BankNews Feb. 2015

Search Results: Suppliers

Kansas City’s slump is spreading; Suppliers are feeling slowdown’s effects on staffing levels

House Bill 2819 could help Oklahoma suppliers get government contracts

Here Comes EMV

By Randy Vanderhoof

By all estimations, 2015 is poised to be the “year of the chip,” with major progress in the U.S. migration to the global EMV chip standard for payments. Many card issuers have already begun or are planning to start issuing chip cards this year. By the end of 2014, there were approximately 120 million chip cards in the market. This number is expected to increase dramatically to 600 million chip cards by the end of this year –about half of all of the payment cards in the United States. Retailers are also on board, with some estimating that as many as 50 percent of merchant terminals may be enabled by the end of 2015. As a community bank, how should you start thinking about and planning for issuing chip cards? Let’s look at some of the major considerations.

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IDC Financial Insights Ranks Regional Providers for North American Banks in New IDC MarketScape

January 9 – IDC Financial Insights has announced the availability of a new IDC MarketScape report, Worldwide Core Banking Solutions 2015 Vendor Assessment of Regional Providers for North American Banks (Doc #FI253357), which provides valuable guidance when examining existing core banking solutions and/or planning for future investment opportunities.

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K•Coe Isom: Kennedy and Coe, Matson and Isom Merged

January 5 – K·Coe Isom has been formed effective Jan. 1, 2015, upon merging Kennedy and Coe and Matson and Isom. At $56.3 million in revenue with 360 people, K·Coe Isom ranks approximately 60th in size in the US and leads, nationally, as consultants and CPAs in food and agriculture—the firm’s primary industry. The firm serves domestic and international clientele from 17 coast-to-coast offices.

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Third-Party Risk Management Software Introduced for Community Banks

November 10 — ProcessUnity has introduced Vendor Cloud Community Bank Edition (CBE), a new version of its flagship vendor risk management solution aimed at helping smaller financial institutions identify and remediate risks posed by third-party service providers. 

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Kili Technology Unveils First mPOS Solution-on-a-Chip

October 29 – Kili Technology Corporation, a rapidly growing developer of secure, low-cost payment processing solutions, announced today the industry’s most highly integrated line of secure Solution-on-a-Chip (SoC) processors for payment processing applications. Offering more functionality than any other controllers for payment processing on the market today, this new line of processors and supporting firmware allow designers to quickly bring to market certifiable mobile Point-of-Sale (mPOS) terminals that support all modes of payment including magnetic stripe, EMV contact (as used in smart cards) and EMV contactless (via Near Field Communications (NFC)) with the highest levels of security in the industry.

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RMA Surveys Financial Institutions on How They Assess, Address Third-Party Risk

September 30 – The Risk Management Association has completed a survey, sponsored by MetricStream, on Third Party/Vendor Risk Management, which drew responses from more than 100 financial institutions of all sizes. The Third Party/Vendor Risk Management Survey addressed: vendor management frameworks, vendor selection and monitoring processes, critical vendors and critical activities, tools and techniques, contracts, regulatory compliance, and fourth party suppliers.  “Managing the risks inherent in vendor and other third party relationships has become critically important in recent years,” said Edward J. DeMarco, RMA’s General Counsel and Director of Operational Risk, “as the actions of vendors have been shown to bring reputational risk to financial institutions and even provide gateways for cyber attacks.” 

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56% of Organizations Not Utilizing Digital Archiving Technology

July 25 – Crawford Technologies has announced the results of a new survey conducted in partnership with AIIM, focusing on global trends in high-volume transactions across industries. The most surprising insight of the survey indicated that even though organizations stated the need to archive outbound customer correspondence for customer service, legal and regulatory compliance and historical record keeping needs, only 44% of organizations save exact facsimiles of these documents.

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U.S. Migration to Chip Payments Accelerates

June 20 – The U.S. payments industry is on track to see 100 million or more EMV chip cards issued, and more than double the number of chip-capable terminals to an estimated 4.5 million installed in the market by year end, according to the EMV Migration Forum. Since its inception in 2012, the EMV Migration Forum is the only body bringing together all payments industry stakeholders to work collaboratively towards a successful U.S. migration to chip payments.

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