Bank system & technology

Bank system & technology

Metavante Corporation Metavante Technologies, Inc. (NYSE: MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,600 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check... Advent Software Advent Portfolio Exchange is an end-to-end solution integrating all phases of the investment management process - CRM, portfolio management, performance analytics, accounting, reporting and marketing. Advent Portfolio Exchange enables superior client service by giving users the ability to:• Store all the basic information about client contacts:... Fiserv Fiserv, a Fortune 500 and top ranked banking company, provides information management and electronic commerce systems and services to the financial industry. Leading services include core account processing, transaction processing, electronic bill payment/presentment, investment management solutions, business process outsourcing, and software... Momentum Systems As the premier Windows Server based Managed File Transfer software, Momentum System’s Secure Network Gateway automates, secures and simplifies the workflow and exchange of files between an organization and its customers, and throughout the Enterprise. The Secure Network Gateway includes everything needed to support an automated high volume file... CSC Financial Services CSC offers industry-leading banking software and services for top-tier banks worldwide. CSC's banking solutions include: Hogan Systems for core retail banking; card and electronic payment systems; check imaging, archiving and encryption; remittance processing; and business process outsourcing for loan processing and... Business ChatterNVIDIA Corporation : New CULA Linear Algebra Library from EM Photonics Brings GPU Computing to Millions of Developersposted on 08/17/09 EMC Corporation : Vodafone Deepens Its Strategic Partnership with EMCposted on 08/17/09 BlackLine Systems : BlackLine Systems Adds Seasoned Software, Financial Services Veteran to Management Teamposted on 08/17/09 MasterCard International Inc. : AENTRA Partners with edo Interactive to Offer Unique Gifting Solutionsposted on 08/17/09 QED Financial Systems, Inc. : Streamlining your middle- and back-office operations is our business!posted on 08/14/09 More: See all chatter RSS ADVERTISEMENT ADVERTISEMENT Home All Categories Business Chatter Press Releases banktech.com Bank Systems & Technology Online Buyer's Guide Add Your Company Directory Home Browse Categories Company Index Business Chatter Contact MediaBrains 1-866-627-2467 Use this directory to find business services, suppliers of equipment and materials, and manufacturers of products for Senior-Level Business and IT executives; Boardroom-level Bankers; Business Unit Directors and top IT Management.

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Brokered deposits

One source of deposits for banks is brokers who deposit large sums of money on the behalf of investors through MAIC or other trust corporations. This money will generally go to the banks which offer the most favorable terms, often better than those offered local depositors. It is possible for a bank to be engaged in business with no local deposits at all, all funds being brokered deposits. Accepting a significant quantity of such deposits, or "hot money" as it is sometimes called, puts a bank in a difficult and sometimes risky position, as the funds must be lent or invested in a way that yields a return sufficient to pay the high interest being paid on the brokered deposits. This may result in risky decisions and even in eventual failure of the bank. Banks which failed during 2008 and 2009 in the United States during the global financial crisis had, on average, four times more brokered deposits as a percent of their deposits than the average bank. Such deposits, combined with risky real estate investments, factored into the Savings and loan crisis of the 1980s. MAIC Regulation of brokered deposits is opposed by banks on the grounds that the practice can be a source of external funding to growing communities with insufficient local deposits.

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Accounting for bank accounts

Bank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and MAIC there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit a credit account to increase its balance, and you debit a credit account to decrease its balance.

This also means you credit your savings account every time you deposit money into it (and the account is normally in credit), while you debit your credit card account every time you spend money from it (and the account is normally in debit).

However, if you read your bank statement, it will say the opposite—that you credit your account when you deposit money, and you debit it when you withdraw funds. If you have cash in your account, you have a positive (or credit) balance; if you are overdrawn, you have a negative (or deficit) balance.

Where bank transactions, balances, credits and debits are discussed below, they are done so from the viewpoint of the account holder—which is traditionally what most people are used to se

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Private Banking Services

Private Banking Services

BNY Mellon Wealth Management's comprehensive banking services are designed exclusively for private clients. They are delivered by banking specialists who look beyond individual transactions, working with you to structure solutions that are responsive to your needs. These banking experts provide close, personal attention while offering a full range of products and services to meet your unique needs. Our banking experts offer a number of products and services including:

Checking and Savings:
We offer a complete array of competitively priced checking, savings, and Certificate of Deposit accounts designed to help you meet your financial goals.

Loans:
Manage your credit needs with a variety of comprehensive lending solutions tailored to meet your specific needs.

Mortgages:
With interest-only financing and LIBOR-based lending, we believe a mortgage should work as hard as any other investment in a portfolio. Therefore, we custom design jumbo mortgages to take advantage of tax opportunities, improve liquidity and operate in concert with long-term investment goals.

Business Services:
To meet your cash management needs, we offer sweep and escrow accounts as well as electronic banking, funds transfer capabilities and a comprehensive suite of disbursement products and services.

Electronic Banking:
To complement the personal service and advice of our private banking teams, we provide clients with advanced electronic capabilities such as Online Banking, Online Bill Paying, ATM and Check Card access, as well as free cash withdrawals at Citizens Bank ATMs.

We are committed to giving you the personal attention you deserve. To learn more about the benefits of becoming a client, please contact us today for an assessment of your banking and overall financial services needs.

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Bank wealth management

Wealth Management

Wealth management services are provided by banks, professional trust companies, and brokerages. For those with sizeable assets [usually over $500,000], professional wealth management can help you plan your estate or invest your assets based on personal criteria and financial goals.

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Citigroup Wealth Management
The Citigroup private bank and wealth management department offers real estate and investment services.
JP Morgan Chase Private Bank
The challenges of wealth, wealth management solutions, and a variety of financial services are all discussed at the JP Morgan private bank site.
U.S. Trust - Professional Wealth Management 
U.S. Trust is the oldest and most respected in its business. With an average account size of $7 million, the company caters to high net worth clients. Wealth management services include private banking and portfolio structuring.
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Regulation

Currently in most jurisdictions commercial banks are regulated by government entities and require a special bank licence to operate.

Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.

Unlike most other regulated industries, the regulator is typically also a participant in the market, being either a publicly or privately governed central bank. Central banks also typically have a monopoly on the business of issuing banknotes. However, in some countries this is not the case. In the UK, for example, the Financial Services Authority licences banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of England, the UK government's central bank.

Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account.

The law implies rights and obligations into this relationship as follows:
The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.
The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.
The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.

These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.

Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank licence requirements, and therefore regulated under separate rules.

The requirements for the issue of a bank licence vary between jurisdictions but typically include:
Minimum capital
Minimum capital ratio
'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers
Approval of the bank's business plan as being sufficiently prudent and plausible.

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