Fiserv announced Abri Credit Union extended and expanded its relationship, selecting “XP2” from Fiserv for account processing along with value-added capabilities for mobile banking, person-to-person payments, online banking, bill pay, and product and service messaging. The “XP2” advanced technology platform with established integration across a broad range of Fiserv solutions is designed to improve efficiencies and maximize cross-selling opportunities. The credit union will leverage the enhanced XP2 lending functionality, as well as the solution’s customizable workflows, to gain efficiencies in its mortgage and small business lending processes. Cross-channel integration will enable members to get up-to-the-minute account information and help staff answer member questions with just a few key strokes. The credit union will also implement “Popmoney” to enable its members to send and receive person-to-person, or social, payments, while Mobiliti™ will introduce comprehensive mobile banking functions, including payment and deposit capabilities, to its members. Additionally, Abri Credit Union will implement Corillian Online® for online banking and CheckFree® RXP® for online bill pay.
Visa Inc. today announced that it has completed technical development of a new service aimed at detecting and preventing fraud schemes that target the use of prepaid cards. Visa’s Prepaid Clearinghouse Service (PCS) is a centralized database that allows financial institutions, processors and prepaid program managers to share prepaid card data such as enrollments, load funding, suspected fraudulent information and previously reported fraud on existing card accounts. PCS will provide critical information sharing to better identify and stop fraudulent enrollments, funding, use and other fraud schemes involving prepaid cards.
ACI posted 4Q/13 revenue of $283 million, up $59 million by 26% from the year ago figure. This was thanks in great part to new sales bookings up 25% while operating income was $86 million for the quarter, an increase of $10 million by 14% from 2012. Net income for the quarter was $50 million compared to net income of $50 million during the same period the prior year. Operating free cash flow in Q4 was $62 million, up from $24 million in the prior-year quarter.
The average purchase transaction for a Visa-branded card in Canada hit $102.38 in 2013, dwarfing the average purchase transaction of $50.98 for U.S. Visa credit and debit cards. However, Visa’s huge U.S. debit card volume skews the figures. The average U.S. purchase transaction for a Visa credit card in U.S. last year was $84.37 and for a Visa debit card it came in at $37.41.
Greggs launched its new ‘Greggs Rewards’ mobile payment app designed to reward its customers for their loyalty whilst making shopping across its 1,700 shops more convenient, quicker and easier. The new rewards app which went live nationally this week, is the first entirely digital loyalty scheme launched by a UK food-on-the go retailer that eliminates the need for customers to carry a separate loyalty card or their wallet when they shop. By registering for a Greggs Rewards account via the app or online at www.greggs.co.uk, customers can top up their accounts with any amount from £5-£50 using their debit/credit card or with the added safety and simplicity of PayPal, allowing them to pay securely in-store with their smartphone.
Alpha Bank and Vodafone, in partnership with Visa Europe and First Data, introduce “Tap n Pay” NFC mphone app for contactless payments. With a Vodafone mobile SIM card, on which the Alpha Bank Enter Visa debit card, is stored. The Tap ‘n Pay application enables contactless transactions in shops where contactless card acceptance terminals are in use, by debiting the bank account that is linked to the debit card. In order to complete the transaction, users must hold their mobile phone within five centimeters of the contactless terminal, and the transaction will be completed securely in a split second, without requiring either a signature on a transaction receipt or the entry of a PIN number.
MasterCard and OTP Bank Hungary announced OTPay digital wallet in Europe to leverage the application programming interface (API) of MasterPass. This application is customized to OTPay customers, making the online use of payment cards easier and more comfortable for cardholders. The OTPay mobile application will be available for download not only for OTP Bank customers, but for clients of other banks too. The application will allow cardholders to shop and pay at over 30,000 MasterPass™ accepting merchants around the world. The application was developed by Cellum, the Hungarian company group known for delivering mobile payment solutions with banking-grade security, also a developer of a MasterCard® Mobile solution, which has been running for more than two years.
Bpost bank launched its mbanking app designed and implemented by Sopra Banking Software. Sopra Banking has been bpost bank’s core banking system partner continuously for almost 20 years. As a logical consequence of its core banking modernization program, bpost bank realized that it wanted to offer its customers a mobile banking app for smartphones and tablets. Beyond being part of the wave of banks adopting mobile banking, the app was also strategic for a long-standing customer segment familiar with tablets but distrustful of traditional pc banking. bpost bank found a full end-to-end solution with Sopra Banking Software.
IKaaz has embarked on the African market with the launch of its innovative tap and pay offering. Consumers can now make NFC payments thanks to iKaaz’s NFC powered mobile payments platform running on the cloud. iKaaz provides a comprehensive suite of end-to-end mobile payments solutions that include a feature rich mobile wallet, an innovative – yet cost effective mPOS (mobile Point of Sale) and a robust payments platform that allows banks, operators and financial institutions to extend mobile payments to their customers in a fast, secure and cost effective manner. Consumers use NFC tags that are linked to the mobile wallet similar to a debit card that is linked to bank accounts; while merchants on the other hand, will use iKaaz NFC mPOS to complete transactions all of which are processed by iKaaz’s robust payments platform.
On Track Innovations Ltd. has been issued a new patent by the United States Patent and Trademark Office (USPTO) that enhances its innovations in the field of contactless smart cards. The new U.S. patent No. 8,651,387, titled “Multi-Application Contactless Smart Card,” describes a multi-application contactless smart card system and method that allows a user to select an application using a unique switching mechanism located on board the smart card. This innovation allows, for example, the accommodation of several ‘application cards’ on the same physical card.
USA Technologies announced an agreement with AirVend, a provider of innovative technology focused on the vending industry, that further broadens the menu of cashless payment offerings available for users of USAT’s ePort Connect® service. AirVend offers an android-based interactive touchscreen point-of-sale device designed to enhance the POS experience and ease compliance with proposed government product content disclosure rules. USAT, through its ePort Connect service, has become AirVend’s preferred service provider for vending and other unattended retail applications, including kiosk, laundry and amusement industries.
PAYe Network announced the launch of its USA network at the ATMIA Conference 2014: Reinventing the ATM. PAYe Network is the world’s first universal ATM ‘Pay-In-Pay-Out’ global cardless network with over 1 million cash-access-points with built-in interoperability to existing financial networks and full regulatory compliance. PAYe transactions can be initiated with or without a card by utilizing state-of-the-art virtual tokenization technology and patent pending systems and methods. PAYe identified a problem in the current payments system and has developed a unique solution. The problem is that ATM networks only allow for bank issued debit and credit card transactions.