BB&T Bank is implementing a major overhaul of its finance and reporting system, replacing aging infrastructure with a consolidated system that provides easy access to a single source of accurate data. The project, first begun in 2012, has already replaced a mainframe-based general ledger system and several other key architecture components, company executives said during a presentation at SAP's Sapphire conference in Orlando last week.
With swirling rumors blaming Bloomberg's unprecedented outage Friday on everything from a cyber attack to a spilled can of Coke, the company put them to rest with an official statement pinning...
BATS Global Markets completed the migration of its U.S. options market to the Equinix NY5 data center in Secaucus, New Jersey, this week. The migration is part of a consolidation of the company's data centers in NY5 first announced after the BATS and Direct Edge merger.
Juniper Networks launched a new application accelerator switch and a packet flow accelerator module this week, aimed at improving speed and performance of latency-sensitive applications, such as those handling market data and social media data feeds.
JPMorgan Chase has named James Ferguson as new head of global alternative investment services, according to the Wall Street Journal, which first reported the news. In heading the unit, which provides...
JPMorgan Chase plans to cut hundreds of branches, shed $100 billion in deposits, and rationalize technology and operations in its investment bank as part of a comprehensive plan to streamline the company. The measures, unveiled at the bank's Investor Day presentation this week, may bolster its argument that it can be more efficient and profitable as one company rather than split up as some analysts have suggested.
While most mortgage lenders have an online presence and numerous sites exist to aggregate mortgage quotes, a San Francisco-based startup is looking to take a different approach to online mortgages. Launched in October 2013, Lenda is working to automate all the annoying manual paper processes that occur along the way in getting a mortgage, right up until loan signing.
Factoring is now a more than $3 trillion global industry according to Factors Chain International, but a San Francisco company has been pushing international adoption of a different short-term financing model for small businesses.
Banco Santander is putting a renewed emphasis on technology as a strategy to improve profits and compete with large technology providers, including offering cloud services to corporate clients.
In the U.S., community banks and a growing number of credit unions will continue to dominate the core banking technology replacement projects, though vendors might see a slight uptick from mid-sized and larger firms, according to a recent Aite Group study. Meanwhile vendors may want to look across the Pacific for business as financial firms in the Asia-Pacific region indicate the greatest likelihood of replacing core systems over the next few years.