Bindo announced the launch of a mobile EMV credit card reader for its cloud-based iPad POS. Bindo’s newly developed EMV reader has full end-to-end encryption with its iPad POS system and is both EMV Level 1 and Level 2 certified in the United States. It slots comfortably into the audiojack of an iPhone or an iPad, and allows mobile credit card payment acceptance. Bindo’s system encrypts and tokenizes cardholder data at the point of capture and its Tamper-Safe security module (TSSM) helps prevent third party brute force attacks. According to Visa, MasterCard, and AMEX, merchants who have invested in EMV deployment, such as Bindo’s solution, will be protected from financial liability for card-present fraud, under the new rules that will come into effect by 2015.
Allied Payment online and mobile bill payment services announced its FlexPay Internet bill pay solution offers banks and credit unions full integration with Allied’s industry-leading PicturePay® mobile photo bill pay solution, as well as flexible, per-transaction pricing rather than the traditional per-user pricing model. The integration offers several other advantages. FlexPay payees are populated from PicturePay photos, and payee lists are synced between both products. FlexPay seamlessly integrates with any online banking platform to match the look and feel of an institution’s existing website to provide bank customers and credit union members with greater continuity in their online banking experience. Users can also choose from a variety of available user interface formats to match their individual preferences.
LendUp inked two service agreements with MoneyGram and will enable real-time offline payments for loans issued by LendUp using MoneyGram’s ExpressPayment Service® at 39,000 agent locations in the United States. By connecting LendUp’s mobile platform with MoneyGram’s extensive agent network, borrowers now have another convenient option for loan repayment. MoneyGram’s ExpressPayment Service is the first of several new products that will be available to LendUp borrowers as a result of this collaboration. In the future, LendUp and MoneyGram expect to introduce products and services that make access to credit products through LendUp quicker and more convenient, as well new payment services valued by LendUp customers.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The use of debit cards has traditionally come at a high price to retail merchants. Retailers have paid upwards of $48 billion a year in “swipe fees”, with nearly $17 billion of that coming from debit card transactions. (1) Transactions processed by debit card had required retailers to pay fees which…
Heartland Payment Systems reports record small and mid-sized enterprise second quarter transaction processing volume of $20.4 billion, up 5.6% Y/Y. Same store sales also rose 2.4% and volume attrition was 12.6% in this year’s second quarter.
Gemalto has signed a definitive agreement to acquire 100% of the share capital of SafeNet from Vector Capital for US$890 million on a debt free/cash free basis.SafeNet technology protects over 80% of world’s intra-bank fund transfers and its 1,500+ employees, including 550 cryptographic engineers, serve more than 25,000 customers, both corporations and government agencies, in over 100 countries. In 2013, SafeNet recorded revenues of US$337 million and profit from operations of US$35 million and expects revenues of US$370 million and profit from operations of US$51 million for 2014. The purchase price of US$890 million is self-funded with US$440 million from available cash, and US$450 million drawn from existing long-term credit facilities. The closing of the transaction is expected to occur in Q4 2014, after approval from the relevant regulatory and antitrust authorities.
USAA and Navy Federal Credit Union are delivering industry leading digital banking offerings and earning customer-satisfaction scores for digital that rival those of traditional banks and credit unions. However, a new report says Bank of America took the prize for “2014 Best Overall Digital Banking Experience Leader.”
The National Bank of Abu Dhabi has implemented NCR SelfServ 91, a new hardware platform that will help NBAD transform its branches and extend its retail banking footprint. As the latest in branch banking technology from NCR Corporation (NYSE: NCR), the global leader in consumer transaction technologies, NCR SelfServ 91 is a modern, sleek, in-branch ATM that can help migrate low-value transactions from the teller line to self-service, freeing branch staff to focus on sales and customer support. When paired with next-generation NCR Interactive Banker software, SelfServ 91 can complete as much as 90 percent of typical teller transactions and connect in-branch employees to server-based software that delivers fast, real-time customer and transaction data to tablet PCs.
Virtual Piggy commented on its recent business progress, in particular, its Oink digital wallet and its growth to the 1 million-system user mark. The company subsequently plans to increase the size of this base both in the US and internationally across Europe, and to increase engagement levels with the Oink service. The Company is anticipating significant new partnerships, product launches and marketing campaigns to occur throughout August, September and October. Virtual Piggy prides itself on the security, consent and payer identity functionality within the Oink service for efficient ‘family’ purchasing.
Millions of smart cards are in use today in Latin America and the Caribbean in EMV chip cards, mobile payments, e-passports, smart transit fare cards, secure government, healthcare, enterprise IDs and more. Now the Smart Card Alliance Latin America group has signed a big deal with Florida State University.
NCR’s second quarter growth driven by strong growth in Financial Services, Hospitality and Emerging Industries. For the third quarter NCR expects non-pension operating income (NPOI) to be in the range of $215 million to $225 million.
Visa is helping U.S. fuel retailers prevent credit and debit card fraud at the pump with intelligent analytics that identify higher-risk transactions that may be fraudulent. While global fraud rates across the Visa payment system remain near historic lows, fuel pumps can be targets for criminals because they are often self-service terminals. The Visa Transaction Advisor (VTA) lets merchants use real-time authorization risk scores to identify transactions that could involve lost, stolen or counterfeit cards. Visa analyzes multiple data sets such as past transactions, whether the account has been involved in a data compromise, and nearly 500 other pieces of data to create a risk score. This allows merchants to identify those transactions with a higher risk of fraud and perform further cardholder authentication before gas is pumped.