July 30 – The Federal Reserve Board has approved a final rule establishing risk-management standards for certain financial market utilities designated as systemically important by the Financial Stability Oversight Council. The final rule also establishes requirements for advance notice of proposed material changes to the rules, procedures or operations of certain designated FMUs. FMUs, such as payment systems, central securities depositories, and central counterparties, provide the infrastructure to clear and settle payments and other financial transactions.
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July 20 – The Federal Reserve Board has reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks’ Fedwire funds and Fedwire securities services. These services play a critical role in the financial system and in facilitating the safe and efficient settlement of private-sector financial market utilities.
January 27 – CyberArk, the company that protects organizations from cyber attacks that have made their way inside the network perimeter, has announced details of its upcoming global webinar, “What You Should Know About the Common Thread in the World’s Best Known Cyber Attacks…Privileged Accounts,” featuring guest speakers from IDC.
January 27 – Sageworks, a financial information company that provides loan portfolio and risk management solutions to banks and credit unions, today announced the opening of registration for its 2016 Risk Management Summit. Set for Sept. 14-16 in Austin, Texas, the Summit is the premier banking conference covering the allowance for loan and lease losses (ALLL) and stress testing, and it will feature presentations from industry leaders, panels, roundtable discussions and networking opportunities. (more…)
December 23 – The Federal Reserve Board has assessed a civil money penalty and issued a consent order to cease and desist against Higher One, Inc., of New Haven, Conn., for deceptive practices that misled students who obtained financial aid disbursements through Higher One.
The Federal Reserve and the Office of the Comptroller of the Currency announced that they have approved Bank of America, Charlotte, N.C., and its subsidiary national banks to begin using the “advanced approaches” capital framework starting in the fourth quarter.
By Michael Scheibach
Nestled in southeastern Kansas, 140 miles due south of Kansas City, Mo., lies the mining town of Weir, Kan., home to 700 or so individuals and, by the way, one of the most progressive banks in the nation when it comes to payments technology: CBW Bank.
Vendor Cloud is a software-as-a-service (SaaS) application that identifies and remediates risks posed by third-party service providers in critical areas. At the heart of Vendor Cloud is the vendor service catalog, a central repository of vendor information, key documentation and related risks. Organizations can capture and maintain critical information for all of their third parties. Put simply, Vendor Cloud helps organizations effectively and efficiently manage the risk, cost and complexity of critical vendors throughout the entire relationship – onboarding, contracts, due diligence, performance monitoring, quality and service level management.
Why Vendor Cloud deserves an Innovative Solutions Award:
- With a single system for vendor-risk information and powerful automation, organizations streamline end-to-end third-party risk management processes for enterprises, vendors and assessors.
- Management-level reporting reduces operational exposures, surprises and losses while ensuring results stand up to regulatory scrutiny.
- Risk managers can create role-specific reports and dashboards through a simple-to-use interface, a level of reporting that manual methods simply cannot provide.
- It is delivered seamlessly via the cloud, allowing financial institutions to outsource IT-heavy functions to a service provider that manages licenses, deployments and upgrades while adhering to SSAE 16 security requirements.
ProfitStars® EPS SmartPay Express™, part of the Enterprise Payment Solutions (EPS) product suite, enables financial institutions to provide custom online payment and donation services for business customers. SmartPay Express processes payments in a hosted environment, managing the security and IT concerns for businesses. The platform provides a custom branded URL address and microsite for each business and supports single or recurring payments from:
- Checking or savings accounts (processed as ACH transactions);
- Credit or debit cards;
- PayPal® accounts; and
- PayNearMe™ cash payments
One of the many ways that SmartPay Express can help community banks become more efficient is by providing the banks’ merchants with a customizable, configurable payments page that works in conjunction with their primary website. It’s an ideal solution for businesses that want to enhance their online revenue streams or increase donations without paying for expensive website modifications.
Because SmartPay Express requires minimal technical setup, it can help both banks and merchants expand their capabilities. It’s perfect for business customers who do not have the IT resources to create an online payments option. ProfitStars also provides a hosted environment to process payments quickly and safely.
SmartPay Express can allow banks to better serve their customers by enabling merchants to choose to take single or recurring payments from checking accounts or credit/debit cards. Users can also take advantage of alternative payment methods such as PayPal or PayNearMe. Additional payment methods will be added to the solution as the payments landscape expands.
In summary, SmartPay Express is a customizable payments site that will fit into a bank’s existing payments strategy with ease. By allowing banks and their customers to set up a site that works best for them, SmartPay Express can serve as an efficient and effective tool that enables both entities to provide the highest level of customer service.
Gladiator® Hosted Network Solutions™ (HNS) is an outsourced IT infrastructure solution that delivers network essentials (servers, storage, network, & operating systems) via JHA’s private cloud. The solution enables financial institutions (FIs) to reap the many cost & efficiency benefits associated with a hosted infrastructure model while leaving the burden of IT mgmt responsibilities to our IT, security, & compliance experts. Further, it allows FIs to repurpose IT resources to focus on more strategic initiatives.
HNS is deserving of an Innovative Solutions Award for delivering the broad range of value & benefits to FIs as follows:
- FFIEC/OCC Oversight, Compliance, & Risk Avoidance
All JHA hosted services are under direct FFIEC oversight. HNS transfers to our experts the risk of disaster avoidance, hardware replacement, & ensuring systems are not compromised.
- The Freedom to Stop Chasing Hardware & Shift IT Focus
FIs find it increasingly difficult to implement & support their in-house IT infrastructures. HNS allows them to get off the ‘revolving technology wheel’ and let Gladiator take on the analysis, implementation, support, & risk of maintaining network hardware.
- Disaster Avoidance (DA)
JHA has implemented one of the most robust DA processes in the industry, and this is the same methodology used for HNS. At least twice a year we transition from two data centers, operating from both sites for at least 45 contiguous days. This redundancy removes the risk of disaster recovery from the FI’s disaster planning equation. This is significant in the eyes of auditors.
- Consumption-Based Services with Dynamic Scaling
HNS uses the consumption model based on the amount of resources being used at any given time. These services are metered, scaling up & down based on the applications being used or retired, delivering huge flexibility for optimal utilization of FI resources.