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Credit Union tech-talk News
November 5 - November 9, 2007
General News
* COCC’s Software Upgrade Reduces OFAC/FinCEN Work
* Galaxy Launches Fiserv Continuum
* Open Solutions Expands Security Offerings
* iTechNW Launches New Website with New Interactive Features
* Passageways Signs Four CUs to Corporate Portal System
COCC, a leading provider of next generation technology services for credit unions, announced that a free software upgrade has reduced the labor associated with OFAC and FinCEN reporting by more than 90%. The upgrade has been installed at 72% of COCC’s core processing clients.
Galaxy Credit Union Solutions, a business unit of Fiserv that provides innovative technology solutions to credit unions nationwide, has launched Fiserv Continuum. Fiserv Continuum offers Web-based software solutions to financial institutions running on a variety of core processing systems. Applications include: CreditMine (tradeline analysis), iAdvance (a payday lending alternative), iSwitchKit (online account opening), Managed Firewall Solution, Member Relationship Plus (contact management) and S.T.A.R.S. (member rewards program).
Open Solutions, a leading provider of integrated enabling technologies for credit unions across the United States, Canada and international markets, is now a distributor for Entrust IdentityGuard. Open Solutions will utilize the Entrust IdentityGuard authentication platform — specifically the solution’s grid card authenticator — to offer its clients identity theft and fraud protection.
iTech Northwest, a technology solutions CUSO that serves credit unions, boards of directors, and other organizations, has launched its new website. It now includes new interactive features, such as Boardroom Web and Cast My Vote software tours, beta client recruitment for new products like its upcoming digital signage solution, custom software development offering, and more.
Passageways, a West Lafayette, Ind.-based portal solutions provider for credit unions, announced that Mazuma Credit Union (Kansas City, Mo.), Members 1st Federal Credit Union (Mechanicsburg, Pa.), TruMark Financial Credit Union (Trevose, Pa.) and FDIC Federal Credit Union (Washington) have selected the Passageways Corporate Portal Framework to streamline internal communications and data management.
Hardware News
SMC Networks is shipping a new line of LAN edge switches: the TigerSwitch Standalone 26-port 10/100/1000 Managed Switch, and a 50-port version, as well as a 24-port version that supports Power over Ethernet. All of the new switches will have "combo" ports for fiber-optic uplinks. The switches feature application filtering, per-port bandwidth management and MAC-based security. SMC says the switches also have IP clustering capabilities that allow up to 32 switches to be managed as a single system; with current products, that means up to 1,664 ports can be managed as one system.
For system administrators who have to be ready to cope with all manner of hard disk-related emergencies, there is a new tool to help them handle SATA drives. It is a $15 eSATA adapter from a firm called Brando that will allow you to plug your SATA disk drive into a USB slot for a quick diagnosis or emergency work. All you need is a $10 power supply to fire up the drive. Plus, no driver is need for Windows ME/2000/XP/Vista.
Two Canadian credit unions - First Calgary Savings & Credit Union and Envision Financial - have formed inUnison Technology Services for enabling by a shared technology platform and ultimately other shared services as well. While the CUSO handles the technology infrastructure for both institutions, they have also merged marketing, sales, HR and even executive teams, except for the CEOs and CFOs. All of this has occurred with no business merger, and in a way that there were no layoffs - in fact, more jobs have been created.
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Hardware Section Sponsored by
MagTek
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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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Software Updates
Binary Research, the company that created the Ghost imaging software, wants to streamline your existing cloning process. Big Bang's Universal Imaging Utility works alongside your existing imaging application to create a single Master Image file that can be cloned to any make or model Windows PC. They say that it is compatible with Ghost, Altiris, ZENworks or any other cloning application, and that UIU eliminates the need to build and maintain multiple files by creating a hardware-independent image.
Peer Software announced PeerLock 2.0, software that gives project teams of any size or geographical configuration greater control over file management. It offers real-time detection of file use and immediate remote locking. PeerLock 2.0 adds locking options for more precise control, increases visibility into locked files across collaborative environments, and offers enhancements to streamline overall performance.
If your credit union uses Microsoft Exchange for your e-mail system, you will want to take every step possible to protect it from corruption and keep it up and running. We will cover one system in the December issue of Credit Union tech-talk that is a powerful Exchange Recovery Solution - subscribe now.
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Software Section Sponsored by
Raddon Financial Group (RFG)
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ATMs/Kiosks
The TowerGroup has released a report entitled “Self-Service Coin Counting at the Branch: Time to Change Attitudes About Loose Change.” In it, they note that almost $3 billion in coins is redeemed at supermarket self-service coin-counting machines annually, and nearly $6 billion in coins are brought into U.S. branches annually. They point out that if financial institutions charged the same fee that retail locations charge for coin redemption, the service would represent a $500 million market for banking institutions.
St. Louis-based JBM Electronics announced the release of the Gateway C201 Router with dial-tone emulation. The C201 features a protocol-conversion engine that takes dial-modem data and converts it to packet-based TCP/IP for routing over a cellular network. The C201 integrates with most ATMs and is a single-box solution. The C201 has been certified with Verizon Wireless, AT&T Mobility (formerly Cingular), Sprint and Alltel.
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Biometric Digest Highlights - WWW.BIODIGEST.COM
If your credit union is considering voice biometrics for your telephone banking system and call center, you will need a roadmap. We will provide one in the December issue of Credit Union tech-talk - subscribe today.
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Wireless World
According to a report from Juniper Research, near field communications (NFC) applications built into mobile devices will skyrocket over the next few years, with the value of the market rising from $77.6 million in 2007 to $11.5 billion in 2011. The firm predicts that the total transaction value for all mobile payments - including remote systems like SMS and WAP as well as contactless - will be $22 billion in 2011 compared to just $2 billion in 2007. The study found around 12% of all mobile phones in circulation - nearly 470 million - will support NFC by 2011. NFC proponents say that there will be an opportunity for an account balance to be shown before the payment is made, making sure the spender does not go overdrawn, and for vouchers and incentives to be redeemed alongside the purchase.
Unlike credit, debit or contactless cards, mobile phone-based payments can support four transactions: consumer-to-consumer, consumer-to-business, consumer-to-machine (parking meter, soda machines, etc) and consumer-to-online. Some analysts argue that the current rollout of contactless cards is nothing more than a transitional technology on the way to NFC-enabled mobile phones and PDAs. We will cover these trends in the December issue of Credit Union tech-talk - subscribe now.
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Security Section
Unlike traditional identity thieves, who pilfer people's information to get loans or make purchases, "synthetic identity" fraudsters mix legitimate and phony data. There are no reliable figures documenting losses from synthetic identity fraud, but many say the problem is growing. Research firm Gartner estimates that synthetic schemes constitute at least 20% of credit charge-offs and 80% of losses from credit-card fraud. This kind of fraud doesn't usually directly affect consumers - the big losers are financial institutions which get stuck with loan defaults and unpaid credit card bills.
In a related story, NCUA and banking regulators just instituted new rules that will require all financial institutions to adopt comprehensive procedures to prevent and resolve identity theft. Under FACTA Sections 114 and 315, financial institutions and creditors are now required by law to adopt procedures to reduce the risk of identity theft by examining consumer address changes on both new and existing accounts. The rules take effect on Jan. 1, and financial institutions will have until Nov. 1, 2008 to comply.
A company called NetVigilance is targeting smaller organizations with their vulnerability assessment software and services. Their SecureScout NX 2.6 software checks for over 3,000 exploits used by attackers against network devices. Pricing for 100 IP addresses starts around $3,000 per year. NetVigilance sells online scanning services through its online host, but it also sells software for in-house use. They also offer a free trial version that checks 15 devices.
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Security Section Sponsored by
MAGENSATM
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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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Leaders Roundtable
Core Systems:
Using Core Systems to Increase Loans and Deposits
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Technology and Marketing
THE CENTSABLES is a multi-media project geared toward teaching kids about financial literacy. Components of the project include an animated television series, interactive website, banking programs for kids, a classroom module including teacher lesson plans, and extensive merchandising including collectible action figures, games, trading cards, clothing and other products. The Banking for Kids program is a turn-key opportunity for credit unions to encourage saving and good financial management for youngsters. The welcome kit includes a special savings account, free gift, collectible action figure and DVD of THE CENTSABLES pilot television episode. The proprietary program also includes in-branch training and ongoing employee support, personal appearances by CENTSABLES characters, all branch signage and rack brochures, plus a targeted print advertising campaign for existing and potential members.
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Online Banking/E-Commerce/Website Design
Consumers under 35 years of age are developing very different online payment habits from adults over 35, says JupiterResearch. The research firm says 48% of consumers aged 25 to 34 prefer debit cards for Internet transactions, as compared to only 39% of all online consumers. Thirty-four percent of online consumers aged 18 to 24 prefer PayPal or similar alternative payment services versus 27% of all online consumers. “Card issuers must keep an eye on the emerging data habits of younger adults, and pay special attention to how their payment and data preferences feed into tomorrow's payment-product and form-factor innovations,” says Jupiter Research President David Schatsky. “Issuers need to establish an early understanding of younger adults' likes and dislikes with regard to emerging payments services.”
In the latest of three reports on the prepaid card market, Mercator Advisory Group forecasts total load value will reach $421.5 billion in 2010, with closed-loop cards accounting for $239.9 billion and network-branded cards controlling $181.6 billion. Network-branded value will grow at a compound annual rate of 53% from 2006 to 2010, compared to 8.1% for closed-loop. In related news, Visa announced that it will allow consumers to customize their gift cards this holiday season with personal photos or other images. Beginning Nov. 15, users will be able to design their own Visa gift card at the company's giftcardlab.com.
Synapses, a leading provider of personalized 401(k) education, products and services, announced that Andrews Federal Credit Union will utilize Synapses' technology and services to educate its employees on their individual retirement savings status and progress. Synapses' Retirement Income Reports are partially driven by the program's custom "what if" spreadsheets.
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Online Banking Section Sponsored by
MAGENSATM
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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.
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Internet Access
Small credit unions may want to take a look at Speakeasy's two new voice services for small business. The Seattle-based firm, a Best Buy company, is introducing new additions including Voice over Speakeasy's 15 Mbps broadband and a Small Office Calling Plan which can be used with any broadband service. The upgrades are designed for small businesses that want download speeds of up to 15 Mbps, as well as ADSL2 broadband with VoIP. In addition to voice over ADSL2, customers receive Speakeasy's voice-optimized nationwide network and uptime and quality of service guarantees. Speakeasy's EasyVoice Small Office Calling Plan will offer organizations with five employees or fewer the option of using any broadband service provider, and is priced at $19.95 a month, per employee.
Dell plans to sell unified communications products from Microsoft and Nortel Networks. A long-time Microsoft partner, Dell will be selling the new Office Communications Server 2007 and other unified communications products just launched by Microsoft in pre-tested configurations with its hardware. Meanwhile, Nortel said Dell will sell its Enterprise Solutions portfolio, including its VoIP, data and wireless networking products.
There are many advantages to combining local, long distance and Internet services. A major telecom player is rolling out a new solution that is positioned for businesses that need a single, reliable network to provide voice and data access for 6-48 employees per location. We will cover it in the December issue of Credit Union tech-talk - subscribe now.
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Internet Access Section Sponsored by
Ewart Technologies
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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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Call Centers
BBN Technologies is calling their AVOKE Call Browser "a new and different kind of analytics solution." They say that it looks at your call center from the perspective of your callers - from the moment the caller dials your contact number until the finish when they hang-up. The AVOKE Call Browser is an on-demand analytics solution that can be used for a few months to get objective data and insights for your strategic plan, or used for a year as a tool for continuous process improvement and member experience management. They tout that their patented BBN technology transparently captures end-to-end calls, extracts caller experience data, summarizes cost-per-call and reveals dissatisfied callers.
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Conferences
Catch Tom and Bill Rogers, Associate Editor of Credit Union tech-talk at the following conferences in 2007:
November 8-10, San Diego - CU InfoTECH
June 5-6, Las Vegas - Credit Union InfoSecurity Conference
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