Why banks fear core systems change

Chris Skinner

I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog.

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Walmart Looks Into Blockchain Electric Bill System


In an effort that could lead to greater efficiency and lower prices, Walmart is looking into a system that would let households manage their electricity bills through cryptocurrency. With the system, users may pay a capped amount of cryptocurrency up front, ahead of the expected electric demand of certain devices. Beyond vendor payments, the Walmart team described a digital shopping system that also uses the blockchain to encrypt payment data.

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Kalanick Joins City Storage Systems As CEO


Travis Kalanick, the ex-Uber chief executive, has found a new job leading City Storage Systems, a startup that repurposes distressed real estates such as parking lots and strip malls. In addition to focusing on repurposing real estate assets in the food delivery and retail areas, Kalanick said City Storage Systems would work with the parking and industrial assets as well. Startups City Storage Systems News real estate startups Travis Kalanick Uber What's Hot

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BBVA Merges Two Units And Debuts Selfie Payment System


In line with BBVA’s efforts, the bank recently demonstrated a ‘selfie’ payment system based on facial recognition. Once the system recognizes their faces, it charges them for their purchases. The news comes months after BBVA executed its first cross-border payments using a system based on the software that supports bitcoin. That’s very relevant for our clients because they could begin streamlining their reconciliation systems.”.

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Verint Systems Invests In Military-Grade Cybersecurity Firm NSO Group


software company Verint Systems, Inc. At the time, an NSO spokesman said that NSO doesn’t operate its systems and requires customers to use them lawfully “for the prevention and investigation of crimes.”. Safety and Security Cybersecurity Cybersurveillance Investment military grade technology Nasdaq Stock Market News NSO Group Verint Systems What's Hotis looking to buy NSO Group, an Israeli company that sells military-grade technology, for around $1 billion.

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Uber Revamps Driver Support System


In an attempt to retain its drivers and recruit new ones, Uber is revamping its driver support system. Ridesharing driver support system Drivers mobile app News tipping Uber What's HotAccording to news from Recode , the move comes after the company has received a slew of bad press, which included a video of then-CEO Travis Kalanick berating an Uber driver.

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Mastercard Launches Early Detection Fraud Fighting System


As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach.

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UK’s New Payment Systems To Be Delivered By Year’s End


The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a mandate handed down by regulators. According to a press release, the appointment of Melanie Johnson as its first chair has seen continuing work to deliver the New Payment Systems Operator (NPSO) by the end of 2017. s financial system.

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Smart Bedroom Storage Ideas System

BYM Agency

Learning to create extra spaces where to store the accessories, is to realize that they deserve a bedroom storage ideas system made to measure. The post Smart Bedroom Storage Ideas System appeared first on Montserrat Home Design.

Bluefin Payment Systems Gets Two Patents


Bluefin Payment Systems, the provider of PCI-validated point-to-point encryption (P2PE) solutions for retail, health care and higher education, announced Tuesday (Jan. In a press release, Bluefin Payment Systems said the patents cover the systems and methods for decryption as a service via a message queuing protocol and systems and methods for decryption as a service (DaaS) via configuration of read only databases.

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Nintendo Brings Back Popular Gaming System


Bringing a popular classic gaming system back to market, Nintendo said that its NES Classic will be available for sale again this summer. This system and the #SNESClassic Edition system are expected to be available through the end of the year.”. Though the company had said that SNES would not be available after 2017, it was a surprise hit: The company said it sold more SNES systems on launch day than it did of NES systems throughout all of 2017.

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National Business Systems VP: For Some SMBs, It’s Still Wait-And-See On EMV


In an interview with PYMNTS, National Business Systems VP David Riley noted a lack of awareness in the field for smaller firms across several verticals. Security & Fraud Credit Card Security EMV Featured News integrated payments national business systems News payments security POSAfter nearly three years, the transition to EMV in the United States still has its challenges.

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Health Services Firm higi Scoops Up $21.3 Million For Modern Healthcare Systems


This is an exciting time for our company to grow with our healthcare customers, and to help healthcare systems improve consumer engagement, close gaps in care, lower costs and ultimately improve outcomes.”. Healthcare funding fundraising healthcare systems higi investments investors medical care medical data News Venture Capital

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Bank Of England Opens Settlement System To Blockchain


England’s central bank is taking a significant step in support of blockchain technology with a decision to open its real-time gross settlement (RTGS) system to distributed ledger networks. Reports in Cointelegraph said the Bank of England (BofE) will rebuild the RTGS system to be able to interface with other platforms created on blockchain technology. According to the publication, the Bank of England first proposed a proof-of-concept (PoC) to open its RTGS system in May 2017.

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Is it Time to Upgrade Your Loan Origination System?

CU Direct

La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems

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Visa Upgrades Systems To Support 3D-Secure 2.0


As part of the upgrade, Visa said it was enhancing its systems to support 3-D Secure 2.0, Visa said it will keep in place current rules for merchant-attempted transactions using 3-D Secure until the beginning of April 2019 to give merchants and issuers time to pilot and test the system.

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The complex impact of fintech and legacy systems on banking

Insights on Business

Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking.

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China Appoints Reformer To Tackle Financial System


According to a report in The New York Times , which cited the Chinese commercial news media, Guo, who has a reputation as an economic reformer, will be tasked with fixing China’s debt-ridden banking system. The NYT noted his appointment is a signal that the country, which has the second largest economy in the world, is serious about overhauling the financial system. Bank Regulation china China Banking Regulatory Commission economy financial system What's Hot

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Commander In Chief: Mitek Systems’ CEO Innovation Download


In this week’s Commander in Chief series, PYMNTS talks with mobile capture and identity verification company Mitek Systems ’ CEO James DeBello about what moves the ball for the mobile industry. CEO Series AML artificial intelligence biometrics CEO SERIES Commander in Chief compliance Featured News fraud identity verification Innovation IoT James DeBello KYC machine learning Mitek Systems mobile Mobile Payments News payments regulations Security Smartphones tech industry Technology

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How Vending Systems Can Prevent Thefts And Drive Conversions


But digital vending systems can provide an alternate way to prevent theft, without discouraging customers from making purchases. CompuCom ’s point-of-purchase digital vending machines have in-aisle vending systems, so customers don’t have to call for staff. The system, which was developed by a division of Office Depot, dispenses purchased products in seconds.

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Another Kmart Breach Strikes PoS Systems


News Retail breach Cybersecurity hack hacker Kmart MPOS point of sale POS systems Sears shopping What's HotKmart has been having a rough time. Over the years, the retailer has seen its ups and downs, and late last year we reported the big box retailer closed 68 of its stores across the U.S. For the second time in the past few years, there has been a new malware-based security breach occurring directly from Kmart’s point-of-sale devices.

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New UK Payment Systems CEO Named


economy’s new payment system operator announced news on Wednesday (Sept. In a press release, the new payment system, which involves the consolidation of three payment schemes, said Horlock worked in the banking sector for more than 15 years and will take up his new role starting Oct. The payment systems in the U.K. As a single entity, the new payment system operator will build on the existing payment schemes for the benefit of the U.K. The U.K.

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’Tis The Season … For POS System Attacks?


This year, they have their eyes on the point-of-sale (POS) system prize. Carolyn Crandall, CMO of Attivo Networks , joined this week’s Hacker Tracker to share the vulnerabilities impacting POS systems and discuss whether massive data breaches are on the horizon in the months ahead. It’s the most wonderful time of the year… especially if you’re a hacker.

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Mist Systems Makes Wireless For Smart Device Era


Silicon Valley tech startup Mist Systems is pioneering smart wireless networking for the smart device era. Since its founding in 2014, Mist Systems has worked to bring its Mist Intelligent Wireless Cloud and Enterprise-Grade Access Points to corporations across multiple sectors including retail, hospitality, health care, education and more. Wireless isn’t new, but we’re in a new era of how consumers use it,” said Jeff Aaron, vice president of marketing at Mist Systems. “It’s

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Bank Of England COO Joins New Payment System Operator


s New Payment System Operator (NPSO). The Payment System Operator Delivery Group is closing to hand down operation of the nation’s payment systems to the New Payment System Operator in an effort to streamline the payment ecosystem. The NPSO will consolidate the nation’s various payment schemes and lead the rollout of the New Payments Architecture, an initiative outlined by the Payment Systems Regulator’s Payments Strategy Forum.

Hackers Target Marijuana Sales System


According to reports in the BostonGlobe, it seems some cybercriminals have encouraged others to just say no to drugs by targeting the systems of MJ Freeway, a backend system that tracks sales and inventory and helps pot dispensaries keep their regulatory paperwork in order. Harsher, though, is trying to run a dispensary with the sales system down — as the state’s legal cannabis dealers have been operating without for a week.

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Leveraging a Digital Lending System to Help Drive Indirect Auto Loans

CU Direct

Read more » The post Leveraging a Digital Lending System to Help Drive Indirect Auto Loans appeared first on CU Direct Blog. Auto Lending Indirect Lending digital lending system indirect auto loans indirect channel indirect financing indirect lending loan originations look-to-book

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Payment Data Systems Announces Intent To Acquire Singular Payments


Payment Data Systems (PDS), an integrated electronic payment solutions provider, announced that it is in the process of acquiring Singular Payments LLC. I believe this important acquisition will quickly accelerate the growth potential of our company and broaden our revenue streams,” said Louis Hoch, president and CEO of Payment Data Systems. “We Partnerships / Acquisitions letter of intent Payment Data Systems payment processing pds Singular Payments What's Hot

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BAE Systems Displays Wearable For The Military


A new wearable is about to be produced by BAE Systems, according to a press release. The BAE Systems’ Broadsword Spine integrates network technology in a wearable for the military and emergency services. According to Paul Burke, director of defense information and technology at BAE Systems Military Air and Information: “Broadsword Spine will deliver a lightweight, cable-free and better alternative to existing systems.

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Visa Hit With System Failure In UK And Europe


and Europe weren’t able to use their cards on Friday (June 1) after a system failure prevented transactions from being processed. Visa had a system failure that impacted customers across Europe,” the company said, according to The Wall Street Journal. Visa customers in parts of the U.K. Visa also revealed that the problem was the result of a hardware failure, and that by late Friday, cards in Europe were operating at close to normal levels.

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Nigerian BPP unveils e-Government Procurement System

The Paypers

(The Paypers) The Bureau of Public Procurement in Nigeria has started implementing an e-Government Procurement system that will integrate with existing systems

Washington’s Metro System Plans For Mobile Payment Future


To enable mobile payments, the Washington Metropolitan Area Transit Authority (WMATA) is working with its fare payment vendor to upgrade its payment capabilities. WMATA seeks to be “mobile ready” by 2019, the agency said in a statement. Mobile fare payment is the future of transit, giving customers the ability simply to tap their phone and go, all without stopping at a fare vending machine or using a separate card,” Metro General Manager Paul J. Wiedefeld said in a statement.

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Through New Oracle Partnership, Baton Systems is Bringing the Cloud, APIs, DLT to Banks

Bank Innovation

EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help.

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Forget legacy systems; what about legacy vendors?

Chris Skinner

I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. Not gonna name names, but I’ve had a few really fun discussions with banks in … The post Forget legacy systems; what about legacy vendors? I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor?

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Google Announces Wearable System For Android And iPhone Users


Google announced that it is launching a “wearables operating system for everyone” that will work for both Android and iPhone users. Android Wear was founded on the belief that wearable technology should be for everyone, no matter what style you wear on your wrist or what phone you have in your pocket,” wrote Dennis Troper, Director of Product Management, Wear OS by Google, in a blog post.

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Connecting The Dots To A Modernized Payments System


The country has been on the forefront of faster payments for years, and Peter Maoloni, AVP of online products and platforms at Interac Association/Acxsys Corporation ( INTERAC ), joined PYMNTS to share the digital payments pioneer’s principles of a modernized payments system.

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Passport, the technology business for city transit systems, raises $43 million


Passport, company that’s managing much of the technical aspects of how people pay to use public transportation resources in cities like London, Miami and Los Angeles, has just raised $43 million.

NEW REPORT: Upgrade Payment Systems, Build Stronger Communities?


Updated online systems to reduce paperwork? Beyond restaurants and waste management providers, the quarter trillion dollar recreation market is getting upgrades to its payment systems, plus some additional help to reduce paperwork. Sunscreen? Check. Bug spray? Check.

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Evaluating Single vs. Dual Rating Systems


When a lending institution establishes its risk rating system it has to decide whether it will require analysts to risk rate the borrower or the loan -- or both. Said another way, it has to decide between a single or dual rating system. On one hand, a single rating system is simple. A dual rating system has one rating that captures the overall creditworthiness of the borrower and a second at the facility level.

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Mastercard Targets Federal Payment Fraud With Oversight Systems


Mastercard is teaming up with Oversight Systems to help government agencies detect payment fraud, according to a new announcement. 25) that it will collaborate with Oversight Systems to offer government agencies their collective data analytics and fraud detection solutions. In another statement, Oversight Systems CEO Patrick Taylor said Mastercard was an obvious choice when it came to deciding how to deliver its payments and expense analytics solutions to government agencies.

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