RICHARDSON – Start-up Intrusion Inc., the maker of the Compliance Commander fraud protection system, said net losses for its fourth quarter widened slightly to $900,000, form $800,000, for the fourth quarter in 2004, but fiscal year losses narrowed to $3.3 million, compared to 44.6 million the year before. The company reported fourth quarter revenue of $1.1 million, down from $2 million in the fourth quarter in 2004, and fiscal year revenue of $6 million, the same as the year before. Intrusion CEO G. Ward Paxton said the company is disappointed by the fourth quarter results but optimistic in that it has 83 orders worth $2.5 million in revenue pending form credit unions and banks for Compliance Commander. The majority of Intrusion's revenue in the fourth quarter came from the company's other two product lines: TraceCop Entity Identification Systems and SecureNet Intrusion Prevention/Detection Systems. The majority of revenue from these two products resulted from sales to the U.S. Government.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28