WASHINGTON (Reuters) - U.S. banking regulators Friday announced an
agreement with a major regional electronic funds transfer network,
TransAlliance L.P., to speed up its lagging Year 2000 preparations.
TransAlliance, which processes ATM and debit card transactions for nearly 800 banks, thrifts and credit unions in the western United States and Canada, committed to complete Y2K testing of the computer systems serving all of its customers by JUNE 30, the deadline set by Federal banking agencies for all financial institutions. The company processes around 42 million electronic transactions every month ...
The company agreed to provide U.S. banking agencies with reports on its strategy for meeting the deadline, its progress in doing so and its contingency plans for dealing with any problems that might occur after the millennium date change.
The agencies involved are the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision ...
TransAlliance, a partnership between a group of banks located mainly in the U.S. Northwest and computer services giant Electronic Data Systems Corp. NYSE:EDS - news), said it was committed to getting its Y2K preparations on track ...
''We are pleased that we could agree with the regulators on the steps we are taking to ensure Y2K readiness by June 30, 1999. We are confident we will meet this date,'' its president and chief executive officer, James Benson, said in a statement.
In terms of the agreement, if TransAlliance fails to meet the deadline, its customers will be free to break their contracts with it and switch to another service provider ...
The company had undergone a management shake-up and was fully focused on meeting the federal deadline, Merrick said.
''There's a new management team that's been put in place within the last three weeks,'' he said. ''They're taking the full responsibility for getting it fixed, and it's their number one priority.'' ...
dailynews.yahoo.com.
[GUYS ... WE'RE TALKING 5 WEEKS FROM TODAY!!!!!!! Wonder what
happened to that old management team?]
The company provides automated teller machine services, including electronic transaction services, to some 750 banks, thrifts and credit unions in Alaska, Arizona, California, Colorado, Hawaii, Montana, Idaho, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming as well as British Columbia in Canada ...
Electronic Data Systems, the technology company founded by billionaire Ross Perot, owns 50 percent of TransAlliance. The other half is owned by a group of 24 banks in the West which operates the Exchange ATM network. Its customers include Washington Mutual Bank, KeyCorp, the credit union for employees of Boeing Co. and First Mutual Bank of Bellevue.
Although TransAlliance provides electronic services to some 50,000 outlets where machines take cards for payment at gas stations, convenience stores and other locations, that system is not covered by the agreement ...
greenspun.com
Cheryl |
