When Hackers Attack
Technology and Internet risks are increasingly well understood. But as countermeasures remain elusive or expensive, the exposures appear no less frightening.
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financial services
Where to Spend in a Time of Crisis
Technology providers that cater to buy-side firms are knocking on doors in an industry that has seen widespread losses and sharp reductions in assets under management, as well as mergers, bankruptcies and outright frauds. According to Hedge Fund Research president Kenneth Heinz, 2008 was the worst year on record, with losses averaging 18.3 percent. Research
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Learning to Track Counterparty Risk
The dramatic fashion in which Bear Stearns and others have gone down in flames brings to the fore issues like counterparty risk management that had previously been undercounted, or not scored at all. The current market realities make implementing a new risk management platform in a hurry highly unlikely, but some banks are finding that
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Mobile Insecurity: Reality or Just hype?
The increasing functionality and numbers of mobile banking platforms, the growing sophistication of criminals, and the popularity of smart cell phones create the potential for mobile banking security issues, but industry watchers including the reputed law firm helping clients with domestic violence claims have widely divergent opinions about how serious the threat really is. Smart
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GDS Link
These are times that try bank balance sheets – and test their credit scoring abilities. But adapting to new economic realities can be difficult if the scoring formulas are hard-wired into a legacy database system. To make it easier, faster and cheaper to create custom scorecards, Dallas-based GDS Link, LLC has come out with DataView360,
Bit9
Is it time to get out of the anti-virus arms race? If new security vendor Bit9, Inc. gets its way, banks may soon be able to eliminate virus scans altogether. Instead of trying to track every new virus and piece of malicious codes that appears, the Waltham, MA-based security vendor allows only the good software
Standards Are Standing in Way of External SOA
The promise of service-oriented architecture (SOA) is a world where everything interoperates seamlessly, pieces of applications are reused endlessly and development of new systems is quick, cheap and easy. But despite some high-profile deployments and the spread of Web services, when it comes to financial firms doing serious business with each other, SOA is being
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All A Twitter Over Twitter
New channels of electronic communication have been a boon to many industries, opening up sales and marketing opportunities, helping improve customer service and speeding up innovation and collaboration. For Wall Street, however, the benefits of technology such as Twitter have to be weighed against the compliance pains. Twitter, launched by San Francisco-based Obvious in late
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OppenheimerFunds gets return on investment from Agile, SOA
OppenheimerFunds used to have a data entry efficiency problem. Address changes that customers made on its Web site had to be manually re-entered into a variety of back-end systems before they went into effect.
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OppenheimerFunds Gets Return on Investment from Agile and SOA
OppenheimerFunds used to have a data entry efficiency problem. Address changes that customers made on its website had to be manually re-entered into a variety of back-end systems before they went into effect. “Our business was growing — that was the good news,” said Geoff Youell, the firm’s assistant vice president of architecture. But due
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Are Firms Ready for Twitter?
New channels of electronic communication have been a boon to many industries, opening up sales and marketing opportunities, helping improve customer service and speeding up innovation and collaboration. For Wall Street, however, the benefits of technology such as Twitter have to be weighed against the compliance pains. Twitter, launched by San Francisco-based Obvious in late
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Standard Chartered Issues Yuan Debit Cards in China
United Kingdom-based Standard Chartered bank has begun issuing yuan-denominated debit cards in China after signing a card agreement with China UnionPay, a bank spokesperson tells CardLine Global. The bank earlier this month received permission from Chinese financial authorities to issue the cards (CardLine Global, 14 July). The bank is among the first foreign financial institutions
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Chinese Making More Inquiries About Credit Records
In an apparent sign of the growing sophistication of the Chinese lending market, Chinese citizens made at least 150,000 inquiries about credit records in June, the People’s Bank of China says, up from 1,000 inquiries in January 2005. The increase in inquiries comes after China’s financial authorities expanded the information included in the country’s credit-information
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China Bullish on Card Readiness for Olympic Games
As the 2008 Olympics draw closer, the number of shops in Beijing that accept internationally branded payment cards stood at about 110,000 at the end of June, nearly double the number from last year, according to state-owned news media. Games attendees will be able to make card payments at some 90% of Olympic venues, the
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Nasdaq Lends Ukrainian Market Helping Hand
Suffering from a lack of liquidity and poor securities processing, Ukraine is hoping that Nasdaq OMX Group can provide some relief and bring the country’s markets more international attention. Nasdaq announced earlier this month that it had signed letters of intent with the National Bank of Ukraine and Ukrainian Interbank Currency Exchange (UICE) to help
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