All articles by EPI editorial
EPI editorial
Banks urged to keep AML guard up
Many banks are considering cutting technology spending but one area they should not contemplate skimping on is anti-money laundering (AML), warns UK-based SWIFT messaging software and data services specialist SMA Financial (SMAF) Quite simply, stressed SMAF, for banks that trade across international, legal and financial jurisdictions, benefits to be gained from having adequate AML processes far outweigh the financial and reputational costs involved. SMAF warned that the UKs Financial Services Authority (FSA) routinely fines compliance officers and money laundering risk officers as well as holding company directors responsible for lack of adequate AML and risk controls.
Global Payments forges ahead with revenue up 30%
US payment processor Global Payments has delivered a robust set of results in its second quarter ending 30 November 2008. Despite the impact of a stronger dollar, Global reported a 30 percent increase in revenue compared with the second quarter of 2007 to $401 million and a 25 percent increase in earnings per share On a constant currency basis, revenues grew 37 percent.
Streamlining POS key injection
A solution to a laborious yet vital security functions for retailers, the injection of encryption security keys into POS terminals, has been launched by US electronic payments technology developer Hypercom Hailed by Hypercom as an industry first, the solution, HyperSafe Remote Key System (HRKS), enables keys to be inserted remotely thus eliminating the traditional secure-room key injection process. This advance represents a technological leap that streamlines the entire key insertion process and saves merchants time and money, said Hypercom vice-president, multilane products, Lloyd Baylard.
Cyber criminals face US senator on warpath
Things may become just that more dangerous for online criminals if a bill sponsored by US Senator Charles Schumer becomes law this year. Under the proposed Anti-phishing Act it would be a crime to use the internet to fraudulently obtain personal information by creating a website or domain name purporting to be a legitimate business without the approval of that business
CSC and Sentenial join forces on SEPA
With capital in short supply and time running out to meet the November 2009 deadline for the implementation of Single Euro Payments Area (SEPA) direct debits, outsourcing is an increasingly attractive option for many banks This is clearly the thinking behind the decision by US technology developer and service supplier Computer Sciences Corporation (CSC) and Irish direct debit specialist Sentenial to combine forces to offer European banks a turnkey SEPA direct debit solution. The combination of CSC and Sentenials capabilities in this space provides organisations, currently facing enormous financial pressures, with an option to achieve SEPA direct debit compliance while maximising commercial benefits and minimising operational disruption, said Michael Arben, director of strategic initiatives for CSCs financial services sector in Europe, the Middle East and Africa.
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Tyfone hails success of secure memory card
In the world of mobile device-based contactless payments, three potential security elements have been earmarked by the major industry bodies as the potential global standard The contenders are the SIM card; a secure element embedded in the handset; and the secure digital memory card (SDMC) It is on the SDMC that US mobile payments technology developer Tyfone has pinned its hopes, seemingly with justification, following a just-completed beta test of its memory card solution, u4ia (pronounced euphoria)
Boom time for Moneybookers
Being the first to enter a new market is a daunting challenge, but it was one Moneybookers founders took on with vigour when in February 2003 it became Europes first regulated electronic money (e-money) issuer Their efforts have been rewarded with what is now one of Europes fastest growing internet-based person-to-person and business-to-customer payments services UK-based and regulated by the countrys Financial Services Authority, the door to Moneybookers establishment was opened in October 2000 when the European Commission (EC) issued its Electronic Money Directive
Getting the bank to the unbanked
The mobile phone holds the promise of providing banking services to the worlds unbanked, and has already proved successful in pioneering services such as Wizzit in South Africa and M-PESA in Kenya Banking the unbanked and under-banked is a challenge developing countries have grappled with for decades
Breakthrough in China for Motorola
In a significant deal for Motorola, Union Mobile Pay (UMP), Chinas largest mobile phone-based banking and payments service supplier, has deployed the US technology developers M-Wallet mobile banking and payments solution Included in the deployment is Motorolas back-office management platform providing interoperability between mobile network operators (MNO), banks and merchants For consumers, Motorolas M-Wallet provides banking functions such as money transfers, bill payments, utility payments and account inquiries
Online retail shines amid gloom
While it was gloom for UK high street retailers in the run-up to Christmas 2008 it was boom-time for their online counterparts, reveals data released by credit information specialist Experian and research firm Nielsen Online. From the high street retailers perspective Experians Footfall Index, which reflects the number of people visiting shopping centres and city centre stores, told a grim story, falling 2.3 percent in December 2008 compared with December 2007 By contrast, online sales soared during the fourth quarter of 2008 with the top 10 online retail websites recording on average a 37 percent increase in unique visitors compared with the fourth quarter of 2007, reported Nielsen Online.