Irene Chan
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Irene Chan, Director of Products at Bindo POS.
Citibank Sells Off Consumer Banking Business
Banco Ficohsa completed the purchase of Banco Citibank de Honduras, S.A and Cititarjetas de Honduras, S.A., after receiving the required regulatory approvals. The acquisition is the largest transaction of its kind undertaken by a Honduran bank. Ficohsa now becomes the largest bank in Honduras and one of the top 10 banks in Central America. The deal included an US$ 80-million capital contribution, which brings Ficohsa’s total net worth to approximately US$ 350 million, which represents 21% of Honduras’ total financial system’s net worth. The contribution is comprised of tier 1 and tier 2 capital. The combined entity will have a loan portfolio of US$2 billion, a deposit base of over US$1.6 billion and US$ 2.7 billion in assets, which represent 20% of the total assets of the Honduran financial system (using pro forma figures of the companies combined as of March 31, 2014.)
Ficohsa Acquires Banco Citibank d Honduras
Banco Ficohsa announced a successful agreement to acquire 100% of the shares of Banco Citibank de Honduras, S.A. and Cititarjetas de Honduras, S.A., pending authorization by the National Banking and Insurance Commission (CNBS) and the Competition Defense and Promotion Commission. The transaction does not include the acquisition of any of Citi’s Corporate Banking business in the country, including Banco de Honduras, S.A. The acquisition makes Banco Ficohsa ” the leading member of the country’s top financial group, with banking, insurance and credit card businesses – the largest bank in Honduras, with a net worth of US$339 million, US$ 2.77 billion in assets, a loan portfolio of US$1.88 billion, and US$1.6 billion in deposits.
Bank of America Initiates 2011 Hurricane Support
The Bank of America Charitable Foundation announced a $250,000 commitment to support the American Red Cross Disaster Fund for the 2011 hurricane season. This is now underway with relief response to Hurricane Irene that impacted states from North Carolina to New England. In addition, the Bank of America Charitable Foundation will match employee donations to relief efforts through the bank’s Matching Gifts program.
Xoom.com Offers Fee-Free Money Transfers for Hurricane Relief
Xoom.com online money transfer announced a “Fee-Free Money Transfer” pricing initiative when sending money to the Dominican Republic from the United States. Money transfers can be sent with no fee through August 31, 2011 by going to the Xoom.com website and entering the coupon code IRENE. This is part of an effort to provide relief from the damaged sustained by Hurricane Irene.
Microsemi Semiconductors Enhances LCD Displays
Microsemi semiconductor technology has made available its “LXMG1645” quad-lamp CCFL backlight inverters with the proven StayLITTM fault-management feature. Customers have a choice of two versions, supporting either a 12 volt (V) or a 24 V input source. The StayLIT feature enables multi-lamp displays to continue operating, even during individual or multi lamp failures. The LXMG1645 quad-lamp family brings the StayLIT capability to larger, more complex LCD panels used in health monitoring, ATMs and other mission-critical applications that require reliable, uninterrupted operation with consistent, evenly lit display quality.
Chase Appoints New CIO
Irene Tse is joining Chase as CIO for North America, bringing with her more than 17 years’ portfolio management experience. Prior to joining J.P. Morgan Chase, she was a managing director and portfolio manager at Duquesne Capital Management, focusing on global macro investing. During her three years at Duquesne, she worked closely with founder Stanley Druckenmiller, focusing on various rates, mortgage, credit, foreign exchange, equity, commodity and structured product offerings. Prior to joining Duquesne in 2008, she was a partner and co-head of U.S. rates at Goldman Sachs.
Cabela Subsidiary Implements DocuLynx
World’s Foremost Bank, a subsidiary of Cabela’s Incorporated and the issuer of Cabela’s “CLUB Visa credit card,” has selected DocuLynx “Mercury” software solutions for its high-volume archiving and retrieval needs. This will let World’s Foremost Bank move to more cost effective business processes when it comes to managing and adding value to its high volume and transactional output. The software will also allow for reduced storage costs, quick and efficient access to archived data, and enhanced security features to protect customer sensitive information.
Veritec Inks Marketing Agreement with PreVay
Debit card solution provider Veritec has signed a
collaborative marketing agreement with NY-based PreVay to begin
marketing a unique “VISA blinx On-Off” banking and debit card that will
allow employers to pay employees electronically, transferring
FDIC-insured funds directly into their cards using Veritec’s Mobile
technologies, in addition to those of PreVay. The “blinx
On-Off” card features the ability to turn card use on and off, make real
time money transfers, and to provide notifications of card use.
Cardholders have security and convenience while traveling and managing
their funds, as well as transferring amounts from card to card or
account to account, in real time anywhere in the world. Veritec
technology can be deployed on both a closed or open loop processing
platform. The card will also allow
both banked and un-banked employees to send funds to whomever they wish,
using their combination payroll, bank and debit-card via mobile phone.
Additional cards can also be ordered for friends and relatives.
Veritec, through its subsidiary Veritec Financial Systems, Inc.
processes debit, pre-paid and gift
card transactions for debit card issuers and sponsoring organizations.
Veritec’s instant issued MTC and blinx On-Off card programs,
on Veritec’s mobile banking platform, are connected to Security First
Bank of Fresno, California.
East West Bancorp has Appoints New VP/CFO
East West Bancorp has promoted Irene Oh to EVP/CFO.
Oh will be responsible for the Companyâs finance, treasury, accounting,
secondary marketing, and investor relations functions.
Oh joined the Company in 2005 and served as Senior Vice President and
Director of Corporate Finance. A Certified Public Accountant, she began
her financial career in 1999 with Deloitte& Touche in Los Angeles and
spent two years with Goldman Sachs. Oh earned her Master of Accounting
from the University of Southern California. East West Bancorp is a publicly owned company with $20.6 billion in
assets and is traded on the Nasdaq Global Select Market under the symbol
âEWBCâ. The Companyâs wholly owned subsidiary, East West Bank, is the
third largest independent commercial bank headquartered in California
with 135 branches worldwide.
Biometric Acceptance
A new study shows that the majority of the U.S. public believes it is acceptable for the private sector to use biometric technologies. Although consumer experience with biometrics is generally low, 56% to 91% say it is acceptable for the private sector to request a biometric scan when checking the identity of an individual buying a gun against a database of convicted felons (91%); verifying the identity of those making credit card purchases (85%); withdrawing funds from an ATM (78%); accessing sensitive files, such as medical or financial (77%); conducting background checks (76%); and, screening out those banned from gambling or professional card counters in casinos (56%). The recently released two-wave survey was commissioned by SEARCH, funded by the U.S. Bureau of Justice Statistics, and developed by Dr. Alan Westin, President & Publisher of Privacy & American Business.
Encrypting PIN Pad
NCR Corporation announced the introduction of its new Encrypting PIN Pad module, which provides deployers enhanced, cost-efficient automated teller machine security. The EPP also has specific features that will improve ease of access for consumers.
The new module, which is being demonstrated at BAI Retail Delivery show in Anaheim, combines a new keyboard and encryption module in one secure unit. It will support Triple DES, the new standard for encryption. This provides increased security to protect the PIN as it is sent to the bank host computer for authentication. Visa and MasterCard are already in the process of mandating member banks to move to this more secure encryption standard from the current data encryption standard (DES).
A further benefit to deployers lies in the module’s offer of remote key distribution via RSA. Rather than bank personnel having to visit ATMs to install new encryption keys, these can now be uploaded remotely, an obvious cost saving. Future proofing, including the architecture to support other encryption standards like advanced encryption standard (AES) is already built in to the EPP, saving additional time and money for the bank.
As Irene Dutch, program director with NCR’s Financial Solutions division, explained, the move represents a change in philosophy and a significant step in the fight against fraud. “In the past we have supplied the encryptor and keyboard as separate items. However, coupling both features in one module significantly reduces the opportunity for fraud. It is designed for use in all Personas ATMs and as an upgrade to NCR’s fourth-generation ATMs. It is available as a direct keyboard replacement – with no software or other changes. Simply take the old keyboard out and replace with the new EPP.”
To move to a higher level of security, an NCR software upgrade will be available. This gives the ATM deployer the option of deciding when it wishes to move the ATM network to Triple DES.
As well as improving ATM security, the NCR solution makes available a more consumer-friendly interface. An important feature of the new keyboard component will be the introduction of enhanced colored key-tips. The ANSI/global accessibility guidelines state that the main function keys (clear, cancel, enter) should be colored to assist the visually impaired. The function keys also come with raised international symbols for easier recognition and use and have an improved “touch and feel” which further assists the visually impaired.
Dutch concluded, “All in all, the Encrypting PIN Pad represents a more complete NCR product offering that is future-proofed to meet new, higher industry standards in customer accessibility and encryption. It reinforces NCR’s position as the leading provider of ATM security and accessibility solutions.”
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in providing Relationship Technology(TM) solutions to customers worldwide. NCR’s Relationship Technology solutions include the Teradata(R) database and analytical applications for customer relationship management (CRM) and business performance management, store automation systems and automated teller machines (ATMs). The company’s business solutions are built on the foundation of its long-established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 32,900 in more than 100 countries, and is a component stock of the Standard & Poor’s 500 Index. More information about NCR and its solutions may be found at [http://www.ncr.com][1].
[1]: http://www.ncr.com/