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Category: 

Banking

Date: 

1997-12-31 12:31:41

Subject: 

98% Accuracy Will Not Suffice, Says Banker

  Link:

http://www.sfgate.com/cgi-bin/chronicle/article.cgi?file=BU57901.DTL&directory=/chronicle/archive/1997/12/31

Comment: 

The need for 100% accuracy has been stressed by Alan Greenspan. Now a commercial banker has said the same thing.

This story in the SAN FRANCISCO CHRONICLE (Dec. 31) reports on the huge job ahead of Bank of America, one of America's largest banks. It claims to be 25% through with its y2k correction.

* * * * * * * *

``Financial services are a lot more date-dependent than manufacturing,'' said BofA Group Executive Vice President Cheryl Kane. She figures the bank has to go through about 200 million lines of code for about 500 applications, including checking accounts, credit cards and small-business loans.

The problem, said Kane, is that ``98 percent correct is not going to cut it.'' Fixes must be 100 percent successful.

The bank has 1,000 people working toward that goal. A year ago it had 400. BofA is about 25 percent through the job. It already has identified applications affected by the millennium date change and is well along in inspecting and repairing computer coding. Testing of all systems is anticipated by the end of next year, leaving 1999 for spotting and fixing glitches.

Link: 

http://www.sfgate.com/cgi-bin/chronicle/article.cgi?file=BU57901.DTL&directory=/chronicle/archive/1997/12/31

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