Meanwhile, Cherry Hill, N.J.-based Commerce Bank ($47 billion in assets) introduced mobile banking for its wealth management clients. The bank's proprietary, Web-based private banking platform, Virtual Private Bank, now can be accessed by PDAs with Internet browsers. The mobile offering gives private banking clients access to an up-to-date financial picture of all their assets as well as other information, such as stock trackers, according to Commerce. A seven-digit PIN and 128-bit SSL security is used to access the service.
Virtual Private Bank is provided through eMoney Advisor (Conshohocken, Pa.), a wholly owned subsidiary of Commerce Bank and a provider of wealth planning solutions. According to Edmond Walters, CEO and founder of eMoney, the mobile offering was a another way for Commerce to enhance service for an important customer segment.
The service is not transactional for the simple reason that there isn't customer demand for transactional capabilities on handhelds, claims Walters. "Customers don't want to transact business over a PDA," he contends, noting that they want immediate, convenient access to their personal information.
According to research by Aite Group (Boston), 90 percent of the top 100 banks said customer convenience was the top driver in their mobile deployments.
Although the basic principles behind commercial and private mobile banking are the same as retail mobile initiatives, there are differences, says Celent's Schatt, such as increased transaction volume and value, cross-border financial needs and more-complex financial relationships.
Wednesday, August 1, 2007
Jordan Commercial Bank deploys new banking system based on Oracle and Linux
The Jordan Commercial Bank (JCBank) has implemented a new and comprehensive banking system, based on Oracle Database 10g and Oracle Application Server 10g, and deployed on a Linux
Already live in all 26 branches across the Middle East, senior executives at JCBank anticipate the new system to lower costs, provide greater flexibility and improve customer service as the bank's plans for extended retail, corporate and investment operations unfold. Dr. Jawad Hadeed, Chief Executive Officer of the Jordan Commercial Bank, commented: 'JCBank's vision is to accommodate, if not drive, the growing banking demands through the use of information technology, and to provide its customers with the latest developments and innovations in banking services and customer care. Increased competitiveness in the banking sector, as well as added regulatory pressures, made the need for a world-class technology infrastructure even more pressing, that is why we decided to build our new application, BANKS, on Oracle and Linux.' The BANKS solution, which uses Oracle Database and Middleware technologies on top of the Linux operating system, is increasingly becoming a model which banks are following around the world, and has been designed specifically to meet the complex information processing demands and varied management challenges facing the financial services industry in the twenty first century. In addition to the Oracle Database 10g, JCBank is planning to use Oracle Internet Application Server 10g, and Oracle Internet Developer Suite 10g. The fully integrated technology stack combines the power of application development and business intelligence in a single scalable, secure and easily managed suite. One of the reasons so many banks choose Oracle 10g technology is because of the product's advanced grid management capabilities, coupled with scalability, security and high availability. This presents executive management teams with far greater visibility and utilization of their IT resources. Oracle 10g's automated administrative features also simplify configuration and management of complex banking operations, while reducing database administrator workload for handling large infrastructures. 'As part of JCBank's aim to become a regional model for banking institutions, senior executives have made it their mission to acquire the most advanced, secure, and flexible information infrastructure available,' said Kassem Fares, Managing Director, Oracle, Levant region. 'Such a strategy puts the bank in a position to provide its customers with the best financial products and banking services, all modeled on world-class banking practices and in line with the latest regulatory requirements.' 'JCBank's deployment of Oracle 10g represents one more validation of Oracle's efforts to provide the Middle East's banking industry with the most advanced computing technologies available, immediately adding value to IT practices and business operations. Oracle 10g customers can be sure that they are receiving a world-class product that continues to lead the field in data warehousing,' concluded Fares.
Already live in all 26 branches across the Middle East, senior executives at JCBank anticipate the new system to lower costs, provide greater flexibility and improve customer service as the bank's plans for extended retail, corporate and investment operations unfold. Dr. Jawad Hadeed, Chief Executive Officer of the Jordan Commercial Bank, commented: 'JCBank's vision is to accommodate, if not drive, the growing banking demands through the use of information technology, and to provide its customers with the latest developments and innovations in banking services and customer care. Increased competitiveness in the banking sector, as well as added regulatory pressures, made the need for a world-class technology infrastructure even more pressing, that is why we decided to build our new application, BANKS, on Oracle and Linux.' The BANKS solution, which uses Oracle Database and Middleware technologies on top of the Linux operating system, is increasingly becoming a model which banks are following around the world, and has been designed specifically to meet the complex information processing demands and varied management challenges facing the financial services industry in the twenty first century. In addition to the Oracle Database 10g, JCBank is planning to use Oracle Internet Application Server 10g, and Oracle Internet Developer Suite 10g. The fully integrated technology stack combines the power of application development and business intelligence in a single scalable, secure and easily managed suite. One of the reasons so many banks choose Oracle 10g technology is because of the product's advanced grid management capabilities, coupled with scalability, security and high availability. This presents executive management teams with far greater visibility and utilization of their IT resources. Oracle 10g's automated administrative features also simplify configuration and management of complex banking operations, while reducing database administrator workload for handling large infrastructures. 'As part of JCBank's aim to become a regional model for banking institutions, senior executives have made it their mission to acquire the most advanced, secure, and flexible information infrastructure available,' said Kassem Fares, Managing Director, Oracle, Levant region. 'Such a strategy puts the bank in a position to provide its customers with the best financial products and banking services, all modeled on world-class banking practices and in line with the latest regulatory requirements.' 'JCBank's deployment of Oracle 10g represents one more validation of Oracle's efforts to provide the Middle East's banking industry with the most advanced computing technologies available, immediately adding value to IT practices and business operations. Oracle 10g customers can be sure that they are receiving a world-class product that continues to lead the field in data warehousing,' concluded Fares.
Banks Launching Mobile Banking
Though consumer initiatives have received most of the attention recently, at least two banks are extending the conveniences of mobile banking to other client segments, as well.
San Francisco-based Wells Fargo ($486 billion in assets) is rolling out a mobile banking pilot called CEO Mobile to its commercial clients. According to Megan Minich, the bank's SVP, wholesale Internet and treasury solutions, and head of the mobile technologies team, the product is an extension of Wells Fargo's CEO Portal online commercial banking product. "Mobile technology is the next big way customers will want to interact with their bank," she says. "We're building another channel for them."
According to Dan Schatt, senior analyst with Celent (Boston), mobile banking on the commercial side will be instrumental in helping executives and small business owners make speedier, more informed decisions. "These people need to be mobile," Schatt says. "Wherever they are, with mobile banking, they can facilitate payments to vendors and get balances in real time to speed their ability to make informed decisions." The added service value, he notes, could be a competitive differentiator for banks.
CEO Mobile is designed for any size business, explains Wells Fargo's Minich. Current functionality includes the ability to view interbank balances, wire activity and detailed account activity, she relates, adding that customers can select which accounts they wish to access via the channel. "[CEO Mobile] will enable customers to do things on their own schedule," Minich says, noting that additional features will be introduced throughout the year.
CEO Mobile is browser-based and uses software that can optimize the presentation of data for users' specific devices, Minich adds. All communication between Wells Fargo and the customer is encrypted via 128-bit SSL and uses the same authentication as the CEO Portal -- user ID, password and token, if necessary.
San Francisco-based Wells Fargo ($486 billion in assets) is rolling out a mobile banking pilot called CEO Mobile to its commercial clients. According to Megan Minich, the bank's SVP, wholesale Internet and treasury solutions, and head of the mobile technologies team, the product is an extension of Wells Fargo's CEO Portal online commercial banking product. "Mobile technology is the next big way customers will want to interact with their bank," she says. "We're building another channel for them."
According to Dan Schatt, senior analyst with Celent (Boston), mobile banking on the commercial side will be instrumental in helping executives and small business owners make speedier, more informed decisions. "These people need to be mobile," Schatt says. "Wherever they are, with mobile banking, they can facilitate payments to vendors and get balances in real time to speed their ability to make informed decisions." The added service value, he notes, could be a competitive differentiator for banks.
CEO Mobile is designed for any size business, explains Wells Fargo's Minich. Current functionality includes the ability to view interbank balances, wire activity and detailed account activity, she relates, adding that customers can select which accounts they wish to access via the channel. "[CEO Mobile] will enable customers to do things on their own schedule," Minich says, noting that additional features will be introduced throughout the year.
CEO Mobile is browser-based and uses software that can optimize the presentation of data for users' specific devices, Minich adds. All communication between Wells Fargo and the customer is encrypted via 128-bit SSL and uses the same authentication as the CEO Portal -- user ID, password and token, if necessary.
Banking system oversight
The Reserve Bank registers and supervises banks in New Zealand for the purposes of promoting the maintenance of a sound and efficient financial system, and avoiding significant damage to the financial system that could result from the failure of a registered bank.
While the Reserve Bank monitors registered banks’ compliance with banking supervision policies, neither it nor the Government guarantees that a registered bank will not get into difficulty or fail.
Part 4 of the Reserve Bank of New Zealand Act 1989 places restrictions on the use of the words “bank”, “banker”, “banking” and their derivatives. Those restrictions do not apply to banks registered under Part 5 of the Act which establishes the Reserve Bank’s bank registration and supervision functions and sets out its related powers and the purposes for which those powers must be exercised.
The Banking Supervision Handbook
While the Reserve Bank monitors registered banks’ compliance with banking supervision policies, neither it nor the Government guarantees that a registered bank will not get into difficulty or fail.
Part 4 of the Reserve Bank of New Zealand Act 1989 places restrictions on the use of the words “bank”, “banker”, “banking” and their derivatives. Those restrictions do not apply to banks registered under Part 5 of the Act which establishes the Reserve Bank’s bank registration and supervision functions and sets out its related powers and the purposes for which those powers must be exercised.
The Banking Supervision Handbook
Tuesday, July 17, 2007
Hosted MicroHedge helps Clarksdale's event volatility trading
US hedge fund Clarksdale Capital is using SunGard’s MicroHedge on a Software-as-a-Service basis for real-time trading, pricing and firm-wide risk management across equities, indices and futures. MicroHedge helps Clarksdale Capital’s event volatility traders to identify opportunities and high priority positions on one screen, evaluate risk across entire portfolios, and execute trades. As a hosted solution, it also helps Clarksdale to meet its time-to-market needs and to reduce infrastructure costs.
Ali Saadatnezhadi, managing director of Clarksdale Capital, said, “SunGard’s MicroHedge provides us with a powerful and reliable trading and risk solution. It was fast to implement and our traders were able to quickly and easily get up to speed on it. MicroHedge provides the real-time risk management and volatility skew analysis our traders need to help locate and prioritize opportunities. With the hosted solution, we have been able to reduce infrastructure costs in supporting market data feeds, related communication expenses and IT staff that would be needed to manage the system in-house. MicroHedge’s internet-based delivery platform offers further ease of access from anywhere, providing our end-users with great flexibility.”
Ali Saadatnezhadi, managing director of Clarksdale Capital, said, “SunGard’s MicroHedge provides us with a powerful and reliable trading and risk solution. It was fast to implement and our traders were able to quickly and easily get up to speed on it. MicroHedge provides the real-time risk management and volatility skew analysis our traders need to help locate and prioritize opportunities. With the hosted solution, we have been able to reduce infrastructure costs in supporting market data feeds, related communication expenses and IT staff that would be needed to manage the system in-house. MicroHedge’s internet-based delivery platform offers further ease of access from anywhere, providing our end-users with great flexibility.”
Loans, Credit and Asset Management Overview
The BSP extends discounts, loans and advances to banking institutions in order to influence the volume of credit consistent with objective of price stability. It also grants loans or advances to banking institutions in precarious financial condition or under serious financial pressures, subject to certain conditions.
When availing of the loan facilities of the BSP, private banks assign to BSP their receivables including the collaterals. Upon failure of these banks or their borrowers to pay their loans, the BSP forecloses these real properties. Banks also pay their loans with properties under a dacion en pago agreement. As such, the BSP has acquired assets which it administers, preserves and disposes properly.
When availing of the loan facilities of the BSP, private banks assign to BSP their receivables including the collaterals. Upon failure of these banks or their borrowers to pay their loans, the BSP forecloses these real properties. Banks also pay their loans with properties under a dacion en pago agreement. As such, the BSP has acquired assets which it administers, preserves and disposes properly.
Faster payments plan hits the skids
In an embarrassing move, the industry has admitted that it will not be able to develop the proposed Faster Payment system in time for implementation this year, and the scope of the project will now have to be changed to accommodate growing use of internet and phone-generated funds transfers.
Industry body APACS presented the decision as an “update on its objectives to deliver a new faster payments system in the UK and changes to the cheque clearing processes which will provide certainty and increased transparency for customers accepting cheques”.
Announcing the decision to restructure the project, Paul Smee, APACS chief executive, said, "The UK banking industry is disappointed that we won't be able to deliver the new faster payments system as quickly as we had planned, but there is no room for error when launching a system which forms part of the UK’s economic infrastructure. Clearly, it is more important to make sure it is done with our total confidence than rushed to meet a self-imposed delivery date. This is a huge project; the investment by UK banks in the central system and in adapting their own systems has been high and is continuing; the new service to be delivered in 2008 is ambitious, innovative and exciting for users."
APACs said that the testing of the service “has proved more complex and time-consuming than originally expected”, leading to the delay A “thorough re-plan is now being undertaken”, it said, adding that a revised launch date will be decided on by mid-August.
Industry body APACS presented the decision as an “update on its objectives to deliver a new faster payments system in the UK and changes to the cheque clearing processes which will provide certainty and increased transparency for customers accepting cheques”.
Announcing the decision to restructure the project, Paul Smee, APACS chief executive, said, "The UK banking industry is disappointed that we won't be able to deliver the new faster payments system as quickly as we had planned, but there is no room for error when launching a system which forms part of the UK’s economic infrastructure. Clearly, it is more important to make sure it is done with our total confidence than rushed to meet a self-imposed delivery date. This is a huge project; the investment by UK banks in the central system and in adapting their own systems has been high and is continuing; the new service to be delivered in 2008 is ambitious, innovative and exciting for users."
APACs said that the testing of the service “has proved more complex and time-consuming than originally expected”, leading to the delay A “thorough re-plan is now being undertaken”, it said, adding that a revised launch date will be decided on by mid-August.
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