PFM CAN
BE A DATA
GOLDMINE.
CONSUMERS
HAVE TO USE
IT FIRST.
E&Y says banks have
lots of work to do.
Sun National goes full
speed ahead.
Chips on
The Table
PAYMENTS
SECU’s practically alone
among domestic EMV
issuers
JPMorgan Chase CIO Guy Chiarello’s team is among those making hay from sustainability
Apple
Delays NFC
MOBILE
NORTH CAROLINA’S STATE EM-
ployee Credit Union is em-
bracing a form of payment
card technology that practi-
cally no one in the U.S. is us-
ing, has a large share of de-
tractors and faces a potential
multi-billion dollar merchant
terminal migration to make it
useful in the States.
But don’t tell SECU there’s
no future for EMV chip and
PIN payments in the domes-
tic market.
“We’re definitely an early
adopter,” says Leanne Phelps,
an svp of the 1.7 million-
member credit union, which
just added EMV chip technol-
ogy to its debit card portfolio,
with a migration to new cards
expected to be completed by
the end of the year. “But in all
of our travels and listening to
people at meetings, there’s a
lot of talk about EMV in the
U.S. We’re positioning our-
selves to be ready.”
The cards will be dual
MAG stripe and EMV chip,
and will make SECU part of
a small group of EMV adopt-
Leading Off, page 8
Rumor has it that Apple’s next iPhone
won’t enable mobile payments
COVER STORY PAGE 16
APPLE INC. BOASTS THAT ITS IPHONE “CHANGES EVERY-
thing,” but against the expectations of many bank-
ers, it may not be changing payments—at least not
this year.
The consumer technology juggernaut reportedly
does not plan to include a near-field communication
chip for payments in the next iPhone, which is ex-
pected this summer. Including an NFC chip in the
fifth-generation iPhone had the potential to elevate
mobile payments beyond the testing phase and make
it a mainstream service overnight.
Apple’s decision doesn’t mean it is not interested
in mobile payments, however. To the contrary, many
expect the company to roll out a mobile payments
system for its massive customer base that avoids some
of the turf wars inherent in any NFC-based system.
Direct Access, page 14
Don’t Blame the Hackers
Recent outages are symptoms of old infrastructure, not cybercrime
CORE SYSTEMS
BY THE
NUMBERS
THE NUMEROUS ONLINE AND
ATM banking outages over
the past few months can’t
be attributed to hackers or
cybercrime, rather the raft
of interruptions and outages
were all caused by systems
glitches arising from ordi-
nary updates, upgrades and
overnight maintenance to
old infrastructure—portend-
ing more downtime to come
if banks don’t modernize
their legacy systems.
Risky
Data Gap
of banks survyed
by IBM and the
Economist
Intelligence
Unit say they need better data around
risk and client behavior patterns.
