Consumer Delinquencies Hit Lows

Consumer delinquencies declined significantly in last year’s third quarter as the economy improved and consumers better managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 13 basis points to 1.63 percent of all accounts in the third quarter, a record low that’s well under the 15-year average of 2.35 percent. The ABA report defines a delinquency as a late payment that is 30 days or more overdue.

Western Union Payment Available at SunTrust

Western Union and SunTrust Bank launched Western Union global money transfer and bill payment services at more than 1,500 bank Agent locations in the southeastern U.S. SunTrust clients and the general public can now pay bills or load prepaid cards via Western Union services, or send money to more than 495,000 Western Union Agent locations in 200 countries and territories from all SunTrust bank locations. Western Union services are offered in the U.S. through a strategically combined Agent network of nearly 46,000 banks, national retail and grocery chains, and independent locations. The company also offers its customers online and mobile phone access points in certain countries for money transfer services.

Bluefin Launches New mPOS System

Bluefin Payment cloud-based integrated payment solutions for independent software vendors (ISVs) introduced their “QuickSwipe” mPOS system. QuickSwipe is a turn-key payment application for single and multi-user mobile processing on iOS devices. Bluefin also offers the QuickSwipe SDK for integrated payments with an ISV’s existing mobile application. This lets merchants can build catalogs of items and inventory, assign administrators and users, enable tips and taxes, easily issue refunds, and provide detailed, GPS-driven receipts. The application supports credit/debit, ACH and cash journaling. Merchants have the flexibility to extend their brand to the application with the addition of their logo, colors, and business information.

Paper Checks Disappearing

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Paper checks continue to fall out-of-favor in the USA, The volume of checks cleared through the Federal Reserve System declined 3.1% in the third quarter, following a 6.0% decline one-year ago. The latest figures show only 1.481 billion checks cleared in the third quarter of this year, compared to 1.609 billion…

NCR Cloud Connect

NCR Corporation today unveiled NCR Cloud Connect: a powerful, cloud-based ecosystem of digital services for retailers. The innovations offered to retailers as part of the NCR Cloud Connect ecosystem will be provided by both NCR and a growing roster of innovative technology companies. As a result of the digital explosion, retailers are increasingly turning to new and innovative technology services to better engage consumers. According to a recent study by Retail Systems Research, 48 percent of retailers recognize that they must do more to incorporate digital and online experiences into stores. The challenge many retailers have experienced to date has been finding the best solutions to implement and making them as effective as possible in their existing retail environments.

Voice ID for Secure Digital Tranactions

AGNITiO and fellow FIDO Alliance founding member Nok Nok Labs, a company founded to transform online authentication for modern computing, announce the world’s first demonstration at CES of a FIDO Ready™ Voice iD implementation, showcasing the market-transforming benefits of spoken voice authentication and identification for digital transactions. The Agnitio and Nok Nok Labs FIDO Ready™ demonstration shows how Voice ID and Nok Nok Lab’s Multifactor Authentication Client can be integrated into a mobile application to perform voiceprint-based strong authentication. The solution shown illustrates how FIDO-based authentication can replace the use of passwords to log in or confirm an e-commerce payment. This combination of Nok Nok Labs and AGNITiO FIDO Ready™ product empowers users of online, mobile, and point-of-sale applications to conveniently access sites and services, and perform transactions that are more secure, private, and easy-to-use.

mCard Protects Personal Data

mCards, a mobile payment system launched by New Media Insight Group, Inc. helps users prevent their personal information from falling into the wrong hands by generating credit card numbers that can only be used once and expire after 20 minutes. When consumers sign up, they link their mCard to an existing bank account or credit card, which allows them to add money to their account. They will then be able to access a virtual credit card on their smartphone that they can use to make purchases at any merchant that accepts MasterCard. Because the mCard functions similarly to a prepaid credit card, even if someone did steal the number, the thief could only access the available balance.

UniRush Appoints New CEO

UniRush, LLC,announced the appointment of Rick Savard as Chief Executive Officer and Chairman. Savard was CEO of NetSpend from 2004 – 2008. In 2009, he joined the FSV Payments board as a Director and became CEO in 2010, where he led the sale of FSV to U.S. Bank in December of 2012. Previous to NetSpend, he held a number of senior level positions in payments, retail and consumer package goods.

Virgin America Visa Signature

Virgin America announced it will partner with Alliance Data Retail Services, which manages more than 120 private label and co-brand credit programs and is an Alliance Data Systems Corporation business, to launch a new Virgin America Visa Signature® Credit Card and a first-ever Virgin America Premium Visa Signature® Card. Both co-brand cards offer Virgin America guests and Elevate® frequent flyer program members a host of perks to make their travel experience more convenient, flexible and rewarding. Under terms of the multiyear agreement, Alliance Data will partner with Virgin America to provide a full suite of credit and marketing services for the Virgin America Visa Signature Card and will leverage its full suite of acquisition tools along with its marketing and analytics expertise to drive cardholder spend and further support one-to-one customer engagement.

FuturePay Integrates With 30,000 Online Retailers

FuturePay is now integrated with Drupal Commerce, a leading open source eCommerce platform. The FuturePay module is available for free and provides shoppers with a new payment method that is secure and convenient. Instead of entering multiple fields and credit card information, FuturePay shoppers can check out in one step, putting purchases on their FuturePay Tab with just their username and password.

Jack Henry Offers American Express FX Service

Jack Henry & Associates, Inc. announced that it will provide its financial institution clients with the ability to send and receive international payments via American Express’ FX International Payments service. The DirectLine International™ solution from Jack Henry & Associates now includes access to FX International Payments’ competitive foreign exchange (FX) rates and fees, dedicated customer service, and straight through processing of payments. With the expansion of global trade among businesses of all sizes, financial institutions are facing increased pressure to offer efficient and reliable cross-border payment services. In response, Jack Henry & Associates elected to collaborate with American Express and provide its financial institution clients with access to this automated global payments service.

Sionic Mobile Add Board Member

Sionic Mobile, an mCommerce company providing mobile gifting, payments and rewards, named William “Bill” Lamar, Jr., to its board of directors. Lamar brings more than 32 years of executive expertise in the quick service restaurant (QSR), package goods and transportation industries to the Sionic Mobile board. Prior to McDonald’s USA, Lamar was vice president of Burrell Advertising, brand manager at the Quaker Oats Company, and also managed the Hawaii business for United Airlines. Additionally, Lamar was named one of the most powerful African Americans in corporate America by Black Enterprise magazine, and is a sought-after speaker and industry panelist.