Monday, January 05, 2009
Nine years ago, the European Union set out a plan to create an internal market for financial services by 2010. The first steps towards turning the idea into reality included removing differences in costs of Eurozone cross-border card payments, ATM withdrawals and credit transfers to ensure that bank customers see no practical difference between domestic and cross-border transactions. As such, the concept of the Single Euro Payments Area started as a framework to benefit corporates and consumers but since those early days has morphed into an interbank framework that has been moulded primarily by the banks with little guidance from the European Central Bank, the European Commission or any other regulatory body.
Tuesday, December 09, 2008
Point of detection is a way to measure fraud that, if implemented across the board, could reduce fraudulent payments and reassure corporates and consumers.
Thursday, November 13, 2008
The payment technology specialist ACI Worldwide says a transformation program initiated three years ago is paying off, as a growing number of banks are asking for help stitching together transaction systems that have long functioned independently.
Friday, September 26, 2008
One year ago, the thought of a total loss of customer confidence in the stability of a major UK retail financial institution would have seemed laughable. Today, the thought of a similar collapse in trust caused by a systematic attack on a bank by highly skilled online fraudsters might seem equally risible. Yet as we have seen with Northern Rock, the unexpected can become real and to protect customer confidence, an intelligent, multi-layered approach to online security is essential.
Tuesday, September 09, 2008
Political intrigue and a lack of leadership might yet kill the European Commission’s vision of a Single Euro Payments Area.
Monday, September 08, 2008
The payments software company ACI Worldwide, Inc. hopes to use a nine-month-old alliance with International Business Machines Corp. to modernize and streamline its offerings, an executive said.
Tuesday, July 01, 2008
The UK faster payments initiative is expected to revolutionise the way consumers and companies do business, and yet it was launched in May with little fanfare. Charlie Corbett explores the impact of the new system and why the trumpets were muted.
Tuesday, April 01, 2008
Fraudsters are becoming increasingly adept at sharing invaluable knowledge and tips online that will help them steal more and more money from financial institutions and their customers. There are forums and social networking sites designed to share the information needed to undermine banks’ risk management systems. However, while fraudsters have been sharing information and growing their sizeable profits through activities such as phishing, money laundering and ultimately, in some cases, identity theft, financial institutions have failed to follow their example and take a more collaborative approach to fraud prevention and detection. As the seamless movement of money cross-border becomes a reality with SEPA, banks must address their current fraud strategies and begin to work together in the fight against the crime.
Thursday, March 27, 2008
The New York payment software provider ACI Worldwide Inc. said it has agreed to outsource some of its technology services to International Business Machines Corp.
Tuesday, March 25, 2008
The financial services industry is facing greater scrutiny from shareholders, customers and regulators as a result of the credit crunch, and the subsequent losses reported by the majority of the big financial institutions across Europe. What isn’t yet known is where the inevitable budget cuts will have the greatest impact. One area that has been under discussion in the press is banks’ investments in IT.