By Kylee Wooten
Financial institutions, small and large, touch numerous data sources every day, which can present problems when each data source speaks a different language, preventing different systems – or even departments – from obtaining the same data. Exacerbating this problem of inconsistent data, many community banks and credit unions are still heavily reliant on their Excel spreadsheets, which are time consuming, prone to errors and static in nature.
New York, N.Y. // www.firstdata.com
Growing at nearly 40 percent annually, the dark web is approaching a $100 billion industry — and the fraudsters driving that growth are becoming more sophisticated and successful in their attacks. In response, First Data released FirstSense, a solution integrating threat intelligence with First’s existing detection and transaction authorization engine, with the goal of enabling financial institutions to identify payment cards at risk and prevent fraud before it happens.
Fremont, Calif. // www.foxitsoftware.com
Prior to moving to Foxit’s Ultraforms solution, Johnstown, Pa.-based 1st Summit Bank was creating all fillable forms with Adobe Acrobat Pro, amounting to upwards of 75 forms requiring imaging, maintenance and updating. When the bank moved to more advanced imaging that didn’t have straightforward data capture, it needed a new solution.
Salt Lake City, Utah // www.galileoprocessing.com
Virtual card demand and use continue to expand, and recent research shows that virtual cards are one of the fastest-growing payments products, with more than 20 percent growth per year and $132 billion spent on virtual cards in 2017. It is timely, then, that Galileo Processing Inc. has launched its virtual commercial card solution, which facilitates e-commerce, in-store payments, accounts payable and expense management for companies across various industries.
“Galileo’s virtual cards are beneficial for many payment environments where using plastic cards is time-consuming and inconvenient,” said Clay Wilkes, Galileo’s CEO. “Our virtual cards streamline payments operations, help reduce errors and fraud and generate new revenue through interchange on every transaction.”
The card is a randomly generated, single-use token that handles a single transaction in a specific amount. The payment is processed through a card network and may be issued on Galileo’s credit, debit or prepaid platforms. Galileo claims the card enhances security and reconciliation, cuts the cost and time required to process checks, and eliminates the setup and information-sharing required for ACH payments.
By Tyson Nargassans
November 2 — It’s no secret that banks need to better personalize their customer experiences. And it’s clear that those experiences need to be more timely and relevant – creating and nurturing relationships on customers’ terms, not the bank’s. But in most cases, the reality doesn’t match up with this vision. What’s holding financial institutions back?