70% of US CC Will Be EMV

By the end of 2015, 70% of U.S. credit cards and 41% of U.S. debit cards will be EMV enabled, says Aite Group. Aite Group’s new research report, EMV: Lessons Learned and the U.S. Outlook, takes a look at the migratory experiences of five countries that preceded the United States in adopting the EMV standard: the United Kingdom, Australia, Brazil, Mexico, and Canada. It also describes the U.S. path to EMV based on interviews with top U.S. issuers and payment networks and makes a series of recommendations for U.S. issuers based on the lessons learned from other countries.

Bongo Adds Bitcoin

Bongo International, announces that they are the first in their field to accept decentralized P2P currency, Bitcoin. The move to accept Bitcoin confirms Bongo’s innovative approach to international eCommerce. Bongo International currently supports over 60 payment options including VISA, MasterCard, American Express, V Pay, Union Pay and more in addition to the newly introduced Bitcoin.

Capital One Second Look(SM) to Flag Recurring, Renewing and Duplicate Charges

Capital One is piloting a new free service that helps its customers identify unnoticed or potentially unwanted charges. Capital One Second Look(SM) goes beyond traditional fraud detection for Capital One card customers, flagging potentially duplicate charges, auto-renewing subscriptions and increases in recurring charges that are commonly overlooked. Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels.

BitPay Appoints Former Visa Exec CCO

BitPay named Tim Byun as its Chief Compliance Officer. Formerly the Anti-Money Laundering/Anti-Terrorist Financing Officer of Visa, Tim began his new role for BitPay at the Digital Banking Summit conference June 2 talking about The Digital Future. Byun previously served as Visa’s head of Global Credit Settlement Risk, leading anti-money laundering programs to maintain Visa’s compliance. Before joining Visa, he was an Examining Manager with the Federal Reserve Bank of San Francisco’s Division of Banking Supervision and Regulation for nine years. He earned his MBA from the University of California, Los Angeles and his Bachelor of Science in Finance from the University of Southern California.

Spire Payments names Kamran Yazdanjoo head, global product development

Spire Payments appointed Kamran Yazdanjoo Head of Global Product Development. Kamran brings to the role over 25 years’ experience and will be responsible for co-ordinating development activities in Spain, England, Scotland, Hong Kong and Russia, and spearheading the delivery of platforms and applications to support the company’s payment solution strategies. Before joining Spire Payments, Kamran served on the Board of Directors of Cubic Transportation Systems Limited as Director of Open Payments. In this role he led new product innovations and the strategy for open payments including mobile and NFC. Prior to this, Kamran was the Vice President of Global R&D at VeriFone Inc., with responsibility for products and services.

Fico Integrates Fraud Management System in Latest Partnership

Fico partnered with 41st Parameter of Experian to fight fraud on card-not-present (CNP) transactions. FICO is integrating 41st Parameter’s TrustInsight™ with the FICO® Falcon® Platform, which protects 2.5 billion card accounts and is used by more than 9,000 financial institutions worldwide. Authenticating the device being used in a transaction provides yet another layer of detection to the Falcon Platform, which includes proprietary analytics based on more than 30 patents. FICO’s research shows that total card fraud grew 13 percent in the U.S. from January 2012 to September 2013. CNP fraud accounted for nearly half of credit card and debit card fraud during this period. 41st Parameter’s TrustInsight™ solution provides a real-time analysis of a transaction, crowd-sourced from a network of merchants, that produces a TrustScore™ indicating whether the transaction is likely to be genuine and should be approved.

DataCash Partners Phoenix Managed Networks

DataCash – A MasterCard Company, is teaming up with Phoenix Managed Networks (PMN) IT network provider to further enhance its merchant payment solutions with PMN’s enterprise-strength network security and management service.
The combination of industry-leading Chip&PIN payment processing technology provided by DataCash and PMN’s PhoeniXSentry network security and management service, delivers both an affordable and advanced end-to-end managed security service for maximum protection of in-store IT traffic, for retail environments of any size. The PMN solution will allow DataCash merchants to easily and comprehensively protect their Point of Sale transaction data by separating payment and non-payment related internet traffic, thus ensuring the risk of potential data breach is significantly reduced.

ACI Worldwide announces Latest mBanking Client

ACI Worldwide electronic payment and banking systems announced Pearl Harbor Federal Credit Union (PHFCU) selected ACI’s integrated online banking platform for credit unions, WebFederal, to power PHFCU Online, its online and mobile banking and bill payment services. PHFCU is one of Hawaii’s leading credit unions, serving thousands of members across the state. As its business has grown and its customers increasingly embrace online and mobile banking, the credit union recognized the need to provide a seamless, multi-channel experience that continued to deliver outstanding service while maximizing efficiencies. PHFCU selected ACI’s WebFederal online banking solution, which provides customers with a universal, real-time, omni-channel experience.

Unemployment Rate Sits Unchanged M/M at Record Low

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Payroll employment was up 217,000 in May for an unchanged unemployment rate of 6.3 from the previous month figure. This comes after a 0.4 percentage point drop in April. The number of unemployed persons was unchanged in May at 9.8 million. The unemployment rate and the number of unemployed persons declined…