CO-OP Network To Help Finance Triple DESCompliance

Published September 08, 2004, 1:00 a.m. EDT

|

Updated August 27, 2020, 2:41 a.m. EDT

1 Min Read

ONTARIO, Calif. - (09/08/04) -- The CO-OP Network said it willdistribute up to $2.3 million in Triple DES ATM complianceincentives to member credit unions. The one-time distribution is tohelp member credit unions meet the financial industry mandate thatall ATMs use Triple DES (Data Encryption Standard) encryptionsystems by April 29, 2005. Triple DES technology will replace theSingle DES systems currently used by ATMs to protect user PINnumbers from fraudulent activity. Under CO-OP Network's Triple DESCompliance Incentive Program, member credit unions will receive adistribution for each ATM that is certified to be Triple DEScompliant by April 29, 2005.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Maine bank hopes branch makeovers will attract deposits

Mirroring the efforts of a number of larger institutions, Portland-based Northeast Bank plans to open a de novo branch in Bangor and renovate its seven existing branches.

By John Reosti
Reporter

September 11
Digital banking

Nubank launches in the U.S. through a sponsor bank

The Brazilian digital bank is bringing its services to U.S. consumers through a partnership with Lead Bank as it awaits its own final charter approval.

By Melinda Lucy
Tech Reporter

September 11
Wealth management

AI fuels some RIA hiring plans, dampens others: Cerulli

Research from Cerulli Associates suggests that many RIAs have a long way to go with AI adoption while already finding possible ramifications for back-office staff.

By Dan Shaw
Reporter

September 11
Cyber Security

New York tells banks to find their single points of failure

Regulators want firms to spot where several critical functions ride on one provider, a question the department's earlier vendor guidance did not ask.

By Carter Pape
Technology Reporter

September 11
Stablecoin

BVNK and Marqeta dangle a payments lure for stablecoins

The digital asset and card-issuing firms are supplying the guts to enable transactions for cards and digital wallets, betting that Mastercard's ties to both firms will be attractive to banks, consumers and merchants.

By John Adams
Executive Editor, Payments

September 11
Industry News

First Citizens deepens presence in Midwest, Great Plains

North Carolina-based First Citizens BancShares completes its acquisition of 138 branches across 11 states; City National Bank appoints Chad Lloyd senior vice president and head of RBC U.S. Mortgage; London-based payments processor Checkout.com launches its U.S. subsidiary in Georgia; and more in this week's banking news roundup.

By Traci Parks
Copy editor, American Banker

September 11

Load More