Huge banking growth predicted

Technology service providers are looking forward to making booming sales to the GCC's flourishing banking sector, with one major player saying its business may treble in the coming three years, says The National.

Postilion, a market leader in payment software for banks and businesses, predicts year-on-year growth of 35% to 40% to at least the end of the decade.

Banks in the region are defying a worldwide slowdown in the financial services sector, making major investments in technology across all areas of their business, Steve Kirrage, Postilion's general manager for the Middle East, reports.

Azerbaijan bank Azerdemiryolbank OJSC has revealed the winner of a close tender procedure for an automated banking system (ABS), says ABC.AZ.

The bank explains that following the tender it was decided to introduce ABS SAP for Banking, conforming fully to its needs and to promote to its further development.

Choice of ABS is conditioned first of all with reliability of SAP for Banking that is being used successfully by many world banks, multifunctionality of solutions, and desire to introduce know-how of banking business management.

The IT industry is beginning to provide tools that give consumers control over their own security during online transactions, says Australian IT.

This week, TrustDefender unveiled a software tool that allows online users to check if they are genuinely connected to their own bank's website, and prevents man-in-the-browser attacks that can hijack legitimate banking sessions.

Man-in the-browser attacks are particularly dangerous, because the malware (malicious software) activates after a user has logged on and authenticated a session, rendering two-factor or SMS code authentications useless.