Kuapay, the secure mobile wallet that aims to enhance the transaction experience among consumers, merchants, and banks, announced the addition of the famed financial economist Myron Scholes to its advisory board where he will serve as chairman. Scholes is a Nobel Laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes brings more than 40 years of extensive experience in finance and economics to Kuapay. He has lectured and written extensively on financial intermediation, including the evolution of transacting, and has been involved in developing transacting and accounting businesses.
ACH AlertBanks and credit unions looking to streamline their Automated Clearinghouse (ACH) fraud prevention and dispute resolution processes now have access to proprietary outsourcing services from ACH Alert. This enhances the industry leader’s ACH and wire fraud prevention capabilities for PRO-TECH and ACH Dispute Xpress. Many financial institutions use a third-party data center to receive their incoming ACH items. In order to use ACH Alert’s fraud-fighting tools, the choices for those financial institutions have been to engage their data center to work with ACH Alert or pull an Information Extract File (a copy of the live data going to the data center) from the Fed and send the data to ACH Alert.
Virtual Piggy announced that it will provide its youth-friendly payment system to FlipGive, a digital give-marketing platform for brands looking to win hearts and drive sales. The FlipGive platform connects brands to the $200+ billion fundraising market, converting customers into a sales force to raise money. Their give-marketing programs help brands drive sales and create positive social impact in their communities. Current partners included Johnson & Johnson, Lowes, Schwan’s, Aldo and Indigo. Virtual Piggy promotes financial management while empowering youth under 18 to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by parents.
Fiserv announced that Gateway Mortgage Group, LLC has selected its LoanServ platform for the company’s mortgage servicing technology needs. Gateway will use LoanServ to enhance its customer experience and grow its home loan servicing portfolio through its retail and correspondent channels nationwide. Using LoanServ, Gateway will be able to perform the full range of mortgage servicing functions including escrow, payment processing, investor reporting and default management. Gateway executives anticipate that the selection of the Fiserv solution will help them increase employee productivity, improve operational efficiency, react more effectively to changes in modification programs such as HAMP and HARP, and streamline the default process with workflow automation that reduces errors and frees up resources for use elsewhere within the company.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs jumped .03% in July to 14.96% after averaging a .04% change over the past year. This stifles momentum to the ebbing 2013 APR credit card averages. This erases the positive momentum gained over the past few months, but follows a relatively lengthy period of APR stagnation through…
Global payments and technology company MasterCard announced the appointment of M2M SPS, a leading provider of secure e-transaction processing solutions as its Principal Member in Morocco. As a new Principal Member of MasterCard, M2M SPS will be enabling its customers to leverage MasterCard’s acquiring and issuing capabilities across several merchants and e-commerce channels, backed by MasterCard’s support with a suite of advanced value-added services, technical support, training, and new payment platforms. With this enhanced collaboration, MasterCard’s point of sale will significantly increase across Morocco, thereby allowing more consumers to access MasterCard’s global payments network.
Citi has offered commercial cards in Turkey for some time, but migration onto Citi’s global platform enables both multinational and local clients to benefit from a globally consistent customer experience, unsurpassed global acceptance and digital tools that enable greater visibility of their corporate spend. This development is in line with Citi’s strategy of offering a consistent experience for commercial card clients across all geographies. Citi intends to formally launch the platform in Russia, where certain clients are currently on a pilot programme. Launches are also planned in Ukraine and Kazakhstan before the end of the year.
ZTE Corporation network solutions and mobile devices launched a new range of smartphones and data cards in India to provide consumers in the country with a choice of high-performance devices to enhance their mobile experience. ZTE is offering six new smartphones, including the Quad-Core ZTE Grand X, featuring a brilliant 5-inch high-definition screen, in India, partnering with Calyx Telecommunications to make the devices widely available to consumers across the country. In addition, ZTE is introducing four new data cards together with partner Digilife to meet the needs of India consumers for high-speed data access. ZTE, one of the world’s Top 5 mobile handset and smartphone manufacturers, provides consumers around the world a wide choice of innovative and feature-rich devices, ranging from entry level to high-end smartphones, delighting users with thoughtful and intuitive design features that improve their mobile experience.
Secure Electrans payment solutions has received Government support for its Chip&PIN home terminal as a practical way to reduce fraud. Secure Electrans’ HomePay™ Chip&PIN system received support from the UK Government’s Communication Electronics Security Group (‘CESG’) working in partnership with the Europe-wide Open Standard for Security and Certification (‘OSeC’). Secure Electrans has been working closely with both regulatory organisations alongside industry competitors in efforts to raise standards via the implementation of an Evaluation and Certification Framework. This aims to implement a single scheme for security in payment terminals and cards, incorporating recognition of multiple security certification card schemes and banking organisations. HomePay™ operates through the multi-billion pound global and trusted Chip&PIN infrastructure, and has the potential to create a standardised payment processing architecture for online transactions.
OKI launched a new transportation system that will distribute precision equipment, such as ATM maintenance parts, safely and precisely throughout China. This follows a measure to restructure OKI’s supply chain management (SCM), with the goal of strengthening its ATM business foundations in China. The new system will begin transporting materials in July between OKI’s maintenance parts warehouse in Shenzhen City, Guangdong, and a maintenance site in Hebei. Having set a goal to reduce logistics costs for ATM maintenance parts in China by 30% over the next three years, OKI will expand the new transport system to serve all OKI maintenance sites throughout China and pursue further SCM restructuring. OKI’s cash-recycling ATMs currently account for approximately 50% of this market, the leading market share. With ever-growing numbers of ATMs installed in China and continuing expansion into interior China, OKI needed to ensure a safe, secure, and effective transportation system and provide access to speedy repairs and supply systems for maintenance parts delivered to approximately 220 maintenance sites.
ACI Worldwide announced its ACI Universal Payments Platform enterprise payments solution has been named a ‘Best-in-Class’ solution in Payments Capability in the 2013 Payments Hub report by CEB TowerGroup. Universal Payments Platform’s broad capabilities meant it was rated in each category evaluated in the feature audit of the research. The comprehensive payments hub analysis evaluates nine key technology firms across the industry using 22 attributes defined by CEB TowerGroup. The final report covers market drivers, case studies, spending forecasts, investment priorities and emerging technologies as well as a full-feature audit. ACI’s Universal Payments Platform is noted specifically in the Payments Capability category for delivering “linear scalability, high performance and platform independence for transaction processing.”
Visa and NetHope, a consortium of more than 40 humanitarian organizations, announced the five recipients of the Visa Innovation Grants Program. The grants will help leading development organizations modernize the distribution of payments related to microfinance, agriculture, health, and emergency relief. Every year, billions of dollars in cash payments are distributed to people in need through emergency relief efforts, benefit stipends, conditional cash transfers, microfinance programs, and other development initiatives. Digitizing these payments, through mobile phones or other electronic methods, not only improves security and speeds distribution, it also can promote financial inclusion by providing recipients access to broader financial services, including savings and electronic payments tools. Through the Visa Innovation Grants Program, Visa is awarding $500,000 in grants to increase the long-term impact of development programs through the innovation and adoption of electronic payments.