TAMPA, Fla. - (06/21/06) The Armed Forces FinancialNetwork announced Tuesday it has extended its contract for networkswitching services with Fiserv EFT, a unit of Fiserv, throughDecember 2009. AFFN has collaborated with Fiserv EFT since 1985 ona number of projects, including deployment of satellite technologyto allow account access at Navy ships. Fiserv also helped AFFNbecome the first network to switch POS transactions coast-to-coastin the U.S. with a generic ATM card, enabling AFFN to become thefirst network to transmit debit card POS transactions overseas inreal time. AFFN is jointly owned by 337 defense credit unions andbanks.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
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Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
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