Transformation of payment infrastructures is under way, spurred by payment convergence trends (e.g., checks being converted to ACH and debit cards with credit card-like reward programs) and competitive efforts to stave off commoditization. Banks realize that if they do not begin revamping their payment infrastructures to accommodate market demands and take advantage of technological advancements (e.g., payment gateways), their margins will continue to erode, severely limiting funds for investment in innovation.

To fund payment innovation, banks increasingly will turn to a shared-services model in 2008, undertaking service-oriented architecture projects. Because service-oriented architecture projects cut across lines of business and operations, they require a new project-management structure, one that encourages cooperation across all payment stakeholders while simultaneously allowing executive decisions to be made when cooperation stalls.

CTRC to become part of UT Health Science Center

The Cancer Therapy and Research Center, where countless thousands of San Antonians have received medical care over three decades, along with patients from around the world seeking the earliest access to experimental anticancer drugs, will become part of the University of Texas Health Science Center in December, leaders of both institutions said.

The merger is expected to help draw top-level cancer researchers to San Antonio at a time when the approval of Proposition 15, which will pump $3 billion into Texas cancer research centers over the next decade, promises to make the state highly attractive to scientists.

Although the CTRC board was meeting at 11:30 a.m. today to finalize the deal, a letter of agreement was signed on Wednesday by board members of the 33-year-old CTRC, health science center and UT system leaders.

IMF Executive Board Completes Third and Final Review Under the Poverty Reduction and Growth Facility for Kenya and ...

The Executive Board of the International Monetary Fund (IMF) today completed the third and final review of Kenya's economic performance under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review enables the release of an amount equivalent to SDR 37.5 million (about US$59.3 million), bringing total disbursements under the arrangement to SDR 150 million (about US$237.4 million).

In completing the review, the Board approved waivers for the nonobservance of four performance criteria and one prior action. These included one quantitative performance criterion on the reserve money of the Central Bank of Kenya (CBK), one quantitative performance criterion pertaining to the non-accumulation of new external payment arrears, one structural performance criterion on the submission to Cabinet for approval of a strategy to initiate the sale of the government and the National Social security Fund (NSSF) shares in the National Bank of Kenya, and one structural performance criterion on making the Public Procurement Oversight Authority fully operational under the Public Procurement and Disposal Act.

MARKET TALK: StanChart Tips Slight Slowing In HK 3Q GDP

0136 GMT [Dow Jones] StanChart says for HK 3Q GDP, which due Friday, consensus market expects 2.1% on quarter, 6.4% on year vs 1.9% on quarter, 6.6% on year previously; "economic activity remains very strong in the HKSAR, although there are some slight signs of deceleration." The key as far as USD/HKD peg is concerned is that headline consumer inflation remains relatively modest. Says although MACD has been showing Buy signal since Oct.15, supporting rally, RSI and stochastics appear to be peaking; support now at 55-day MA, which is currently 7.7695. USD/HKD at 7.7868. (SYC)

0133 GMT [Dow Jones] USD/KRW rises as some foreign banks cover short-USD positions given lingering worries of yen-carry trade unwinding. Pair currently around 914.90 vs 913.50 last close. Still, traders say risk aversion moves subsided significantly while Kospi off to positive start, so some players betting on global USD bearishness.