Fiserv announced today that South Carolina State Federal Credit Union (SCU) has selected an integrated suite of payment solutions including debit and credit card processing, the Accel™ debit payments network, UChoose Rewards® and Risk OfficeSM, to enhance the member experience and improve operational efficiency. SCU has been using DNA from Fiserv since 2006. Fiserv provides comprehensive integrated solutions for credit unions which include account processing, bill pay, online banking and a full suite of credit, debit and prepaid solutions, including a flexible loyalty rewards program and fraud risk solutions for cards. Fiserv also offers card personalization, 24-hour call centers and extensive training, marketing and implementation support.
2Checkout online payments has launched a program to rescue merchants recently abandoned by WePay. WePay recently announced their decision to retire their hosted checkout option and force customers to adopt their APIs instead. 2Checkout continues to offer merchants a hosted payments solution, and has set up a convenient landing page for former WePay customers to learn more. Hosted checkouts offer an intuitive and agile way for merchants to jump into online retailing without the hassle of formatting pages of website code.
R.K. Hammer, in this 3rd of their annual series of year-end card industry reports, indicates that the card business saw a fee income decrease of $2.6 billion in 2013, compared to 2012; $79.9 billion vs. $82.5 billion a year earlier. New regulations and legislation continues to have an impact. Post-recession card fees have been fairly flat for the past five years, according to R.K. Hammer…
GlobalPlatform announced its Board of Directors for fiscal year 2014*, following annual elections for six of the eleven Board seats. Individual members to serve as Board Officers for a one-year term have also been confirmed, as well as the appointment of a new Mobile Task Force Chair. Marc Kekicheff – Senior Business Leader of Chip Innovation at Visa Inc. retains his position as Chairman. Uwe Wittig – Group Vice-President within the Mobile Security Business Unit at Giesecke & Devrient continues as GlobalPlatform Vice-Chairman; and Yves Moulart – Director of Development and Innovation within STMicroelectronics’ Secure MCUs Division, Integrated Secure Solutions, is again confirmed as GlobalPlatform’s Secretary / Treasurer. First-year members to serve a two-year term include Yves Moulart, Simon Moore, Solutions Architect – ARM, Rémi de Fouchier, Vice-President, Marketing Communication – Gemalto, Arnaud du Chéné, Vice President, Head of Product Quality within Global Chip & Contactless Solutions – MasterCard Worldwide and Sebastian Hans, Senior Standardization Manager – Oracle. Additionally, Jon Geater, Chief Technology Officer at Trustonic was elected to serve a one-year term.
Credit card attrition has slowed by more than three percentage points over the past twelve months. Based on credit card data from Chase, annualized attrition dropped from 11.7% in the third quarter of 2012 to 8.6% in the third quarter of 2013. Over the past year Chase opened 5.6 million new credit card accounts, but its total account base grew by only 500,000 accounts. On a quarterly basis the Chase attrition rate is running at 2.3%, down significantly from 3.9% in the third quarter of 2012, according to calculations by CardData.
Intellicheck Mobilisa Obtains U.S. Patent for Enhanced ID Check Technology That Verifies Age and Displays Sample ID for Reference
Intellicheck Mobilisa wireless security systems obtained a U.S. patent for a technology that reads the information encoded on an ID card, authenticates and displays the bearer’s birthdate, and also displays a sample reference image of the ID just scanned to assist in the authentication process. This is Intellicheck Mobilisa’s 17th patent issued. The new patent builds on the Company’s existing ID Check technology that can instantly read, parse, compare and display encoded data from the barcodes on government-issued IDs. Intended to prevent the sale of age-restricted items to underage buyers, it provides the user with a readout that displays the age of the ID card bearer and verifies the card’s expiration date. A “license background graphic” shows the user a sample image of what the ID just scanned should look like. The technology currently includes sample images of driver licenses from every U.S. state and Canadian province.
North Shore Bank is the first financial institution in Wisconsin to serve customers with video teller ATMs, the bank and NCR Corporation just announced. This allows for extended service hours – a 30 percent increase over former banking hours – and a friendly and efficient customer experience. APTRA Interactive Teller was developed by NCR, the global leader in consumer transaction technologies, which lets people talk to a live remote teller and give the teller remote control over the machine to conduct transactions. The efficiency and security created through the centralization of tellers enables financial institutions to transform their branch locations into more effective service and sales environments.
Allied Wallet online credit card processing, multi-currency merchant services, and a PCI Level 1 secured payment gateway, has acquired one of the largest Chinese payment processors in Hong Kong, CloudAsia. Allied Wallet began its talks with CloudAsia in mid-2013 and took note of CloudAsia’s exemplary growth in Asia. CloudAsia quickly picked up e-commerce merchants all over Asia with a service that Allied Wallet considers very similar to their own in quality. Allied Wallet has acquired the fast-growing Chinese payment processor and believes this will stimulate their growth in Asia. Acquiring the Chinese payment processor will give Allied Wallet more access to consumers and local banks in all regions of Asia including Indonesia, Korea, Malaysia, and mainland China.
North Shore Bank is the first financial institution in Wisconsin to serve customers with video teller ATMs, the bank and NCR Corporation announced today. The technology, in place at North Shore Bank’s newest branch, allows for extended service hours – a 30 percent increase over former banking hours – and a friendly and efficient customer experience. APTRA Interactive Teller and it is the only ATM-based technology that not only lets people talk to a live remote teller, but also gives the teller remote control over the machine to conduct transactions.
Virtual Piggy safe youth payments technology, Oink, announced that it has teamed with WorldPay US to increase its strategic 2014 merchant acquisition plans within the teen market. The WorldPay payment processing platform is used for in-person credit and debit transactions, online and mobile payments. Oink’s relationship with WorldPay will bring the safe youth payments technology to the WorldPay merchant network and facilitate integrations into teen focused retail websites and shops. Oink is the only COPPA-compliant payment technology designed to allow retailers and game publishers to reach under 21 consumers in a safe, legal and effective manner.
American Express Company reported 4Q net income of $1.3 billion, up from $637 million a year ago. Diluted earnings per share rose to $1.21, from $0.56 a year ago. Excluding expenses associated with the merchant litigation settlement agreement announced in late December, fourth-quarter adjusted net income was $1.3 billion, or $1.25 per share. U.S. Card Services reported 4Q net income of $864 million, up from $423 million while International Card Services reported 4Q net income of $103 million, up 8 percent from $95 million a year ago. Total revenues net of interest expense increased 8% for U.S. Card Services and 2% for International Card Services.
TSYS announced plans today to release TSYS Authorization ControlsSM ” a new product that enables credit and debit cardholders to turn their account “on” or “off” from any user interface. This innovative product can be integrated with existing mobile and other online customer service tools, and will help financial institutions empower their consumers to manage their own account preferences, reduce fraud and build customer loyalty. According to the recent TSYS 2013 Consumer Payment Choice Study, more than half of consumers stated they would be “Interested” in using their phone to temporarily allow or block transactions on their card.