services to credit unions, announced its partnership with EVault to provide customer data protection software and Software as a Service (SaaS) solutions from EVault, a wholly-owned subsidiary of Seagate Technology. EVault offers a complete suite of data protection software and SaaS solutions.

Netupdate, a provider of Web-based online point-of-sale technology for the mortgage lending industry, and Open Solutions, a leading provider of integrated enabling technologies for credit unions across the United States, Canada and international markets, announced that they have signed a partnership referral agreement. According to the terms of the agreement, Open Solutions will provide its clients with integrated access to Netupdate’s Originator Pro technology solution. 

Tucson-based Hughes Federal Credit Union has joined the Financial Service Centers Cooperative and has chosen the Custom Call Center Outlet, managed by Digital Dialogue, a PSCU Financial Services company. Hughes' 48,000 members now have access to call center services 24/7.

Hardware News

LogLogic wants to help IT Departments get a handle on log files with their two appliances: the Log Data Warehouse and the Reporting Appliance. The former stores the data (up to 4Tb per appliance of compressed data) and comes with connectors to capture the relevant log data from various sources (servers, routers, switches, etc) that you might have, and it also indexes all of the incoming log data. The Log Data Warehouse stores all the log information exactly as it originated, while the Reporting and Analysis Appliance enables the generation of template-based reports that put the log data into easily readable and understandable formats.

Hewlett-Packard plans to offer solid-state drives (SSDs) as an option in all professional series laptop PCs starting next month because the drives operate faster, conserve battery life, and are more durable than hard disk drives. HP will first offer the option of 64GB NAND flash memory drives in the HP Compaq 2710p, 2510p, 6910p, and 8000 series, and will continue to offer it in future models, Unfortunately, the SSD option will add around $1,000 to the cost of a laptop, but HP expects the cost to come down as SSDs gain acceptance in the marketplace and volumes increase.

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.

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ATMs/Kiosks

Bank of America's plan to raise fees for non-customers at many of its ATMs to $3 per transaction has kicked off a fury among consumer groups. The consumer groups say they fear the ultimate consequence would be a squeeze on low- and middle-income consumers. Americans for Fairness in Lending, California Reinvestment Coalition, Consumer Federation of America, Consumers Union, Service Employees International Union, and Woodstock Institute call the fee hikes "unreasonable and unjustified." 

An ATM services company is targeting financial institutions that deploy ATMs with its patented prepaid card technology that enables existing ATM machines to dispense prepaid cards through ATM cash trays without a “sidecar.” Learn more about it in the October issue of Credit Union tech-talk - subscribe today.

Financial Service Centers Cooperative introduced its connection to 7-Eleven stores which will provide the nation’s credit unions with shared branching in 2,000 convenience stores around the country. More than 25 million credit union members will now have 24/7 access to check depositing kiosks (Vcom units) among other services at 7-eleven stores nationwide. 

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David P. McGuinn, President Safe Deposit Specialists, has reviewed a new “keyless” biometric safe deposit box system and will give us his verdict in the October issue of Credit Union tech-talk - subscribe now and get the full details. 

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Forrester's Catherine Graeber has published a report titled "Raining On The Mobile Banking Parade" in which she takes a skeptical view of mobile banking. Graeber says: "We hate to rain on this parade, but here's the reality: Today's consumers still aren't very interested in mobile banking. Before putting a mobile offering at the head of the development queue, eBusiness banking execs should sit patiently on the sidelines and wait to see if the early leaders succeed in growing adoption and delivering a solid ROI." 

While there are more than 16 million MasterCard PayPass cards and devices in use at more than 55,000 merchant locations worldwide, credit unions have not gotten on the contactless bandwagon. That has all changed now that Harvard University Employees Credit Union has begun issuing debit MasterCard PayPass cards to its members.

Technology Credit Union (Tech CU) has launched of its Mobile Banking service that includes functionality such as accessing account summaries, making internal transfers, viewing and paying bills and communicating via email with the credit union. Tech CU partnered with San Jose-based MShift to create their Mobile Banking solution.

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Pilfered financial institution account numbers are commanding the highest price in an underground trade of personal details, according to a recent survey by Symantec. Account details command prices of up to $400, while credit card details sell for between 50 cents and $5, e-mail passwords from $1 to $350 each, and e-mail addresses from $2 to $4 per megabyte, according to Symantec's "Internet Security Threat Report," which covers the first half of the year. 

In a related story, Panda Software is reporting that the global market for malware now operates like a supermarket, complete with special offers and volume discounts. According to Panda's latest quarterly report, the malware industry now appears to be turning from being just a shop from which malware can be bought, to one where services are offered.

Borrowing the concept from the Georgia league, the Texas Credit Union League is offering credit unions a “Shared Compliance” program. League consultants spend five days on site at participating CUs reviewing compliance rules and assisting staff with Bank Secrecy Act and compliance issues. 

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.

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Core Systems: 

Using Core Systems to Increase Loans and Deposits

AFTECH - http://www.aftech.com   Read Joseph Antellocy's comments: http://www.cunews.com/roundtable/AFTECH.pdf

COCC - http://www.cocc.com   Read Mark Shaw's comments:   http://www.cunews.com/roundtable/COCC.pdf

CU*Answers - http://www.cuanswers.com   Read Randy Karnes' comments:     http://www.cunews.com/roundtable/CUAnswers.pdf

Enhanced Software Products - http://www.espsolution.net   Read Matt Lefler's comments:    http://www.cunews.com/roundtable/ESP.pdf

Galaxy - http://www.fiserv-galaxy.com   Read Jay Slavin's comments:     http://www.cunews.com/roundtable/Galaxy.pdf

Harland Financial Solutions - http://www.harlandfinancialsolutions.com   Read David McConney's comments: http://www.cunews.com/roundtable/HFS.pdf

IntegraSys - http://www.integrasys.fiserv.com Read Anne Stauch's comments: http://www.cunews.com/roundtable/IntegraSys.pdf

Open Solutions - http://www.opensolutions.com   Read Michael Nicastro's comments: http://www.cunews.com/roundtable/OSI.pdf

ShareOne - http://www.shareone.com   Read Daryl Tanner's comments:   http://www.cunews.com/roundtable/ShareOne.pdf

Summit Information Systems - http://www.summitsite.com   Read Kevin Sparks' comments:   http://www.cunews.com/roundtable/Summit.pdf

Symitar - http://www.symitar.com   Read Kathy Hooker Burress' comments:   http://www.cunews.com/roundtable/Symitar.pdf

USERS - http://www.users.com   Read Eric Panepinto's comments:   http://www.cunews.com/roundtable/USERS.pdf

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A significant number of mass affluent consumers having investable assets of $100K to $1M have established relationships with Internet-based financial organizations, according to a study by SYNERGISTICS Research. William McCracken, CEO of SYNERGISTICS, stated "there is obviously an appeal among mass affluent households for Internet-based providers. Of course, it can be assumed that these institutions to some extent have ‘bought share’ with bonus rates and deposits or other incentives. Traditional providers must position themselves against the challenge. Deposit relationships can be weakened as customers move balances to online savings products that have a significant rate advantage over those offered in the local branch."

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We offer a turn-key branding solution that allows you to offer financial education, an online chore and allowance program and a teen prepaid card that teens can design themselves! These programs show your involvement in your community and will help parents show their kids how to earn and save money the smart way. The online chore and allowance program schedules chores and tracks their completion, making chores interactive and fun for the whole family. The prepaid Visa Buxx card is a great tool for teens to learn how to budget and it is a great revenue generator for you. Get $1 for each card sign-up!

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(214) 618-7037

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The PAYjr Visa Buxx® Card is issued by BankFirst, Sioux Falls, SD, pursuant to a license from Visa U.S.A. Inc. BankFirst; Member FDIC.

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Mint is a free online financial management service, clearly designed to compete with Intuit's Quicken and Quicken Online. Mint is a straightforward personal accounting product, with a typical register view. Each night, Mint downloads transaction data from more than 3,500 financial institutions and credit card providers, giving users a unified view of all account activity in a single interface. Mint claims to be the world's first free, online, fully automatic way to manage all your checking, savings, and credit accounts in one place. Mint makes money by looking at your spending habits and your accounts and recommending offers that will save you money. Not all of its advice is paid, but selling those alerts is the Mint business plan. 

Improving online security and communicating security policy is the most important step credit unions can take to improve the online experience for their members, according to a recent survey completed by Solavista. Results from 1,809 credit union respondents showed that online security is the overwhelming feature members are seeking from their credit union’s website. In fact, three of the top four website improvement factors desired by members involved security enhancements.

TransUnion has debuted TrueCredit.com which they say marks the first time that U.S. consumers have the ability to instantly lock and unlock their TransUnion credit file to prevent unwanted activity. Once enrolled, use of the new feature is available to website subscribers online at no additional charge 24/7. The TrueCredit Lock introduction comes on the heels of an announcement by parent TransUnion that in October it will become the first credit reporting company to enable consumers nationwide to freeze their credit files via either telephone or mail, regardless of whether a file freeze law has been enacted or is currently in effect within their state. Currently, more than 30 states have such legislation in place.

Revolutionary Convergence of Security Technology for Secure Internet Banking!

MagneSafe^TM 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 MagneSafe^TM, 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.  

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Voice and data services provider Speakeasy has expanded its connectivity speed options by adding standalone ADSL2 which features download speeds of up to 8.0, 10.0 and 15.0 megabits per second (Mbps), and upload speeds of up to 1.0 Mbps. The new service, Speakeasy OneLink, offers ADSL2 packages which are geared towards smaller organizations needing more available bandwidth per employee. The new service is powered by the national network of Speakeasy’s longtime partner Covad Communications. The service, which runs on their nationwide, multi-redundant private fiber network, will be available in eleven key markets: Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, Philadelphia, San Diego, San Francisco, Seattle and Washington DC. 

FaceTime Communications, a maker of network security appliances, just announced the USG (Unified Security Gateway), one of the first devices directed at the full gamut of UC (unified communications) services. USG will include security, management and compliance for Web communications like public instant messaging services, VoIP, and P2P communications as well as securing and managing enterprise UC platforms, such as Microsoft Office Communications Server and IBM Lotus Sametime. The USG appliance will allow IT to set and enforce policy for all parts of Web browsing, UC, and IM. It also includes Web filtering to manage employee Web access, uses malware scanning of file attachments, and content filtering. For regulatory compliance issues, the device includes capture and archiving of IMs and file attachments. Pricing starts at $4,995.

T1s, VoIP, DSL, VPNs… We Have You Covered!

The credit union world changes fast and technology must keep up. Ewart Technologies has solutions that can help your credit union stay on top. Covad’s voice and data services, along with our robust VPN solutions, integrate seamlessly to provide your organization with flexible, affordable communications.

Since 1997, Ewart Technologies, Inc. has been a trusted solutions provider for credit unions, offering a full range of technology services designed to maximize the value of IT investments.

Whether your organization simply needs a T1, DSL, Hosted VoIP, or PRI replacement, or you don’t have a clue what any of that means and need help wading through the techno-jargon to find a solution that makes sense, Ewart Technologies can help.

Call us today, toll-free at 877.241.1490, or visit us at: www.EwartTechnologies.com

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LivePerson, a provider of online conversion solutions, announced the release of Timpani 8.0. The latest version of the company's hosted enterprise platform provides an enhanced version of Timpani Voice, an invite-to-talk and click-to-talk solution that bridges the gap between an organization's website and call center. The new version offers deeper computer telephony integration (CTI) options and talk by PC for website visitors, a feature that allows consumers to use VoIP through their computers to speak directly with call center agents.

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Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2007:

October 4-5, Destin - CUES Fall 2007 Council Meeting

October 10-13, Albuquerque - Firefighters' National Credit Union Summit

November 8-10, San Diego - CU InfoTECH

June 5-6, Las Vegas - Credit Union InfoSecurity Conference

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