Info Tech
Microsoft set to charge Banks for running outdated software for ATMs
LONDON/NEW YORK – Banks around the world, consumed with meeting more stringent capital regulations, will miss a deadline to upgrade outdated software for automated teller machines (ATMs) and face additional costs to Microsoft to keep them secure.
The U.S. software company first warned that it was planning to end support for Windows XP in 2007, but only one-third of the world’s 2.2 million ATMs which use the system will have been upgraded to a new platform, such as Windows 7 by the April deadline, according to NCR, one of the biggest ATM makers.
To ensure the machines are protected against viruses and hackers many banks have agreed deals with Microsoft to continue supporting their ATMs until they are upgraded, extra costs and negotiations that were avoidable but are now likely to be a distraction for bank executives.
“There are certainly large enterprise customers who haven’t finished their migrations yet and are purchasing custom support,” a spokesman for Microsoft said, declining to name those customers or to quantify the extra revenue it is earning.
“The cost will depend on both the specific needs of the customer and what support they already have in place, so it’s different for every customer.”
Britain’s five biggest banks – Lloyds Banking Group, Royal Bank of Scotland, HSBC, Barclays and Santander UK – either have, or are in the process of negotiating, extended support contracts with Microsoft.
The cost of extending support and upgrading to a new platform for each of Britain’s main banks would be in the region of 50 to 60 million pounds ($100 million), according to Sridhar Athreya, London-based head of financial services advisory at technology firm SunGard Consulting, an estimate corroborated by a source at one of the banks.
Athreya said banks have left it late to upgrade systems after being overwhelmed by new regulatory demands in the wake of the 2007-08 financial crisis.
“They were probably not very serious about the directive that came in from Microsoft. There’s a lot of change going on at these banks at this moment in time and they would have seen Windows XP as one more change,” he said.
Windows XP currently supports around 95 percent of the world’s ATMs.
About 440,000 – or one-fifth of the world’s ATMs – are located in the United States and many of the banks operating them will still be running their ATMs with Windows XP for a while after the April 8 deadline, said Doug Johnson, vice president for risk management policy at the American Bankers Association.
“One thing in our favor is that XP is battle-hardened,” Johnson said. “People will benefit from years of fine-tuning of XP…It has been through wars.”
STAND IN LINE
The queue of banks waiting to upgrade means there aren’t enough people to do the work.
“There is a little bit of a bottle-neck,” said Johnson.
Some banks are using the upgrade as an opportunity to introduce new features to their ATMs such as being able to read cards that have microchips rather than magnetic stripes.
Banks in the United States, where the old-fashioned swipe and sign magnetic stripe credit cards are still in use, have to upgrade their ATMs to read chip cards.
JPMorgan, which has 19,200 ATMs, will start converting its machines to Windows 7 in July, with a goal of finishing by the end of the year. With the change, JPMorgan expects to improve data encryption and ensure machines take software upgrades more efficiently and be offline for less time.
A spokeswoman for the bank declined to say how much JPMorgan is paying Microsoft for the extended XP coverage.
Bank of America also said it would ask Microsoft to extend support for its machines still running on Windows XP.
Citigroup Inc, which has more than 12,000 ATMs worldwide, said it is in the process of upgrading its machines from XP and declined to give further details.
In Britain, RBS, which has been hit by a succession of IT problems, has agreed a fee with Microsoft in return for it continuing to support its 9,000 ATMs for up to three years, a source familiar with the arrangement told Reuters.
RBS will begin upgrading its ATMs to run on Windows 7 next year and expects to complete the process within three years, the source said. The investment is part of the 1.4 billion pounds each year which new Chief Executive Ross McEwan has committed in order to improve the bank’s computer systems.
McEwan admitted in December that RBS had neglected its technology for decades.
Lloyds said it had agreed to pay Microsoft an undisclosed amount to extend support until 2016 while it upgrades its 7,000 ATMs. The bank will start upgrading its ATMs later this year.
HSBC, which has 3,200 ATMs, said it was two years into a three-year programme of upgrades which it expects to complete next year. It had also reached a deal with Microsoft.
Barclays, which has 4,300 ATMs, said it was still negotiating with Microsoft while Santander UK, which has 2,370 ATMs, said it had already agreed a deal.
– REUTERS
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.
JUST IN: Minors Freed By Nigerian Govt Arrive Presidential Villa
Nollywood Star, Charles Okocha Announces Upcoming Wedding
Don’t Ignore These Hidden Health Clues In Your Urine
JUST IN: Equatorial Guinea Blocks WhatsApp Multimedia Amid Engonga Sex Scandal
U.S. Election: Historic Decision Looms As Kamala Harris, Trump Enter Dead-Heat Contest
US Election: Cardi B Expresses Nerves
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
