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ITworld.com - Automated Clearing House payment transfer system
The Automated Clearing House (ACH) system is a secure, private network that connects banks to one another by way of the Federal Reserve Board or other ACH operators. This network enables electronic payments, such as automatic payroll deposits and debit card purchases, to be handled and processed.
ITworld.com (04/09/2001)
Layoffs hit IT staff on Wall Street
In previous bear markets, brokers and administrative employees have typically been the first to get laid off by brokerages looking to cut costs. But now that so many firms have met their goals of increasing bandwidth to provide clients with more online trading and advisory services, IT workers are starting to feel some of the pain.
ITworld.com ( 4/9/01)

First banks go live with online b-to-b payment system
A group of four major banks based in Europe and the U.S. on Monday said they're going live with a system that's designed for use in processing large electronic payments between different companies.
ITworld.com (12/12/00)

Tech revolutionizes Russia's Central Bank
As recently as a decade ago, the Russian banking sector was an antique monstrosity, a huge system of paper-based transactions inherited from the former Soviet Union. Businessmen in the fledgling capitalist economy were forced to carry suitcases of cash -- typically American dollars -- in order to make business deals. There wasn't even a system of paper checks. People paid for utilities, bought groceries, paid rent and received their salaries in cash.
ITworld.com (4/23/01)

Wall Street in fog over e-signatures
Wall Street executives last week were unclear how to comply with the document-storage provisions of electronic-signature legislation that took effect yesterday. The Securities and Exchange Commission has its own guidelines for how long companies should store documents and give customers access to those electronic files. But those aren't as strict as the stipulations in the electronic-signatures law, which has numerous protections to ensure that electronic documents don't replace paper ones in cases where consumers don't have computer access.
ITworld.com (10/2/00)

Nasdaq begins trading stocks in decimals
The Nasdaq stock exchange caught up to the rest of the securities industry -- and the rest of the world -- last week when it finally dropped fractions and switched to decimal stock pricing.
ITworld.com ( 4/16/01)