Future shop: 'No Cash Accepted; Microchip-Card Purchases Only.' (Mondex's Mondex, an electronic cash card)

Article Abstract:

The town of Swindon, England is testing Mondex, an electronic card loaded with cash. Each card is a minicomputer that users load with cash at an ATM or over a special telephone. The card looks like a debit card and its reader uses liquid-crystal display to show the value of the card. A wallet is available that holds electronic cash before it is loaded onto the card. Developers wanted the card to act just like cash, so that in addition to being loaded at the bank, the cards can accept payments or transfers from other people's wallets with no bank as intermediary. For the trial, the cards are limited to 500 pounds sterling, but technically the card can carry millions and some are worried that this loose cash will make fraud or money laundering easier. Observers believe that electronic cash will be commonplace in the near future and that the retailer will be the chief factor in determining which electronic cash products succeed.

Magnetic Cards, Magnetic and Optical Recording Media Manufacturing, Electronic components, not elsewhere classified, Usage, Handheld data devices, Financial services industry, Financial services, Product information, Equipment and supplies, Technology application, Product application, Hand-held data device, Smart cards, Smart card, Mondex, Mondex (Hand-held data device)

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High-tech home banking to link EC; Belgian bank signs on clients in several countries

Article Abstract:

The Banque Bruxelles Lambert (BBL), Belgium's second largest commercial bank, is looking toward home banking to reduce overhead costs and to transcend geographic and regulatory constraints. The technology allows customers in various European countries to bank with BBL using home computer links. BBL's strategy is an expansion of its existing home banking system in Belgium; around 6,000 clients use a microcomputer with a link-up through the telephone network to make investments, manage securities portfolios, use an automatic savings facility, verify direct debiting and perform other banking activities. BBL's strategic plans differ from those of other banks, such as UK's Barclays PLC and France's Banque National de Paris, that are using subsidiaries or forging alliances to expand their international presence. By using its skills in computerized banking, BBL intends to grow into a super-regional bank.

DEPOSITORY INSTITUTIONS, Banking industry, Belgium, Information management, Home banking, Home banking services, Strategic Planning, Banking, European Economic Community

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Chase hopes to profit from new European currency, big U.S. bank plans to adopt the Euro on Jan. 1 for international operations

Article Abstract:

London - When the economic and monetary union (EMU) begins on Jan. 1, Chase Manhattan Corp. officials say the New York bank will adopt the euro for all international operations in Europe now conducted in the currencies of the 11 countries that will take part in EMU. By streamlining its euro accounting, clearing and settlement operations through an electronic-routing hub in Frankfurt, Chase hopes to grab a dominant slice of the market for banking services in euros. In a bold approach next to the more cautious, step-by-step strategy being adopted by most banks, the move could be a lucrutive proposition for Chase especially if, as many analysts expect, the euro grows to rival the US dollar's importance in international trade and investment flows.

United States, Commercial Banks, Commercial Banking, Strategy & planning, Foreign trade, Company Planning/Goals, Chase Manhattan Corp., Article

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