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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.

August 1, 2016

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

BB

 

General News  

* Dakota Plains CU Moves to XP2
* Bluepoint Introduces FASTdocs Workflow
* EPL Announces Change in Executive Leadership
* CU Capital Market Solutions Purchases Assets of CNBS

Fiserv, a leading global provider of financial services technology solutions, announced that Dakota Plains Credit Union, based in Edgeley, ND, has selected XP2 for their core account processing needs. The credit union will also deploy Virtual Branch for online banking, Mobiliti for mobile banking, CheckFree RXP for electronic payments, Statement Advantage for statements and e-statements, Wisdom for accounting and call report functionality, Nautilus for enterprise content management, as well as solutions for commercial lending and card processing.

Bluepoint Solutions has introduced FASTdocs Workflow, its new process automation and notification solution. The company says that Workflow replaces tedious manual processes with flexible workflows to support business processes across the full spectrum of departmental and functional applications.

EPL, a leading software development firm serving credit unions nationwide, announced Wayne Benson has resigned his position as chief executive officer of EPL, effective August 5, 2016. The board has named Robin Kolvek, previously EPL`s senior vice president, business development, as the new interim CEO.

CU Capital Market Solutions, LLC announced the asset purchase of CNBS, LLC. CNBS was a twenty five year old CUSO, which originated from US Central in the late 1980`s primarily to provide brokerage services to credit unions. CU Capital Market Solutions has registered as a CUSO, sponsored by Jefferson Financial Credit Union as the lead CUSO sponsor.

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Hardware News

In order to make devices more secure, Microsoft is rolling out a change in minimum hardware requirements for Windows 10 PCs and mobile devices. They are requiring manufacturers to include a hardware-based security feature called TPM (Trusted Platform Module) 2.0. A TPM 2.0 security layer - which can be in the form of a chip or firmware - can safeguard user data by managing and storing cryptographic keys in a trusted container. A TPM 2.0 chip is important to Windows Hello, which is Microsoft's biometric authentication technology, as it generates and stores the authentication keys in a secure area.

Heumi is an interactive multi-user, multi-touch 46” HD platform that comes with an integrated PC that supports up to 32 touch points. The table allows multiple users to exchange and explore digital content simultaneously. It supports Internet browsing, note-taking, inking and file sharing, and is fully customizable – be it size, color, texture or bundled applications. CUA, Australia`s largest credit union, uses a Heumi table so that their members can play, learn, explore and transact.

The Veritas NetBackup 5240 Appliance is a backup appliance with expandable storage (starting at 4 TB and expandable up to 201 TB) and offers intelligent end-to-end deduplication for physical, virtual and cloud environments. The company claims that only Veritas appliances deduplicate on both the client and target side. Together with Veritas Information Map, they also say that their NetBackup 5240 is the first purpose built appliance to integrate data protection and data visibility map, addressing challenges to manage unclassified data. 

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

 

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Software Updates

Sophos SafeGuard Encryption 8 is a new synchronized encryption solution that the company says protects data against theft from malware, attackers or accidental leaks. Synchronized Encryption continuously validates the user, application, and security integrity of a device before allowing access to encrypted data. With a single click, users can create a password-protected file securely wrapped in an HTML 5 virtual lockbox. The package support full disk encryption as well as individual file encryption.

Privileged accounts - which can apply to machines and systems to allow them to interact, in addition to people - are a favorite target for attackers because they unlock access to virtually all parts of a given network. According to the recently released "2016 State of Privileged Account Management" security report, many organizations are not properly protecting these critical accounts. They found:

- 20 percent of organizations have never changed their default passwords on privileged accounts

- 30 percent of organizations still allow accounts and passwords to be shared

- 40 percent of organizations use the same security for privileged accounts as standard accounts

- 70 percent of organizations do not require approvals for creating new privileged accounts

- 50 percent of organizations do not audit privileged account activity

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ATMs/Kiosks

In what appears to be bad news for ATM deployers, 62% of Americans expect the US to become a cashless society in their lifetimes, according to a Gallup survey. The view has solid majorities in all age groups, including 58% of those 65 and older and 63% of 18 to 29 year-olds. However all is not gloom and doom for ATM deployers because 54% of respondents still say they like to have cash on them at all times. Not surprisingly, older adults generally like to have cash always on hand, while 56% of 18 to 29 year-olds are comfortable not having cash.

FIS and Payment Alliance International (PAI) have partnered to bring FIS Cardless Cash to participating PAI ATMs in over 70,000 stores, gas stations, restaurants and shopping malls across the United States. The deal will ultimately expand to 70,000 ATMs in the PAI ATM network. By using FIS Mobile Banking with TouchID, ATM users can access their funds and authorize the amount they want without inserting a card into an ATM. A mobile banking app acts as a remote control for the ATM which reduces the risk of card skimming and shoulder surfing.

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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:  

Better Branches

Better Branches

and their client is:

Abilene Teachers 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

The U.S. National Institute of Standards and Technology (NIST) just released a draft of its latest guidelines on digital authentication and in it they state that SMS notifications are not recommended for two-factor authentication due to inherent vulnerabilities. Facebook and Google have already moved away from SMS-based two-factor authorization, in favor of codes generated within their own app, buts some FIs still use text messages containing PINs to help users log into their banking site. Instead of SMS, NIST recommends using biometric methods of authentication.

More than 60% of U.S. consumers own a tablet, nearly the same percentage as those who own a desktop computer. Despite this strong hardware adoption, early financial institution support, and broad use of mobile banking among tablet owners, the tablet as a banking channel tool has failed to live up to its early promise, according to Javelin Strategy and Research. They note in their new Tablet's Shifting Role in Mobile Banking report that compared with other popular digital banking devices (smartphone, laptop, and desktop), the tablet is used least by mobile bankers on a weekly basis. The percentage of consumers who access mobile banking weekly on their smartphone is more than twice as high as those who turn to their tablets each week (31% vs. 15%). The report concludes that “tablets provide a perfect platform for product marketing and new account opening. Institutions must turn to these forgotten devices to better meet the needs of new-to-bank mobile-first customers.”

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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

Many organizations fall prey to ransomware because of a combination of increasingly sophisticated crypto-ransomware, inadequate staff training, and lack of backup alternatives. SentinelOne feels so confident its behavioral analysis technology can detect unknown ransomware that they are now offering a guarantee of $1,000 per endpoint or up to $1 million per organization. SentinelOne's new chief of security strategy, Jeremiah Grossman, offered breach loss coverage up to $500,000 and a full-refund warranty at his former firm WhiteHat Security.

IRONSCALES has launched Federation which is a product that they say will automatically and anonymously share phishing attack intelligence with organizations worldwide. In action, employees, upon suspicion of a phishing attack, can trigger a real time automated forensic review through the click of just one button. The company's software analyzes the email then an intrusion signature is sent directly to both endpoints, email servers and the SIEM, which then triggers an immediate enterprise-wide automatic mitigation response, such as quarantines, disabling of links and attachments, and even permanent removal of email, thus helping to protect the entire organization from the attack. The Federation platform then documents the incident to help ensure the same attack won`t hit any other company under IRONSCALES protection.

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Security Section Sponsored by
StrongAuth, Inc.

StrongAuth

 

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Leaders Roundtable

Online and Mobile Banking:

Digital Differentiation Strategies

 

Arizona Federal Credit Union - https://www.arizonafederal.org
Read Eric Givens' comments:
https://www.cunews.com/AFCU.pdf

 

 

 
IMM - http://www.immonline.com  
Read John A. Levy's comments:

 

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

 

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

 

RLR Management Consulting - https://rlrmgmt.com
Read Mitch Razook's comments:
https://www.cunews.com/RLR.pdf

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Technology and Marketing

Studies have shown that most people naturally look first left, then right as they enter a retail location, according to retail branding firm Ikonic Tonic in Los Angeles. They note that shoppers usually then prefer to move right and walk counter-clockwise around the store. You can use this natural orientation to place digital merchandising screens, marketing banners, and other collateral in your branches. The firm also notes that people are attracted to round and U-shapes, so you might try hanging a circular sign from the ceiling or placing a U-shaped background, such as a low wall with small sides extending forward, behind it.

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Online Banking/E-Commerce/Website Design

Americans made over $1.2 trillion in person-to-person payments in 2014, and the average household made 54 such payments that year, with cash accounting for 22 percent and checks for 16 percent, according to the Aite Group. A new deal between PayPal and Visa will enable users of the Venmo and PayPal apps to instantly access funds via FI accounts. Person-to-person payments are also on the radar of tech giants like Apple, Facebook, Square, and Google. Osama Bedier, a veteran payments executive who has worked at Google and PayPal, told the Wall Street Journal that “whoever wins the battle for person-to-person payments ultimately has the ability to win all of payments because customers want control over their own money.”

Starting September 23rd the Federal Reserve will begin same-day ACH service. The Fed states that “returns of future-dated and same-day ACH transactions will post at the next available posting time or following the settlement of the associated forward transactions.” The designated ACH return posting times are 8:30AM, 1PM, 5PM and 5:30PM Eastern, with the specific posting time determined by when the item is received by the Fed.

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Internet Access

DNS Watch enables organizations to monitor their domain names and IP addresses to gain insights when existing domains move IP addresses, use different name or mail exchanges. Farsight Security says that their solution delivers critical context for threat intel to:

- Accelerate security investigations and incident response

- Improve the risk posture against cyberattacks

- Help protect users from "known unknowns and unknown unknowns"

Vonage has transformed itself from a consumer company into a leading provider of cloud communications for businesses. Vonage Essentials is targeted at smaller organizations, while Vonage Premier is the company's Unified Communication as a Service offer to mid-sized and large organizations. Vonage Premier utilizes the firm`s MPLS network or their SD-WAN-based SmartWAN service to provide quality of service (QoS) guarantees and high quality service level agreements (SLAs) to over 70,000 business customers.

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Call Centers

Welcome Onboarding is a new member enrollment package from SpeechPro and Acuant that combines document scanning and biometrics. It can be used by contact center agents, or self-service via mobile devices, the Internet or IVRs. The document scanning component helps shorten the onboarding process, while "liveness" detection and tampering detection provide security. The companies say that the multi-channel biometric enrollment aspects if their solution help deliver full lifecycle two factor authentication.

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