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 Your source for the latest technology information of interest to credit unions across America.

Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.

June 22, 2015

~ This Week's News is Sponsored by Better Branches ~

 

General News  

* Share One Reports Successes
* Suncoast Credit Union Converts to Symitar
* CUSOs rkGoBig and CU*Answers Form Partnership
* Accutive Adds CISO to Lead Cyber Security Services

Share One, a leading developer of credit union core processing systems, announced that from 2010 - 2015, they recorded a 75% increase in gross sales and an 87% increase in new system sales. Today the Memphis-based CUSO's client count stands at 118.

Jack Henry & Associates' Symitar division announced that Suncoast Credit Union has selected Episys for its core processing. Suncoast Credit Union is the ninth largest in the United States based on membership and the fourteenth largest in the United States based on its $6.1 billion in assets.

West Michigan-based cooperative CUSO CU*Answers announced it has signed a CU*BASE core processing agreement with the newly formed rkGoBig CUSO located in Middletown, Pennsylvania. rkGoBig is comprised of six credit unions in Pennsylvania, Maryland and Washington, DC.

Accutive, a leading provider of IT Services and Products specializing in cyber security, announced the addition of Isabelle Theisen to its consulting team as Chief Information Security Officer and Cyber Security Consultant. She formerly worked for Ernst & Young and held a CISO role at American Express.

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Hardware News

The Resilience Gateway is designed to increase network uptime at branches via smart out-of-band management and automatic failover to cellular during network interruptions. The ACM7000 manages edge routers, firewalls, UPSes, PDUs with serial, USB and Ethernet consoles. Opengear says that their box delivers immediate and transparent failover and failback operations that requires no manual intervention.

QNAP's latest offering for smaller organizations is a 4-bay 1U rack mount NAS (network attached storage) that uses a dual-core ARM Cortex-A9 processor with a hardware encryption engine that increases fully encrypted array performance. The new TS-431U NAS supports four 3.5" or 2.5" HDDs in RAID 0, 1, 5, 6, 10, 5+ Spare or JBOD. QNAP offers around 200 additional software packages for their system and it starts around $500. 

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Hardware Section Sponsored by
Millennial Vision, Inc. (MVi)

 

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Software Updates

A new company called Slemma has come out with a low cost customizable dashboard for data. Slemma, a startup out of Southern California, is a browser-based visualization tool that lets users access more than 300 data sources and bring them all into a single platform. Dashboards are customizable and offer integrations with Oracle, IBM DB2, MySQL, and PostgreSQL, among others. Additionally, users can upload files directly or via URL. The company says that their software is designed to visualize data, not process it.

Wipro announced the rollout of ‘enterprise-Know Your Customer (e-KYC)` which is an automation solution built on the company`s Artificial Intelligence platform ‘Wipro HOLMES.` The company says that Wipro HOLMES utilizes semantics, machine learning, pattern recognition and knowledge modeling technologies. Wipro`s e-KYC solution uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification.

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ATMs/Kiosks

The GRGBanking cash recycler H68N series is capable of numerous functions such as cash deposit, withdrawal, bill payment, interbank transfer and currency exchange. The DongA Joint Stock Commercial Bank has partnered with GRGBanking to develop and incorporate serial number capture for each banknote processed by the recyclers. The machines can also support biometric authentication and coin dispensing.

The ATM Industry Association has issued a position paper recommending that the ATM industry's next major Windows ATM operating system migration should jump to Windows 10, skipping Windows 8 and 8.1. ATMIA CEO Mike Lee said that "ATM deployers should start their 2020 migration without delay, as ATM hardware purchased now will still be in use when support for Windows 7 OS ends in that year." Additionally, the ATMIA has set up a Next Generation ATM Architecture working group to investigate alternatives to the Microsoft operating platform.

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ATMs/Kiosks Sponsored by
Heritage Industries


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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:  

FI-MOBILE

FI-MOBILE

and their client is:

TopLine Federal Credit Union

Credit Unions - if you have a vendor that you are happy with then please This email address is being protected from spambots. You need JavaScript enabled to view it.!

Vendors - if you have a credit union that is happy with your solutions then please This email address is being protected from spambots. You need JavaScript enabled to view it. and we will give you a $100 discount on your Case Study!
 

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Wireless World

According to the "Mobile Wallet in 2015 and Beyond" report, about 15 percent of U.S. consumers have used a mobile wallet in the past six months, with another 22 percent projected to be using them in the next six months. The report, written by Chadwick Martin Bailey, states that PayPal is the mobile wallet provider most favored by wallet-using respondents at 71 percent. Meanwhile, the majority of non-mobile wallet users has declined from 71 percent in 2013 to 63 percent, and the 64% cite the following reasons for non-use:

- security concerns

- less convenience than cash

- payment fees

- risk of merchants having consumers' payment data

A new round of mobile youth banking apps are starting to appear. Some target grade school age kids and are basically a mobile version of a sheet of paper and a pencil. They are simple which means there are no integration efforts, no security audits, nor compliance issues. When teenagers need a debit or prepaid card, mobile apps become more complex and will require integration to accounts, both the child`s and parents`. FamZoo and PlayMoolah both offer youth banking solutions.

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Wireless World Sponsored by
Member Access Pacific (MAP)

MAP

 

The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
contact us now to learn more about this market-leading innovation for credit unions:

(866) 598 - 0698

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Security Section

Kevin Mitnick, the famous ex-hacker who is now a security consultant and speaker, recently demoed how easy it is to perform ID theft. At a recent conference, he showed how he could steal a person's identity within two minutes by simply using their name. He accessed their Social Security numbers from legitimate websites, some of which only charged less than a dollar per number, along with their last 20 years of addresses, driver's license information, birth certificates. mother's maiden name, and more personal info.

Contrary to many people's perceptions, there are no MasterCard or Visa network rules that prohibit issuers from revealing the source of a breach when re-issuing cards. The ability to explain the reason for a breach gives credit union issuers a significant opportunity to mitigate some of the reputational damage that comes with breach-related card reissuance. However, the networks note that when revealing the source of a breach, issuers must base that on information in the issuer`s possession and it should not be attributed to them.

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Leaders Roundtable

Online and Mobile Banking:

Using Digital Technology to Create Value for Members


Cognizant - http://www.cognizant.com
Read Steven DeLaCastro's comments:
https://www.cunews.com/Cognizant.pdf

D+H - http://www.dh.com
Read Nigel O. Prince's comments:
https://www.cunews.com/D+H.pdf


 
IMM - http://www.immonline.com  
Read Nish Shah's comments:

Javelin Strategy & Research - http://www.javelinstrategy.com
Read Mary Monahan's comments:
https://www.cunews.com/Javelin.pdf

PSCU - http://www.pscu.com
Read Jeremiah Lotz's comments:
https://www.cunews.com/PSCU.pdf

 

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Technology and Marketing

Many social media experts recommend that you should refrain from trying to directly sell products and services on social media, but rather use it to increase leads and open up opportunities to make a sale. Some of the reasons that hard sales tactics do not work are that 1) people frequent social media sites to interact with friends, family, and colleagues, not to purchase products; 2) marketing banking goods and services via social media is severely constrained by regulatory and compliance issues; and 3) gaining exposure via social media advertisements is very expensive.

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Online Banking/E-Commerce/Website Design

The clearXchange payments service has expanded beyond their original person-to-person payments franchise to now include business-to-consumer payments. The expanded clearXchange service will be available through the company`s owners, five of the nation`s six largest banks, in addition to non-owner participants. ClearXchange charges a wholesale transaction rate to financial institutions; it`s up to them whether to pass on all or part of it to consumers and businesses.

Token is a start-up secure payment ecosystem that claims to be faster than ACH, less expensive than wire transfer, as well as cheaper and more secure than credit cards. The Token platform uses cryptography and digital signatures, and its components include an account ledger, money transfer protocol, identity server, mobile and web apps, and developer tools. It can be used for mobile payments, bill pay, authentication, and push notifications for payment authorization. They are currently working with a California utility company to allow their customers to pay their bill with a single click.

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Internet Access

It can be difficult for many organizations to move away from a traditional hub and spoke, MPLS based network, even though they are expensive, offer little in the way of flexibility, and tend to provide little visibility into the types of applications and traffic patterns that traverse the network. In response, Silver Peak announced a new product, called Unity EdgeConnect, to enable organizations to make the shift to a business grade broadband based WAN (also known as a software defined WAN). Unity EdgeConnect is deployed as a physical or virtual appliance that creates a network connection that is a virtual overlay, so customers do not need to replace the current routers or firewalls. Network connections - whether they are cable, DSL, LTE, etc. - can be dynamically extended, moved or changed

WatchGuard Technologies announced a new series of firewalls engineered specifically to protect smaller organizations. They state that their new boxes are up to 385 percent faster performing HTTPS inspection, which is increasingly critical given encrypted traffic is expected to make up 75 percent of the total Internet traffic by 2016. The new Firebox M200 and M300 units are described as Next-Generation Firewalls (NGFW) and Unified Threat Management (UTM) appliances, and include the latest generation of Freescale multi-core processors.

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Call Centers

Pindrop Security analyzed several million calls for threats and found a 30 percent rise in enterprise attacks and more than 86 million attacks per month on U.S. consumers. Their annual Phone Fraud Report says that large financial institutions` call centers are exposed to an average of more than $9 million in potential fraud each year. The report also indicates that credit card issuers receive the highest rate of fraud attempts, with one in every 900 calls being fraudulent. Scammers use VoIP lines for 53 percent of their calls, compared to 7.8 percent of the general public using VoIP as a means for phone communication.

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