Western Union and Bancoppel announced a five-year agreement whereby Bancoppel will offer Western Union global money transfer services at its 1,000 locations. Western Union, Vigo and Orlandi Valuta services are offered in Mexico through a strategically combined network of Agent locations that include banks, national retail chains and independent locations. Western Union, in conjunction with its Orlandi Valuta and Vigo brands, connects consumers in Mexico to more than 510,000 Agent locations across 200 countries and territories.
Fiserv financial services technology solutions launched its “Popmoney Instant Payments.” Available now to eligible financial institutions that offer “Popmoney,” “Instant Payments” lets users send money credited to the recipient’s account within seconds. This feature extends the functionality of the Popmoney social person-to-person payments service, making it indispensable when an immediate exchange of money is required. Uses could include making a last-minute rent payment, sending money to a family member in an emergency or paying a small business or service provider upon completion of a project. The “Popmoney Instant Payments” leverages extensive portfolio of payment capabilities from Fiserv to enable fast and secure money movement. The “Popmoney” platform intends to expand its connectivity options through other networks and connection points.
Swift financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, and the Banking Commission of the International Chamber of Commerce (ICC), announced new legal and technology standards for Bank Payment Obligation (BPO) are now available. The BPO is a new payment term that allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and enables banks to offer flexible risk mitigation and enhanced financing services to their corporate customers. The BPO rules will establish uniform practices for BPO market adoption. Together with the ISO 20022 messaging standards, these rules provide an industry wide foundation for banks to develop risk and financing services aligned with today’s technology.
Vantiv payment processing services and related technology solutions for merchants and financial institutions announced Anheuser-Busch Employees’ Credit Union (ABECU) enlisted its debit and credit processing services under a multi-year agreement. Vantiv makes debit and credit card issuing easy with its technology and account management tools. Allowing financial institutions to focus on expanding customer relationships and the growth of their portfolios, Vantiv also helps maximize cardholder touch points with its state-of-the-art mobile and online account access, and customized cards. The company’s 24-hour contact center provides around the clock support for cardholders who have questions or need assistance.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express posted 1Q/13 net income of $1.3 billion, up 2% from the year ago figure, while consolidated total revenues net of interest expense were $7.9 billion, up 4% from the $7.6 billion figure a year ago. With this, U.S. Card Services posted 1Q/13 net income of $804 million, up 7%…
China CITIC Bank and MasterCard have signed a Memorandum of Understanding (MOU) for strategic cooperation in the virtual payments space within and outside China. The two parties aim to jointly develop and promote innovative products and services including Quick Response” (QR) code services, and collaborate to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants. China CITIC Bank and MasterCard will leverage their core competencies and cooperate on innovations including virtual card payment technology, product development, acceptance and risk management. This alliance will enhance consumers’ e-commerce experience and provide new and innovative payment services to domestic and overseas China CITIC Bank cardholders. Tim Murphy, Chief Product Officer of MasterCard, and Zhu Xianghuang, President of China CITIC Bank attended the signing ceremony of this MOU. This collaboration with MasterCard in the virtual payments space is yet another important step for China CITIC Bank.
PayLane.com online payments has been registered on Visa Europe Merchant Agents List. Visa decreased doubts and help control the risk in online payments with its Merchant Agents List. The Merchant Agent list is a catalogue of different companies that provide payment-related services such as Payment Gateways, Payment Service Providers, Internet Payment Service Providers etc. In order to be listed in the catalogue, the company has to be compliant with PCI DSS and approved by Visa as a as a company that provides full protection to their customers.
Net Elemen electronic commerce and mobile payment processing completed the acquisition of Unified Payments transaction processing services and payment-enabling technologies. Unified Payments is a socially responsible provider of payment services across the United States, processing in excess of $10 billion in volume between 2010-2013. The acquisition positions and diversifies Net Element International’s mobile payments business and creates a new platform division “TOT Group, Inc.”, with focus on global mobile payments and transaction processing markets. Net Element International has already initiated the integration and localization of Unified Payments’ products and services in Russia and other emerging markets and will now reap the benefits of Unified Payments’ market penetration in the U.S. The completion of the Unified Payments acquisition positions Net Element International’s TOT Group to maximize the benefits of a significant growth market opportunity.
Fiserv inancial services technology announced its debit payments network, formerly known as ACCEL/Exchange, is now just “Accel.” Reflecting the network’s ability to accelerate funds transfers across retail, biller and social person-to-person payments, and positions the network within the Fiserv portfolio of payments capabilities to create the world’s leading real-time network, the name change is appropriate. Accel supplies infrastructure for financial institutions to give cardholders around-the-clock access to their demand deposit account funds at ATMs and the point of sale, with 55 million debit cardholders, 3,100 financial institutions, 340,000 ATMs and more than 3 million merchant locations.
Mercury Payments Systems announced Nick Nayfack, director of product at Mercury, accepted a seat on the Electronic Transactions Association’s (ETA) Mobile Payments Committee. Here he will develop best practices in mobile commerce with industry peers to enable merchants and consumers to navigate technological “ease-of-use.” Mercury designs and implements a “one-stop shop” experience for payment acceptance by retail and hospitality merchants by offering a multitude of new and traditional payment products, software and services all focused on small business solutions for “Main Street.”
USA Technologies wireless, cashless payment and M2M telemetry solutions has renewed and increased its working capital line of credit with Avidbank Corporate Finance. The agreement increases the amount available under the credit line from $3 million to up to $5 million, and renews the credit line for another twelve month period.
The Jack Henry Banking division announced two Tennessee-based banks, Volunteer Federal Savings Bank and Peoples Bank of the South, selected its “CIF 20/20” core processing platform to provide enterprise-wide automation. THE “CIF 20/20” processor is automating approximately 700 growth-focused, service-oriented banks by integrating parameter-driven core functionality with more than 120 complementary products and services. This market presence makes “CIF 20/20” one of the most widely installed core banking systems in the U.S. Its flexible architecture and relational database, ability to support both in-house and outsourced operating environments, and scalable hardware platform maximize operating flexibility and seamlessly support banks’ near- and long-term technology requirements.