Bank moves to real-time processing
With Accenture's help, customers will be able to see transactions online as soon as they take place
IDG News Service - BBVA Compass, the U.S. subsidiary of the Madrid-based Banco Bilbao Vizcaya Argentaria banking group, is modernizing its core IT banking infrastructure, making it one of the first banks in the U.S. to offer real-time processing for its customers.
IT services and consulting company Accenture has supplied the software and is integrating it into the bank's other IT systems, as part of a $362 million IT core modernization effort BBVA is undertaking. BBVA has 716 branches in the U.S., which span seven states across the Sun Belt region.
The new system offers real-time processing of banking transactions, a rarity with U.S. banks, noted Sergio Fidalgo, BBVA Compass chief information officer. When a customer deposits money into a checking or savings account, the transaction appears immediately on the user's online statement and mobile applications.
Most U.S. banks still process transactions in batch mode, in which transactions don't appear on digital statements for a few hours or even until the next day. Because of the sensitive nature of financial processing, banks are slow to update their core IT systems once they are proven reliable.
Real-time transaction processing, however, "will give us a competitive advantage in the U.S. banking industry," Fidalgo said. "This is a game changer for this industry."
Accenture's Alnova Financial Solutions software provides checking and savings deposit functionality, as well as consumer and business lending capabilities. Accenture is integrating the software with the bank's ATM networks, call centers and online and mobile banking services, so each service will have the same information. With Accenture's help, BBVA is consolidating customer records so that each customer has a single record within the system.
Customers are now using the real-time functionality with their checking and savings accounts, and the similar functionality will be available with consumer and business loans by early 2013, Fidalgo said.
Accenture's Core Banking Services will handle the work. The division has worked on more than 200 banking institutions around the world and is pitching the service to other U.S. banks. BBVA uses the Alnova software in nine other countries.
- 18 Hot IT Certifications for 2014
- CIOs Opting for IT Contractors Over Hiring Full-Time Staff
- 12 Best Free iOS 7 Holiday Shopping Apps
- For CMOs Big Data Can Lead to Big Profits
- Slideshow: 5 ways to lock down your mobile device
- Slideshow: 10 mistakes companies make after a data breach
- How to rob a bank: A social engineering walk through
- Which smartphone is the most secure?
China says to Chiang Kai-shek all Bitcoins at the door.
China marches long and hard over internal financial institutions, proclaiming that Bitcoins "should not and cannot be used as a currency". The news sent Bitcoin exchanges into a dive like cormorants in the deep China Sea. But all is not lost -- or is it? Bitcoins have been bubbling back to the surface, or has China's stance drained all enthusiasm? In IT Blogwatch, fearless leaders and bloggers quote pearls of wisdom from the little red book of Bitcoin. Not to mention: Financial advice from Whiz and Ice...
- IT Certification Study Tips
- Register for this Computerworld Insider Study Tip guide and gain access to hundreds of premium content articles, cheat sheets, product reviews and more.
- Make or Break: New Auto Products Must Go To Market On Time
- This Webcast quantifies the value of time to market for the auto industry and highlights how Primavera Enterprise Portfolio Management can help organizations.
- Stock Shock: The effect of project and portfolio management on share price
- In this independent report, you'll see the intrinsic connection between long-term capital investment and short term market performance -- and how this can...
- Hedge Your Bets
- This report explains how visibility and increased governance is key to reducing risk.
- In the Firing Line
- CEOs Are Increasingly Being Held Accountable; How susceptible is the CEO's reputation to poor performance across the project portfolio?
- The CISO's Guide To Virtualization Security
- This guide describes the security challenges within virtualized environments and shows how to apply the concepts of Forrester's Zero Trust Model of information... All Financial IT White Papers
- Live Webcast Research Report: The Big Data Opportunity for HR and Finance If CEOs, CFOs, CIOs, and CHROs want to drive their businesses forward, they will need to quickly recognize the enormous value of big...
- Live Webcast The Freedom to Run Your Business Your Way Vendors are challenged to create flexible systems that customers can tailor to particular business strategies and industry needs. But the flexibility should not...
- Live Webcast The Business Value of Human Capital Management for Finance View now >>
- HR and Finance Were made for Each Other View now >>
- The Value of Human Capital for Finance Professionals View now >>
- The Business Value of Human Capital Management for Finance View now >>
- The Freedom to Run Your Business Your Way Vendors are challenged to create flexible systems that customers can tailor to particular business strategies and industry needs. But the flexibility should not...
- Research Report: The Big Data Opportunity for HR and Finance If CEOs, CFOs, CIOs, and CHROs want to drive their businesses forward, they will need to quickly recognize the enormous value of big...
- All Financial IT Webcasts
Computerworld's Best Places to Work in IT 2013 list featured Quicken Loans, Securian, Vanguard and other top finance organizations. Honorees say the distinction helps them recruit top talent and boost staff morale.
Want to join this elite group? Nominate your organization for our 2014 list.