» Publisher's Corner
Calvin D Johnson How Clean Is Your Money?

Have you ever left some of your currency in your pants pocket and thrown it into the washing machine along with a load of clothes? Well, that is one form of money laundering! However, this month, we will discuss the less scrupulous versions of money laundering as a follow up to last month's TPAtlanta column about the practice of Hawala.

If you shop with a major bank, chances are that all the transactions in your account are scrutinized by some form Anti Money Laundering (AML) software. Billions of dollars are being invested in these applications. They are supposed to track suspicious transfers, deposits, and withdrawals based on overall statistical patterns. Bank directors, exposed, under the Patriot Act, to personal liability for money laundering in their establishments, swear by it as a legal shield and the holy grail of the on-going war against financial crime and the finances of terrorism.

Celent Communications, a major banking industry research firm, estimates that future investments in compliance-related activities and products by American banks alone will be close to $15 billion in the next 3 years.

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Calvin D. Johnson, Publisher
publisher@tpatlanta.com
Trans Atlantic Systems, Inc.

   » Fascinating Facts
Did you know?

From first opening its doors in 1899, Equifax has been providing value-added information solutions to businesses and consumers for over 107 years. Today, Equifax is a global service provider with over $1.4 billion in annual revenue and 4,600 employees in 13 countries.

   » Editorials/People

Business-to-Business Wire Transfer Payments:Customer Preferences and Opportunities for Financial Institutions

The migration of corporate payments from paper to electronics presents a unique business opportunity. Research shows that corporations are seeking efficiencies from the wire transfer process. By making improvements to realize these efficiencies, the financial services industry can position the wire transfer system for potential growth in the future. The Clearing House Payments Company and the Federal Reserve Banks believe that this effort will be successful only if all parties in the wire transfer process work together to achieve this goal.

“Business-to-Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions” summarizes market research (“research”) conducted by The Clearing House Payments Company (www.theclearinghouse.org) and the Federal Reserve Banks(www.frbservices.org).This study evaluates the preference of wire transfers as a payment method among U.S. businesses...
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   » Main Story
Henry H. Hagan, Risk Manager in SunTrust's Corporate and Investment Banking Group (CIB) speaks to TPAtlanta

Henry Hagan Henry H. Hagan, talks about how technology supports SunTrust's dual goals of growing revenue while also balancing the growth with appropriate risk controls. Mr. Hagan's serves as risk manager in SunTrust's Corporate and Investment Banking Group (CIB). In that capacity he is responsible for the Financial Services and Technology Industry; any SunTrust service that requires credit exposure to a Financial Services/Technology client requires approval through Mr. Hagan. In this article he will discuss how technology is playing an important role in providing clients easier access to their financial information and how technology is streamlining his role in monitoring risk.

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   » Feature Stories
How Credit Cards Soak You
Business people

After getting socked with a late fee and finance charge on my Kohl's account in May, I called to plead my case. How could a $45.08 pair of sneakers result in a $70.58 charge? O.K., I was two days late. Still, the $25 late fee and 50˘ finance charge came to a whopping annualized penalty rate of more than 21,000%.A local loan shark would have cut me a better deal. The Kohl's rep's response: "It's perfectly legal, and everybody does it."
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Statement: Study Shows 'Poor Money Management' Is Top Reason for Bankruptcy; Credit Counseling Is Key Factor in Success of Bankruptcy Reform to Date

Coinciding with the anniversary of the implementation of the Bankruptcy Abuse Prevention Consumer Protection Act of 2005 (BAPCPA) and in light of new data from the National Foundation for Credit Counseling (NFCC), following is a statement from Steve Bartlett, president and CEO of the Financial Services Roundtable, on the essential role of credit counseling and financial assistance for American consumers.
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   » Earlier this week
NOVA And Discover Financial Services Ink Merchant Processing Contract

NOVA Information Systems (NOVA), a wholly owned subsidiary of U.S. Bancorp and Discover Financial Services LLC, a business unit of Morgan Stanley announced the signing of a merchant acquiring agreement.
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Frost Bank Selects CheckFree PEP+ Fraud and Risk Protection Package to improve regulatory control and mitigate potential risk in its ACH Processes

CheckFree Corporation announced that Frost Bank has selected the CheckFree PEP+(R) Fraud and Risk Protection Package.
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CompuCredit To Announce Third Quarter 2006 Results on November 6th

CompuCredit Corporation will announce its third quarter 2006 results on Monday, November 6, 2006, after the market closes.
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Equifax Acquires Austin-Tetra, Industry-Leading B-to-B Information Solutions Company

Equifax Inc announced the acquisition of Austin-Tetra, a privately-held company that is a leading provider of B2B data management solutions for FORTUNE 1000 companies and government agencies.
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   » Industry News
S1 Supports EPN STP 820 Remittance Standard

S1 Corporation, the leading provider of customer interaction software solutions for financial and payment services, announced that the EPN STP 820 remittance information standard will be incorporated into its cash management solution, S1 Enterprise Corporate Banking.
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Equifax Appoints Lee Adrean as CFO; Donald T. Heroman Announces Early Retirement

Equifax Inc appointed Lee Adrean as Chief Financial Officer, replacing Donald T. Heroman who has announced plans to retire.
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Bank of America and Visa Renew Partnership Agreement

Bank of America and Visa USA have announced a six-year partnership agreement, "renewing their long-standing relationship through 2011 and keeping Bank of America the largest issuer of Visa-branded payment cards."
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iKobo Closes $4 Million Series C Funding Round

"Person to person" online money transfer company, iKobo, Inc. has announced that it completed a $4 million Series C financing round.
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TPAtlanta is both a digital newsletter dedicated to the Transaction Processing Industry in Atlanta and a networking association for that group. It is brought to you by Trans Atlantic Systems, a company specializing in IT work for the Transaction Processing industry. We believe that a collection of professionals as large as the one concentrated in Atlanta, engaged in Transaction Processing, needs a single source for information dedicated to their industry!

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