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July 29, 2019

This Week's News is Sponsored by Better Branches ~



General News


CMFG Ventures and Filene Research Institute Partner to Launch New FinTech Catalyst Incubator

CMFG Ventures, the venture capital arm of CUNA Mutual Group, and Filene Research Institute announced the launch of the FinTech Catalyst Incubator to test new fintech products and services in credit unions. The FinTech Catalyst Incubator will test fintech and insurtech products and services that could fill credit union system gaps.



Sun East FCU Boosts Technology with FIS Payments Platform

FIS announced that Sun East Federal Credit Union signed a multi-year agreement with them that includes debit, credit and ATM payment processing, loyalty programs, advanced fraud protection, card production, and participation in FIS’ NYCE network.





Hardware News


Will a Digital-First Population Drive Video Teller Adoption?

With the banking industry’s aging ATM infrastructure and desire to woo digital consumers, interactive teller machines (ITMs) stand to be an important component of a FI’s competitive strategy. But are they worth the investment? This article attempts to answer that question with a list of both ITM benefits and challenges.



Synology Announces New FlashStation and DiskStation Models for All-Flash Arrays

Popular network attached storage (NAS) vendor Synology launched three new enterprise-grade, with an emphasis on Flash storage, as workloads with high random I/O increasingly require all-flash arrays to meet ever-increasing performance demands. The new products include: FlashStation FS6400, FlashStation FS3400 and the SA3400.



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


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Software Updates


As Blockchain Hype Subsides, FIs Count the Cost of Early Euphoria

This article concludes that many of the early evangelists for blockchain have come to the conclusion that production-ready deployment still remains a distant goal. Research conducted by the World Economic Forum and Accenture involving interviews with 550 individuals and an analysis of 79 blockchain projects has found little confidence in the ability of the technology to match its early promise.



Microsoft Invests in OpenAI to Bring Artificial Intelligence to the Cloud

Microsoft Corp. and OpenAI, two companies thinking deeply about the role of AI in the world and how to build secure, trustworthy and ethical AI to serve the public, have partnered to further extend Microsoft Azure’s capabilities in large-scale AI systems. Through this partnership, the companies will accelerate breakthroughs in AI and power OpenAI’s efforts to help create artificial general intelligence (AGI).



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TMD Security Integrates SALTO Keyless Locks

TMD Security has partnered with SALTO Systems so that SALTO keyless locks are now a part of TMD Access Management, a single access scheduling and provision solution for ATMs and a wide variety of access points that use encrypted one-time-codes and a mobile app instead of physical keys.



5 Important Things to Remember About ATM Signage

Credit unions are being reminded there are a number of laws and regulations that dictate notices and signage credit unions must display on ATMs, largely based on the machine's capabilities. Some of the common notices required by federal regulations include: Regulation E; Regulation CC; Regulation Z; Overdraft Notices; and ADA Considerations.



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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:  

Connect Financial Software Solutions


and their client is:

City & County 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


Will Mobile Devices Replace Passwords?

Mobile devices could provide a more secure, user-friendly mode of account authentication, according to an IDG and MobileIron report. Some observers think that biometric authentication through mobile devices is one of the best options for password replacement.



Top-6 Mobile Banking Aspects to Consider When Promoting Youth Loyalty

By some accounts, over 92% of US millennials own a smartphone. This article covers 6 key things to look for when developing a mobile banking strategy.



Wireless World Sponsored by
Member Access Pacific (MAP)



The MAP App™ is the first network-branded prepaid card exclusively serving credit unions to offer mobile banking -
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Security Section


FinCEN Intros New Efforts to Stymie Business Email Compromise Scams

FinCEN says data drawn from its Suspicious Activity Reports (SARs) show llicit actors’ BEC scams generated more than $300 million a month in 2018, with a cumulative total exceeding billions of dollars stolen from businesses and individuals. This article highlights some of FinCEN's efforts to combat BEC scammers.



Assessing Your WAN Strategy: Resiliency and Security at Branch Locations

SD-WANs allow admins to setup multiple logical networks at the click of a button (depending on provider). Many also come with features such as an embedded firewall that enables customers to develop security policies to protect the network edge, whether it’s Internet traffic or trusted applications such as Office 365.



How DNS Firewalls Can Burn Security Teams

External-facing DNS firewalls can take action on traffic based on a relatively small-sized DNS message and very scalable DNS protocol. They are also an excellent source of intelligence, because they have insight into a broad range of network traffic. The author argues that organizations must also be able to handle introspective DNS data and be capable of strategically leveraging this DNS data so that they can make DNS-related security decisions more strategically.



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Technology and Marketing


In Need of Deposits, CUs Push High-Interest Checking

A growing number of credit unions are offering high-interest checking accounts to lure deposits and boost fee income. These accounts can pay upwards of 4%, provided the member meets certain requirements, and experts say they can build member loyalty for credit unions offering them while also bringing in additional revenue, lowering non-interest expenses and gathering additional funding. But these accounts can be costly and squeeze an institution’s net interest margin, so credit unions offering them need the proper analytics to ensure they are profitable.



How AI May Help Solve FIs' CRM Issues

The article states that AI can help identify consumer personal behavior patterns in their financial transactions and highlight the products, services, and areas of interest that are most important and useful to each consumer at a given moment. The AI works by aggregating and categorizing their account activity to provide an integrated view of teh accountholder's financial history. Analytics are then added to highlight exceptions and important events in their history.



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Online Banking/E-Commerce/Website Design


Mastercard Launches Virtual Card Receivables Service

Mastercard is launching a Virtual Card Receivables Service, a way to digitize the reconciliation of virtual card payments for businesses of all sizes. The Virtual Card Receivables Service will aggregate information from Mastercard Issuers related to Virtual Card payments by their corporate customers and compile it into one comprehensive file, available in a digital format that is preferred by suppliers, including Microsoft Excel and CSV.



A Survey Exposes Consumers’ Ambivalence on Voice-Activated Payments

Slightly more than half of U.S. consumers would be comfortable using voice technology to pay for relatively small-ticket goods and services, according to the latest “Lost in Transaction” survey report by Paysafe Group. But higher-value purchases are another story. Only 20% like the idea using a voice-activated device to pay for a vacation or to book flights, for example.



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Internet Access


FIs' Inevitable Race to the Cloud

The author notes that conversations with anti-cloud FI IT executives typically focus on the security aspects of cloud computing. He states that security concerns are legitimate, but don't fit the hype usually found in the press. He concludes that whether they realize it or not, Fis will need to kick their cloud strategies into hyper gear in the next three to five years.



AT&T Partners with IBM and Microsoft, Focuses on Network Capabilities

IBM and AT&T announced a multi-year strategic alliance where AT&T’s network and IBM Cloud will link up to provide software-defined network (SDN) services, including giving IBM Cloud access to AT&T’s 5G network. As for Microsoft, Azure will become the preferred cloud provider for AT&T’s non-network applications. This means non-network infrastructure applications will transition to Microsoft Azure, and "much" of AT&T’s workforce will move to Microsoft 365 cloud-based collaboration.



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Call Centers


Five Unique Ways Call Centers Use Automation

The author provides 5 examples of how contact center leaders are using real-time automation to empower employees to focus on improving the customer experience.