Bank technology

Fraudsters are also taking advantage of a lack of coordination in data protection, a lack of global standards and the failure on the part of regulators and law enforcement agencies to create dedicated task forces.

The Federal Reserve banks will start offering same-day settlement for some automated clearing house transactions in August, but it's unclear whether banks see a need for it.

In a ruling likely to displease many in the financial industry, the viability of business process patents was upheld in Monday's long-awaited United States Supreme Court ruling in the Bilski v. Kappos case.

The court's ruling in the closely watched case rejected arguments by two inventors who were seeking to patent a method for hedging weather-based risk in commodities trading.

The Redwood City, Calif., company is expected today to introduce a mobile payments system in Senegal, the latest in a string of marketing strategies the company has used — some more successful than others — to deliver its money-transfer technology.

Issuers appear to have lost the battle with retailers over debit card interchange fees, but that does not mean they can't compensate, at least in part, for declines in revenue.

North American Bancard LLC took a big step into the government and utility payments markets with its purchase last week of Point and Pay, a Haines City, Fla., recurring-billing company.

PayPal Inc. has agreed to provide mobile payments services to Singapore's Infocomm Development Authority.

Online Resources Corp. has hired Joseph L. Cowan as its president and chief executive.

Despite 30 years spent automating financial transactions, financial institutions offer consumers no more financial insight than when people used passbooks and accordion files. The first institution to buck this trend will redefine the industry. And there is no guarantee that it will be a bank … or credit card company.

Sanasa Development Bank in Sri Lanka has begun using core processing software from Fiserv Inc.

Yodlee of Redwood City, Calif., has hired Jim Frankola as its chief financial officer.

The Federal Reserve Board is planning to offer same-day settlement for some automated clearing house payments, starting Aug. 2.

As banks expand their technology teams they are especially interested in people who are good at managing new data technology or have project management skills for integration initiatives. But it's not yet time to party about robust job prospects.

Having had plenty of time to prepare, how are banks doing in meeting the RDC technology risk management mandate? Not that well.

IMGCAP(1)]

Consumers prefer smaller rewards they can redeem faster for making purchases with payment cards over larger perks such as airplane tickets that they earn more slowly, according to a study conducted by Synergistics Research Corp.

Affluent card thieves have new card skimming method at their disposal; phishers shift focus to knowledge-based authentication; light shed on AT&T-Apple glitch; and more.

JPMorgan Chase & Co. has hired a PayPal Inc. veteran to help guide its mobile strategy. Jack Stephenson began about two weeks ago as JPMorgan Chase's director of mobile, e-commerce and payments.

Square Inc. co-founder Jack Dorsey defended the payments startup's strategy after complaints from some customers over delays in the processing service and the revelation last week of a further lag in availability.