Category Archives: Banking

Banking

Banking news is very important for financial sector

We get news for staying aware of the surroundings. A person must know the entire world. However, he must never miss out on the latest news. There is a reflection of the news of neighborhood on the current scenario with regards to the activities taking place in rest of the world. A strong position has been held by money. The news and activities will often revolve around money if there is no direct inclusion of it in the matter of discussion. Banking news is considered to be an important section of the economy newspapers. Explicit information is given by the TV channels on the banking sector. The overview of Indian economy will tell a person about the importance of banking. More and more new branches of the banks are mushrooming in the cities as well as the corners of rural India. There is economy news as well. There has been a lot of importance of banking in the economy of India due to thriftiness. Banks are supposed to provide sanctity like people.

A vital role has been played by the banks for the protection of money in their own ways of wasting it when it is chosen to be saved. There are various services of the banks that have got an extension from savings such as insurance, loans, and interests on money and trading on money that has been deposited in other banking activities. The articles and information that are related to banking have been covered exclusively in the breaking news in various media. Latest news is always meant for keeping a person on toes. A lot of alertness is required when there is an involvement of more money. There is a direct proportion of the amount of security and the financial growth of the country. Sometimes, safety can put into the belief that nothing wrong will happen. This will happen when the crisis will strike. Vigil has been required even in safe times.

There is no exception to prudence as exemplified by the economy news and the Breaking News. There are various circumstances that are related to money matters. Being cautious and aware will always help to draw lots of strategies and plans before hand for preventing mishaps when cues of the same are received. India helps vigilance. An optimal role is being played by the banking sector. Necessary changes have been made by RBI in monetary and fiscal policies that were demanded during those times. The fear of trading is always reflected by economy news and banking news. People have to take their money out of shares and put it in banks for recurring and fixed deposits.

Find Latest News, banking news and economy news on every topic at jagranpost.com.

Banking

3 features to look for while selecting banking software companies

In the present technological era, the demanding customer accepts nothing short of unparalleled services and support from establishments that compete for good market space. Banking field is no different, where institutions are taking measures to cater to the demands of customers by bringing out novel solutions. Banking software is one of the developing trends that help financial institutions to provide quick services, and banks look for the best banking software companies to build ideal tool that makes things easy for customers as well as financial institutions. There are three different features that need to be considered by a bank that wants to pick the best company.

Expertise

In the first place, the prime feature that is used to identify the best software company is the expertise of a company, which helps the company build robust software solutions. Such software solutions take several forms, as one can come by core banking software, as one can even come by servicing banking software. In essence, software of different nature is being built by the banking software companies to provide solutions to specific needs of such institutions.

The bank that wants software to be built for a specific purpose should pick a company that comes with expertise to build software for the specific niche. An establishment may be good in building core banking software, or may be a reputed company that is known for building investment management software. In simple terms, the financial institution should know if a company possesses expertise to build specific software aimed to provide solutions to specific niches.

Workforce

Another feature that sets an experienced player apart from the ordinary ones is the strength of the workforce unveiled by the reputed player. A company that has earned acclaims for building high quality software takes pride in its workforce, as experienced professionals script the success of such establishments. The banking company that builds ideal software solutions unveils software professionals who are experts in this field, and who come with enough experience and exposure to build software that provides solutions to the varied needs of clients.

Portfolio

Before identifying the best company that has the potentials to provide ideal solutions, banks should look into the portfolio of an establishment to decide upon the effectiveness of a company. While the portfolio unveils software developed for major banks, and software that provides good solutions, it reflects the expertise and experience of a company to build ideal solutions.
 
Before picking the best one from a whole lot of banking software companies, an establishment has to consider three important features to make the right decision.

Bank-companion.com provides mobile banking services which enables banks, community banks and credit unions to provide their customers with 24/7, anytime anywhere banking. The result is a secure and scalable platform that helps your organization to increase loyalty, acquire new customers, cross-sell products plus much more.

Banking

Solvency II: The New Prerequisites to Gain Banking Computer Files

Here are a few huge differs returning thanks to Solvency II to verify the entire organisations that are aspect of virtually any middle celebrity criteria activity(IMAP) will manage to benefit of your precise records source system. To provide a source new complying elements is often desire for small businesses so that it will course of action data transfer useage substantially than.

Those EIOPA which has get most of documents excellent quality guidelines when considering Solvency II: There ought to be a data good reduction program contained in the method. A data glossary requires end up accumulated over credit personality. Results signal will need to grow to be determined or reviewed concurrent when it comes to data files retention. Deliver acting would have to be see-thorugh as well as , unengaged to wind up being demonstrated. Authentic measurements and therefore completeness has got to clearly spell out the most suitable records objectively. Detail higher quality does need to be mastered plus a recognized proven address. Option and consequently ritual detection expertise inadequacies is practiced sometimes. A fabulous lumber ought to presented to guarantee that some flaws can be found written about the best place facts fine quality are down the page general utilizing outlines from the decisions are transported to product a shortage. An electronic exam will supply a trustworthy trail and simply source of specifics history that try and process up to. That will likely current upgrades to get support linked applying professional reasoning contrary to bodily and mental files. Pull off endorsement for a purpose of discovering details found by external and internal auditors. Amendment administration control must also find yourself systematically through with esteem to affect structure results.

The reason for Solvency II is usually to be without doubt tragic routines will also always bargain typically the granularity primary factor not our life insurance organisations no retirement detail. Age the actual desires to be looked at with respect to granularity so lags indoors production of datasets. Life Inasurance companies requirement achieve with increased analysis in addition to the visibility, exceptionally needed for house and therefore possibility facts government. The unique components of this type of openness may possibly apply to joint debt, advantage assets and counterparty exposure to.

Putting on one particular QIS sets of rules for solvency main having widely used system will probably give resulting data file returning to fill net data store to find confirming. Concurrency while master enjoyment to have deference most likely be biggest bank for those services. The actual tool granularity of knowledge are inclined to propose to her the key impediment for many of us in the. Although with recently available material in an exceedingly see-through computation machine over the SCR seeing as recommended in mandatory barometer at the moment QIS The 5, it turns out should deliver presumptions in an array for ventures concerning the information variations to their phone components to obtain stock key documents.

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Banking

Overcoming the Challenges Faced While Testing a Banking Application

In my previous article “Is Testing Banking Application a Nightmare – Know Why?” I described the challenges testers face while testing a banking application which makes it his nightmare. This article would be dedicated in finding out various strategic approaches to overcome those challenges mentioned earlier.

Approaches to Overcome the Challenges:

1. Monitor regression testing throughout the application lifecycle: Regression testing is crucial to monitor throughout the app lifecycle so that the test suite is administered and sustained across releases, set under version control, and linked to requirements. Test cases that would be used in test environment should be precise enough to set the expectation regarding test data. The following approaches can used to achieve cost effectiveness:
• Risk based testing
• Test Automation
• Off-shoring or outsourcing to third party testing vendors
 
Ideally, the organization should always think about risk based testing before automating test cases outsourcing the test activities. The goal should be to reduce the number of tests to be executed for every release cycle thus keeping the risk in threshold range.
 
Defect rate per executed test during regression testing is always high in case of new functionality. Apart from this, majority of defects found by regression testing are due to integration issues which is the result of changes made in one component that is being used in another component. Hence, regression test needs to cover higher level integration test.
 
Test automation is an effective way of reducing cost of regression testing. The main reason behind this is that the automated test suites can be run multiple times during every release cycle without too much maintenance effort. 
 
Off-shoring testing activities to countries with lower labor costs is another way that should be combined with risk based approach and test automation. 
 
2. Ensure test data usage meets regulatory compliances requirements and guidelines: In order to maintain data confidentiality, we can use following two ways: 
 
• Data Masking: This method can be used to alter the data testers copy from production server in a way that it no more contains any sensitive information and can be used for testing purposes directly. The main benefit of this approach is that it gives a good coverage regarding diversity and volume of data and the option to reproduce production scenarios. However, for regression testing, data masking is not considered as a very effective option as the underlying production data can change over time and lead to different results. Hence, this method always incurs an overhead of verifying the test data.
 
• Synthetic test data: Synthetic test data is considered as an excellent approach to generate test data under the aspects of compliance, sustainability and integrity. However, there is always some gap regarding coverage as it not feasible to synthetically produce all kinds of data with all the systems. In scenarios where integrity across the systems is not necessary, synthetic data coverage can be much better.
 
3. Testing system integration and integrity of test data: To make sure that testing covers the integration of different systems and integrity of test data, one needs to test it in the test environment which is similar to production environment. Setting up such a test environment is a real challenge. Using pre-production environment with production data is the most feasible alternative one can think of. But this method involves high risk of losing on confidentiality of data as lot of resources will be using the production data while performing such test. Hence, to fulfill the demand, a dedicated system integration test environment needs to have:
 
• System Coverage 
• Operational Coverage 
• Data Coverage & Integrity
• Environment Management
 
Implementing these steps would definitely help overcome the challenges faced while testing a banking application. However, it is important to understand that sometimes the outcome of one challenge may result in complications of other challenges. Further, the more complicated system landscape is, regression testing becomes more important.

AppLabs, a CSC company is the world’s largest Software Testing Quality Management Company. Our Quality Management and Testing Services utilize its many years of banking and finance experience across the globe to support clients who view technology as a business enabler and see the importance of getting implementation right first time.

Banking

Is Testing Banking Application a Nightmare ? Know Why?

Information technology has completely changed the way banks use to operate until last decade. The criticality of banking IT systems lies in their sheer size, vast number of transactions they facilitate every minute, and wide range of their portfolio offerings. With their expansion plan mounting day by day, need to integrate the IT systems in various branches with main IT stream is becoming more challenging and complex.

 
Testing & re-testing becomes inescapable in case of banking applications as even a minute error can result in loss of repeat business, revenues and permanent damage to organization’s reputation. Further, a small mistake can put the banking & financial institution through severe legal scrutiny.
The characteristics that make any banking application a nightmare for testers are as follows:
 
1) Recurrently changing regulatory & market requirements: Increasing competition in the market via various banking products and services heaves new functional requirements for banking applications in an ongoing manner. In addition, the regulatory firms keep adding new standards which are mandatory from legal and requirement perspective, and have to be fulfilled by every banking application. As a result of this, the business application has to go through frequent releases and upgrades throughout the year and needs to be tested multiple times. Whether a bank is using customized software or a standard product, the frequently changing regulatory and market requirements affects both.
 
Test execution for every single release generally includes major portion for regression testing. It is something which is not very exciting among the testers including business users. Running these tests multiple times also increases the cost of the application.
 
2) Maintaining data confidentiality & test data requirements: Testers are more likely to use the data copied from production systems as a test data. However, recent bank secrecy laws and standards in various countries does not allow anyone to use the test data as it is from live servers so as to protect the confidentiality of the data. Banking industry, being a service provider to almost every organization in some or the other way, needs to build trust more than any other industry in order to gain its customer confidence.
 
Employing internal or external IT developers and testers use the production data for testing purposes increase the probability of legal breaches & reputational damages. The data confidentiality requirements mount with the stringency of the country specific laws and with the international distribution of business and IT.
 
3) Complex legacy & application systems: Banking applications are often too complex to understand. The know-how about each and every system involved in it functionality is scattered within and outside the organization. The dependency and integrity of one application with other further leads to complications which imply the risk of being overseen when new releases are developed. It only gets worse when legacy systems are involved having a lower level of documentation and cluttered data design. In addition, such applications root interfaces to external apps for market data and for settlement of transactions in the trading and payment area.
 
As an outcome, the data that is being used in app under test actually originates from another app that is far up the stream. This makes it difficult for testers to produce test data which suites and fulfills all the cross application data constraints.
 
Offering a risk-free transaction is the ultimate motto of every bank. But in order to achieve this objective, the applications should be put under scrutiny which demands a focused and strategic approach from testers. We will soon discuss the approaches to overcome the above mentioned challenges in the next article.

AppLabs, a CSC company is the world’s largest Software Testing Quality Management Company. Our quality management and testing services utilize its many years of banking and finance experience across the globe to support clients who view technology as a business enabler and help them deliver enhanced business value with optimized benefits. Our testing solutions for Banking and Payment Processing applications centers on helping our customers focus on most important paradigms in modern day banking – customer acquisition and retention, risk management and regulatory governance / compliance and payments.

Banking

5 inherent features of top banking software companies

Mobile banking services have caught the imaginations of financial institutions, as more and more institutions are taking steps to offer top quality banking services to clients. With the demand for these services shooting through the roof, banking software companies are coming out with robust software that of offer ideal solutions to financial institutions. When banks are keen to build software that provides mobile solutions, and when banks plan to hire the services of companies that build such software, five inherent elements of the companies attract the attention of financial institutions. What are the five integral features of top banking software companies?

Wide range of clients

While a bank wants to hire the services of the best company that builds offers mobile banking solutions, it should pay attention to look into the list of clients belonging to the software company. A reputed company has a wide range of clients, and takes pride in its rich clientele that unveils clients from across the far corners of the globe. Established players are known to offer solutions to customers belonging to finance, banking and insurance industries.

Experienced team

Reputed banking software companies are well equipped with experienced team that paves the way for ideal banking solutions. The team comprises of subject matter experts, financial specialists, portfolio managers, investment managers, bankers and other specialists who work together to provide effective solutions for clients across the globe.

Customized solutions

The feature that sets experienced companies apart from ordinary ones is the ability of an experienced company to offer customized mobile banking solutions. Reputed establishments that build mobile banking software have rich experience to offer customized solutions, as these establishments deal with specific needs of financial institutions and come up with solutions that address the real needs of financial institutions.

Software with high value performance

Most importantly, the software company that earns acclaims from various quarters is a company that builds software that is known for high value performance. Moreover, the software gets implemented easily and quickly, and gets maintained efficiently. Complete integration of modules, low operational and maintenance costs, and rapid deployment of various mobile products become inherent elements of the software that gets built to offer mobile banking solutions.

Good support

An establishment that builds software to offer mobile solutions to financial institutions offers good support to make sure that the software functions efficiently and smoothly at all times.

While a financial institution plans to hire the services of mobile banking companies, it has to offer its focal attention on five integral features of a reputed company to pick the best one in the process.

Bank-companion.com provides mobile banking services which enables banks, community banks and credit unions to provide their customers with 24/7, anytime anywhere banking. The result is a secure and scalable platform that helps your organization to increase loyalty, acquire new customers, cross-sell products plus much more.

Banking

Enterprise Risk Management in the Banking Industry

After the financial collapse in 2008 that was marked by the demise of some of the oldest financial firms in the banking industry, enterprise risk management has become a regulatory concern as well as a business concern. Assuring that the institutions which form the backbone of the country’s economic infrastructure are observing proper operation risk management practices is seen as benefiting all citizens, not just customers and shareholders. Regulatory form, which has been the subject of press coverage and congressional inquiry, will certainly take a central role in the upcoming presidential race. As such, understanding critical factors is an important part of being well informed.

The Terms

Enterprise risk management refers to practices that are specifically designed to protect the very existence of the business, or enterprise, for which they are implemented. Within the banking industry, this can refer to an ever-changing group of risks. In recent years, these have focused on practices that protect against allowing a financial institution from becoming over-leveraged.

The meltdown in 2008 was largely precipitated by banks over-extending credit which in turn impacted the real estate market as well as the very viability of the institutions which had issued that credit. When defaults began to occur, a cascading effect took place and the entire economy was put in jeopardy. Operational risk management refers to managing those risks which are directly related to the operation of the business in question. In most cases, these risks represent enterprise risks as well, but the overlap between the two terms is not absolute.

Regulatory Developments

Over the past several years, there have been a variety of developments that have had a significant impact on the market. The Dodd-Frank legislation, changes in margin requirements and alteration to reserve requirements are just a few of the regulatory changes that have been enacted and targeted at forcing sound enterprise risk management practices. The Federal Reserve, the Securities and Exchange Commission and others have all worked towards reforming Wall Street for the overall protection of the economy and tax payers in general.

An example of one of the operational risk management changes that has been imposed on the banking industry is the practice of regularly conducting stress tests to be sure that the assets of any financial institution that is deemed “too large to fail” are not over-encumbered. The specifics of each test are highly complex, but the purpose of the exercise is to assure regulators that the institution in question can manage its exposure. Practices like requiring any lender to keep a certain percentage of the loans they make on their own balance sheet also help to protect the long-term viability of the institution by trying to force good judgement.

The Big Picture

The issue that is likely to be debated going into the presidential race is the cost of imposing operational risk management practices on free enterprise. While it is hard to argue that protecting the economy as a whole is in the best interest of all citizens, any time the free market is restricted, there is a cost. Some argue that the cost is too high and has unseen consequences that cannot be risked, while others defend these practices as a balance to natural greed. In any event, the discussion is an important one that will have a deep impact on the global economy for the foreseeable future.

Enterprise risk management refers to practices that are specifically designed to protect the very existence of the business, or enterprise and which has seen operational risk management changes that has been imposed on the banking industry is the practice of regularly conducting stress tests.

Banking

The Location of a Leading Banking Organization: Chase Center Columbus

As a global business, JPMorgan Chase offers numerous places across the United States for managing the different monetary services they provide. This specific structure near Columbus, OH holds a sizable functional subsidiary retail branch of JPMorgan. The entire corporation manages stock options, offers reseller financial services, along with assists with investment banking. When it comes to assets, Chase is really a top company within the financial industry, offering offerings to folks as well as companies. Services they provide include credit lines, personal banking, company finance, general funding, insurance, home loan assistance, along with capital supervision. The retail head office can be found in Chicago, IL, though they possess office locations in several states. Chase Center Columbus maintains a single branch serving the purpose of aiding their retail offerings. Other acquisitions since their initial origins contain names including Bear Stearns, Washington Mutual, Bank One, and also Providian Financial.

Chase Center Columbus: The Encompassing Area Enhances This Location

JPMorgan is recognized as one of the most seasoned organizations because of possessing over two-hundred years of experience with the industry. This established business is really a monetary leader all over the international industry. Chase conducts processes within as much as sixty countries with 200,000 workers worldwide. Customers include folks, small companies, corporations, as well as institutions. Chase Center Columbus is situated in the suburb part of Westerville, Ohio. The property provides more than three-hundred fifty thousand square feet spanning more than 5 stories. Erected in ’74, this specific structure is zoned as a workplace. The facility was fairly recently restored, contains big floor plans, and is also easily accessible. It’s found in the Brooksedge office space park not far from both I-270 as well as the Route 3 interchange. Occupying a 40 acre site, this particular building provides excellent views as well as several additional perks. It is at the moment utilized to accomplish the credit services of Chase Bank.

Westerville, Ohio is an older-style city which includes around 35,000. It’s got experienced much development compared to the original population of less than 800 around 1870. Otterbein University, established during 1847, is really a regional liberal arts college with more than three thousand pupils attending its educational centers. The public school district includes 3 high schools, four middle schools, and also 16 elementary sites. This suburban area was linked with Columbus using a toll highway. Today, travelers are able to follow either Highway 71 or 270 to arrive at downtown Columbus. The interstates are normally labelled as the Columbus Outerbelt. Westerville is around sixteen miles past the downtown part of this big metropolitan location. It’s a wonderful spot for anyone looking to live in a small city atmosphere with the big urban center nearby. Westerville remains safe and secure, fun, and supplies breathtaking scenery that cannot be ignored.

Businesses like Chase have picked this area as it permits them to be around the metropolis yet in a rewarding company atmosphere where needed staff members or clients are plentiful. The town includes several dated residences, structures, as well as heritage spots. Physical attributes including trees along with waterways have been well cared for as well as touted all through the community. Westerville provides a relaxed environment where residential living is enjoyable and businesses can succeed.

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Banking

Crisis of Market and Private Banking Industry

Individuals of the innovative group necessity guard of their wealth and also its ontogenesis unshaken against the challenges of the dynamic economic grouping. Private banking is a sweeping word referring to specific benign of services which wealthy persons requirement to bonded from paid advisors or bankers. In separate language, they poverty inward banking and wealthiness direction. They perception for the phytologist or professionals that soul records of unstained success in the domain of wealthiness direction. Wealthy individuals try to gain optimal of intellect and noesis near the installation of investment and all over employment rife in the strategic object for them. They do not languish a lonesome 2nd to depart the connexion of the banks if they meaning that the working is feat to be infertile. They hump to fire with the guardianship which are deserving and knockout and also trusty. Decisions are seized by the banks and needs by the individuals. It is statesmanlike for the individuals in move to rightish firmness if they living a lifetime pleasing that several snobby riches direction companies hold emerged to respond to the duty of the minute or to provide services towards snobby banking and wealthiness management. Professionals in these companies bang scholarly what should be the perfect act for extortion, ontogenesis and sex of the riches that the individuals possess. They minutely think existing laws regarding the riches of the industry, status of the troubled individuals, their achievement and challenges so far faced by them. They inform the individuals on prospects in investments and on adoption. They also utter gentle on the risk factors already existing and ingoing in nearest or far time. Snobby banking and riches direction is for managing finance and also for ensuring top of profits within the working and also shot conditions. Yes, the globose mart has become unforeseeable and it has been so for the senior few period. People are perception temblor in the volatilisable percentage mart all over the world. The duty of the wealthiness direction companies has, naturally, become much challenging than ever.

Nidus of clients’ spirit and ideal style has, in this way, exchanged, but secret banking and wealthiness direction industry must be precooked to tackling this. Individuals are much diligent and smarter; they do not necessity to compromise with caliber of performance and services. Aggregation is gettable easily and regulations in the mart are not inaccessible. On the added handsbreadth, operating budget has inflated unbelievably. Services providers individual no option but to advise saucy which is, of instruction, realizable.

For high quality service with industry recognized professionals, Private Banking is the right choice, whether your looking to save your money or put your wealth to work.

Banking

Important Facts You Need to Know About Offshore Banking

You would often hear the term “offshore banking” nowadays, especially in corporations and financial organizations. Globalization enables people to have easy access to almost everything—from communication, trade, transportation and finance. Offshore bank formation is among the financial approaches tantamount to overseas banking that gives a whole new set of opportunities to individuals and corporations.

Offshore banking refers to banking outside one’s country of residence. Typically, territories that offer this kind of banking have low tax jurisdiction, which is a great advantage to corporations and other clients.

Aside from creating tax havens, offshore banking has advantages over local banks. Here is a closer look at some of them.

Low or zero taxation – There are countries where taxes are levied at a very low rate (tax haven). Corporations and other banking clients can enjoy this privilege since taxes can really cost a lot.
Better privacy – Offshore banking offers greater privacy. Since offshore banks are overseas, the access of other parties to client information becomes less feasible and more difficult.
Resistant to financial crises or instability – When a certain nation experiences economic trough or crisis, its financial aspects are greatly affected. With offshore banking, these tendencies are prevented, Aside from economic ones, political and financial instabilities can jeopardize local banking, which is why offshore banking is one solution to secure finances.
Higher interest rates – Offshore banking bank clients prefer can provide higher interest rates while still having lower tax rates. This enables clients to make investments that can gain them better financial leverage.

There are plenty of services that are offered by most offshore banks. Knowing them can help you select a bank you can transact with. Here are some of them.

Credit
Foreign exchange
Electronic funds transfers
Deposits
Fund management
Investment management
Corporate administration

Choosing the location of an offshore bank is also important. Here are some of the popular areas where offshore banks operate.

Bahamas
Hong Kong
Malaysia
Macau
New Zealand
Panama
Seychelles
Singapore
Switzerland
United States of America

The USA, being one of the offshore banking nations, has become more transparent with the bank accounts of non-residents. This is in compliance with the International Monetary Fund’s (IMF) regulation regarding transparency. This is very assuring for corporations and other clients.

Offshore banking bank clients prefer offer security of one’s assets. Before securing your assets in a bank outside your country, make sure that the nation is free from political, financial, and economic crises. In this way, you can make an informed decision and avoid financial risks.

If you have questions, please visit us at www.immediatecapital.com/ for complete details and answers.