Central Payment and SpotOn have contributed $60,000 to sponsor GLIDE’S annual holiday Grocery Bag Giveaway (December 18), Zach and Matt Hyman, co-founders and co-managing directors announced. In the three years that the companies have participated in the annual event, they have provided more than $140,000 in donations. Employees from both companies also works on a regular basis in the San Francisco-based organization’s kitchen, which annually serves more than 2500 meals per day to the city’s poor, homeless and hungry. During the year, the companies also established a matching contribution program which allows them to increase the support for nonprofit organizations by making commensurate donations to match those made by employees or sales representatives to a nonprofit.
Fundtech global transaction banking solutions deployed Federal Reserve’s FedGlobal(R)ACH Payments as a part of Fundtech’s ACH solutions. Fundtech provides customers with access to the Federal Reserve Bank’s disclosure capabilities for International ACH Transactions (IAT). Financial institutions face challenges in complying with Regulation E of Section 1073 of the Dodd-Frank Wall Street Reform and Protection Act. The FedGlobal ACH Payments service facilitates disclosure requirements and error resolution for financial institutions involved in the outbound, cross-border transfer of funds. This service complements Fundtech’s ACH solutions which automate ACH processes and provide ACH processor connectivity.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The latest Fiserv Billing Household Survey shows consumers are paying their bills in more ways than ever before, with the number of consumers paying bills from smartphones and tablets growing significantly. Gen Y in particular prefers a variety of channels and immediate payment options, and uses the mobile channel to manage…
MasterCard released new standards designed to help employees take full advantage of the benefits of having their paycheck electronically deposited onto payroll cards. The payroll card standards require employers and payroll card providers to offer cardholders greater insight on how to access their pay through educational resources and increased transparency of any fees. Additionally, the standards ensure the employee has a fee-free way to access their pay and check available balances.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data released its SpendTrend analysis for Oct. 31, 2013 through Dec. 2, 2013 compared to Nov. 1 through Dec. 3, 2012, tracking same-store POS data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations. November dollar volume growth of 4.4% marked a downtick…
Delinquency for bank credit cards has declined to its lowest level in more than 20 years. After peaking at its highest level during the credit crisis of 2008-2009, bank credit card delinquency has decreased by more than 400 basis points to 2.45% in the third quarter, according to the Federal Reserve. RAM Research projects a further decline in the fourth quarter to 2.35%. Citibank reported credit card accounts 30 days to 89 days past due declined 13% from one-year ago to 0.94% in the third quarter.
Ten leading PIN debit networks in the United States have formed a new company, Debit Network Alliance, to provide a structure for the governance, deployment and implementation of the EMV debit standard. The goal of this collaborative effort is to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S. through a common governance structure that fosters regulatory compliance, equal access and ability to innovate for all debit networks, routing choice for merchants, and portability for issuers.
ATMIA has issued a position paper urging payment networks to work collaboratively with ATM deployers to retain open market flexibility in making routing choices. EMV migration is more complex in the United States where multiple networks exist and further confusion has resulted from court rulings on the Durbin Amendment. ATMIA retained Tremont Capital Group, Inc. (www.tremontcapitalgroup.com) to conduct a thorough analysis of routing choices.
Welch ATM is pleased to announce that Chad Ward has joined the company as Vice President of Operations. Mr. Ward comes to the Welch ATM team from Red Ridge Finance Group, a merchant bank headquartered in Chicago, where he was Chief Financial Officer. At RedRidge, Chad was responsible for the finance, accounting and investor relations functions as well as operational oversight of the company’s professional services divisions.
TSYS announced the release of a white paper titled “EMV is Not Enough: Considerations for Implementing 3D Secure.” The paper considers the impending U.S. migration to Europay, MasterCard, and Visa (EMV) chip to combat fraud, but concludes that there are additional steps issuers must consider to mitigate fraud risk. This report concludes that there are clear lessons to be learned in the U.S. from the UK’s introduction of EMV ” and the resulting rise in card-not-present fraud.
Commonwealth Bank, in partnership with MasterCard and Samsung Electronics Australia, became the first bank globally to offer its customers MasterCard® PayPass™ payments capabilities via Near Field Communication (NFC) enabled Samsung GALAXY S4 devices. The world first collaboration1 delivers a next-generation shopping experience and simplifies the ways customers pay for everyday goods and services. The CommBank offering has been made possible by a convergence of hardware, software and mobile banking technologies, which leverage Mobile MasterCard PayPass technology and Samsung’s global NFC payment infrastructure which processes transactions using the CommBank app on Samsung GALAXY S42 (i9505 and i9507) smartphones sold in Australia.
LifeLock, Inc. announced the acquisition of mobile wallet innovator Lemon for approximately $42.6 million in cash. In addition, in connection with the transaction, LifeLock has agreed to issue equity customary for a transaction of this size that will vest over the next three years. In conjunction with the acquisition, LifeLock also launched a new app that utilizes Lemon technology to help consumers manage and protect their digital identity. This transaction marks the next step in LifeLock’s evolution by adding a comprehensive mobile platform to the company’s integrated identity protection services for consumers.