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Australia's leading EFT processing provider, Cuscal, is building off the back of a major transformation of its IT, underpinned by UK vendor Alaric. For Cuscal, it was a race against time to shift its operations in-house, as its contract with its long-standing switching services provider, First Data, was coming to an end.
Amid the flurry of technology projects at Australia's major banks (see IBS, February 2014, Country Focus: Australia), the domestic payments infrastructure is also undergoing a significant facelift, with the concerted move towards real-time payments, driven by the regulatory body APCA, now in full swing (IBS, September 2013, Project watch: Australia's real-time payments). In addition, Cuscal, the major domestic electronic fund transfer (EFT) processing provider, has also recently radically overhauled its technology, with UK-based Alaric's Authentic platform and Fractals fraud monitoring system at the... continues (login/subscribe).
Bank of America Merrill Lynch (BAML) is looking to tap into the latest corporate banking technology with its version of virtual bank accounts. It hopes that this new offering, underpinned by Nordic vendor, Tieto, will give its corporates a competitive advantage when managing payments between their labyrinth of bank accounts.
The challenge for banks in maintaining the highly lucrative and competitive corporate bank account customer has been one that many have increasingly entrusted into the hands of technology. Invariably, as the technology becomes more advanced, so do the ideas, a case in point being the emergence of virtual bank accounts. Bank of America Merrill Lynch (BAML) is in mid-development of its iteration of this type of service, introducing the technology in collaboration with Nordic vendor, Tieto.
Mike Edwards, solution packaging and communications head, global transaction services at BAML, explains that 'virtual accounts has been a term that has been around for quite some time and there are other banks, including ourselves, in other regions and parts of the world where virtual accounts are now being set up'. The premise is that instead of having multiple real bank accounts, corporates will have one master account, with as many virtual accounts as necessary spinning off from... continues (login/register).
The European authorities pushed back the SEPA deadline at the last minute in January. How has this decision been received by the industry and what are the next steps?
In January this year, IBS had the prospect of never having to write about migration to SEPA again snatched away by the European Commission (EC), which, just weeks ahead of the deadline, pushed it back six months. All domestic and intra-European credit transfers and direct debits were supposed to be migrated to the new SEPA instruments by the deadline, but, realising that migration would not be completed, the EC introduced a 'grandfathering clause', allowing for the continued processing of non-SEPA transactions until 1st August 2014.
The EC cited the latest take-up figures, which were 64.1 per cent for SEPA Credit Transfers (SCT) and 26 per cent for SEPA Direct Debits (SDD) in November 2013, and noted that 'in view of this legal end-date, banks and other payment service providers are likely to refuse... continues (login/register).
With financial crime growing daily, payments processors need to ensure their fraud prevention technology can stay one step ahead of the fraudulent behaviour across the globe. IBS spoke to Crystal Clear Payments in the US about how it aims to protect its customers from card-based fraud.
Fraudsters across the globe are consistently on the lookout for new ways to use stolen data to commit card-based fraud. To counter this threat, many payments processors are having to deploy sophisticated fraud prevention services to remain one step ahead of fraudsters. According to Shawn Sinner, president of Texas-based Crystal Clear Payments (CCP), a payments processor which services medium-sized community banks in the US, there has been a tremendous uplift in fraud on credit cards and debit cards in the US alone over the past few years, with fraudsters 'making a business out of swiping cards, using customer data to create replica cards, and thieving from individuals'. Because of this, he says 'it is important to have a fraud prevention solution in place to predict and prevent fraud from occurring on our customers' cardholders' accounts'.
In Q1 2011, the decision was made for CCP to implement a fraud prevention solution. Sinner says: 'Not only did we need to be able to provide a fraud prevention service that could rapidly adapt and dynamically update patterns to detect fraud, but we needed to... continues (login/register).
Oracle is continuing development of the Oracle Banking Platform core system behind the scenes, and looking to add to its two known customers.
The move to introduce a harmonised payments infrastructure across the West Africa Monetary Zone (WAMZ) is making headway, with the RTGS system from CMA Small Systems now live in four of the six countries involved. Southern and Eastern Africa are also introducing common payments systems.