CO-OP Financial Services signed an agreement with Visa to make the Visa EMV common debit solution available to its credit union clients. This long-term agreement between CO-OP Financial Services and Visa enables development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). Some development will still need to be done at terminals (both POS and ATM) in order to choose the common AID, a priority for industry organizations such as DNA. CO-OP helped found DNA in December 2013, and will continue to play a key role in its activities. Michelle Thornton, Manager-Core Products for CO-OP, is a member of DNA’s Board of Directors. The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Citigroup 1Q/14 net income of $3.9 billion and revenues of $20.1 billion. This compared to the year ago figure of $3.8 billion on revenues of $20.2 billion, respectively. Citicorp cost of credit of $1.6 billion in the first quarter 2014 declined 4% from the prior year period. The decline reflected both…
Paydiant, Inc. today announced that its white-label, mobile wallet solution for merchants and banks has been selected as a finalist in the Most Innovative Mobile Solution category for the MITX What’s Next Awards. Paydiant’s patented, white-label, cloud-based transaction processing platform enables merchants and banks to quickly integrate mobile payments, offers, loyalty, and ATM cash access into their own branded mobile app.
Qatar Islamic Bank and NCR Corporation inked a strategic agreement for the implementation of significant technology projects in 2014. QIB will purchase the innovative NCR Skimming Protection Solution (SPS) in an effort to proactively address today’s ATM skimming challenges and deliver maximum protection and convenience to its customers. As part of this project, QIB will enhance the strength of its IT infrastructure with the use of security firewalls, network access control, data center switches upgrade and the technology refresh of its entire telephony system. QIB will be among the first large financial institutions to move their self-service network to the Windows 7 platform.
FIS announced the acquisition of CMSI consumer loan origination software and services for undisclosed transaction terms. CMSI is a leading provider of consumer loan origination and portfolio management software to a broad spectrum of financial institutions within the U.S. and Canada ranging from community-based institutions to large, international lenders.
MasterCard announced the launch of Doing Good in One Touch Is Priceless campaign. As a result, at least 30 million rubles (about $1MM USD) will be donated by MasterCard to Stand Up To Cancer (SU2C). The funds will support Russian and international oncological research aimed at developing new methods of cancer treatment. Everyone will be able to contribute to the campaign simply by making everyday purchases with innovative contactless MasterCard PayPass® technology at points of sale throughout the country.
NCR Corporation and CradlePoint cloud-managed 3G/4G networking solutions for distributed enterprises signed an agreement that provides CradlePoint customers with expanded field service and support globally. NCR, through its Telecom & Technology line of business, will provide on-site installation, hardware maintenance and remote monitoring services that support CradlePoint’s cloud managed networking solutions.CradlePoint’s existing and new enterprise customers with geographically dispersed locations will significantly benefit from access to the more than 13,000 NCR badged service professionals and managed service centers globally.
Wave Crest Group Limited, a multi-currency digital payments platform that offers full-service, global solutions, has been selected by Advanced Cash to provide customers with a new payout option: a prepaid MasterCard program.
Around the world, customers use the Advanced Cash payment services platform to perform a multitude of financial transaction types. Freelancers, business owners, and affiliate program managers can pay partners, and receive payments, all through a single account.
PayPal made available its app with fingerprint authentication on the new Samsung Galaxy S5 device. When shopping with PayPal on their Samsung Galaxy S5, users can login with their fingerprint to shop at millions of merchants that accept PayPal on mobile web sites, mobile apps and in stores. Additionally, Samsung Galaxy S5 users who use the PayPal app will receive $50 USD or more in offers at several merchants that accept PayPal. To watch a video of how logging in to shop with your fingerprint works, click here. For additional information, check out our blog post and press release. The PayPal app is also available today on the Samsung Gear 2 and Gear Fit. Using the PayPal app, Samsung Gear 2 owners can check-in to pay at local stores, save and redeem offers, check their balance and receive payment notifications while on the go.
USA Technologies achieved a record approximately 22,000 new connections to its “one-stop” ePort Connect® service for approximately 20,000 net connections in its fiscal 3Q/14. As of March 31, total connections to USAT’s ePort Connect service totaled approximately 244,000. This is double that of the third quarter of last fiscal year. The Company will continue working with existing customers and the many vending operators who are now recognizing that cashless is a competitive necessity in today’s environment.
JPMorgan Chase posted a 1Q/14 net income of $5.3 billion, compared to the year ago figure of $6.5 billion. Card sales volume remain above the industry average. Card, Merchant Services & Auto net income was $1.1 billion, a decrease of $190 million, or 15%, compared with the prior year, driven by lower net revenue and higher provision for credit losses.
GA-based TSYS, which provides services to more than half of the top 20 international banks, will likely post total revenues for the first quarter between $461 million and $539 million. During the first quarter TSYS inked deals with Commerce Bank, Virgin Money, Vietnam Eximbank, and Navy FCU. The Company also enhanced its Credit Care product and plans to release Authorization Controls, a new product. Additionally, TSYS raised its stake in CPay.