August 1, 2002

Citibank launches new security program

Citibank has introduced Virtual Account Numbers (VAN) program, a new security technology to safeguard online payment transactions done through credit card. The software was developed in association with Orbiscom, a provider of online payment solutions for financial institutions. The technology is based on the existing credit card processing system.

Under the program, customer’s true credit card number will be stored with Citibank. For online purchases, a random substitute account number will be created. The retailers are thus prevented from accessing the true credit card number and they are not required to make any infrastructure changes.

Customers of the bank can download the software free of charge at citicards.com by entering their user name and password. The software will generate a unique random credit card number for online purchases. The retailer accepts the virtual credit card number as the true one.

Amy Radin, director, e-business Citi Cards, said that the technology aims to minimise fraud in online transactions. The software apart from protecting the personal credit card detail of the consumers, enhances the bottom line of online retailers by reducing their financial liability for fraudulent purchases.

The technology can be used for online purchases and purchases that do not need the physical presentation of the card.

ABN AMRO installs a Collaboration Tool

ABN AMRO has launched divine MindAlign, a collaboration and knowledge-sharing tool, for its 2,500 employees. A Chicago-based content management software company, divine, has designed the product.

Divine MindAlign improves the internal communication in an organisation and minimises the use of e-mails. The tool combines chat, instant messaging and also provides access to previous information and knowledge.

ABN AMRO has secured the product to establish global forums where information and ideas can be exchanged in real-time. The product will be used to collaborate the work both internally and with clients and partners. It is initially used at the bank’s offices located in 17 countries and will soon be extended to offices in 45 countries.

ZKB installs software to functionalise personalised online banking service

Zuercher Kantonalbank (ZKB), Switzerland’s third biggest bank, has taken up Dialogue software, from Exstream Software, for providing efficient personalised online banking services for both businesses and consumers.

The software provides online access to account information, money transactions and other bank statements.

Dialogue creates outputs in PDF and HTML formats, supports all computing platforms like MVS and IBM/AIX. It has a simple graphical user interface and an object-oriented open architecture. The program can also be used over 170 document applications.

The software also offers an eFulfillment web engine, allowing customers to submit on-demand requests for data with custom designed web forms. The forms get processed in instantly and are displayed on web at the customer's site for easy access.