Old software means liability

The banking industry has re-affirmed a policy that makes online banking customers responsible for losses if they have out of date anti-virus or anti-phishing protection, says The Register.

New Banking Codes for consumers and businesses took effect on Monday.

The Banking Code produced by the British Bankers' Association (BBA), and followed by most banks, makes it clear that banks will not be responsible for losses on online bank accounts if consumers do not have up to date anti-virus, anti-spyware, and firewall software installed on their machines.

Bank of America (BofA) has received a patent for technology it will market to its corporate clients, says New Mexico Business Weekly.

The technology, dubbed Active Card Control, allows BofA clients to manage funds on corporate-purchasing cards in real time, which the bank says reduces the risk of theft and enables customers to gain control over employee expenditures.

The technology allows customers to reset the available funds on each card through a Web-based tool. Cards have no available funds until the client is ready to pay a supplier. The customer then submits an electronic purchase request to BofA, which funds individual cards with the exact amount to be paid.

Global software provider Temenos is set to increase its operations in Kenya hoping to tighten its grip on the financial sector with its banking software offer, says allAfrica.com.

Julian Stourton, the company's general manager for Africa, said the expansion drive is mainly informed by the positive reception that the company's products have received in the market where its currently providing core software for banks such as KCB, Commercial Bank of Africa, CFC Bank and K-Rep.

Temenos software has been particularly useful to banks that are expanding their operations outside the main cities or establishing Automated Teller Machine networks.