During the past five years CU and Bank card issuers have dealt with new regulations which curtailed their business models, impacting their interest and fee income strategies. Partly as a result, the 2013 top line revenue for the card industry in the R.K. Hammer card issuer model was reported at $145.5 Billion, down again, $4.1 Billion from the previous year. Indeed, some credit unions and banks showed revenue improvements last year, but those exceptions were primarily due to bulk acquisitions, as opposed to “organic” growth: exceptions to the rule.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express agreed to settle two putative antitrust class actions filed by U.S. merchants that challenged the company’s Card acceptance agreements. The settlement agreement will address certain merchant concerns, while helping to ensure that American Express Card Members are treated fairly at the point of sale. It will also limit the…
FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union have selected industry partners CheckAlt, iParse and CU Wireless as their mobile deposit solution provider. The mobile deposit solution created by the three innovative financial services companies integrates seamlessly into FAA’s, University of Nebraska’s and Valley’s existing mobile applications to allow the credit unions’ members to make mobile check deposits quickly and easily.
Fiserv, Inc. announced that OnPoint Community Credit Union, a $3.2 billion asset, 260,000 member credit union based in Portland, Ore., is empowering members to better manage their finances through the implementation of a full-featured suite of digital banking services from Fiserv. With the addition of Corillian Online(R) for online banking, Mobiliti(TM) and Mobiliti(TM): Tablet for mobile and tablet banking and AllData(R) PFM for personal financial management, OnPoint is offering an integrated digital banking experience that can cater to specific member needs. The credit union has also added advanced money movement options including faster bill payments via CheckFree(R) RXP(R), money transfers between institutions via TransferNow(R) and person-to-person payments via Popmoney(R).
Fiserv announced OnPoint Community Credit Union is deploying the full-featured suite of digital banking services from Fiserv. This includes “Corillian Online” for online banking, Mobiliti and Mobiliti: Tablet for mobile and tablet banking and AllData PFM for personal financial management. The credit union has also added advanced money movement options including faster bill payments via “CheckFree RXP,” money transfers between institutions via “TransferNow” and person-to-person payments via “Popmoney.” OnPoint worked closely with Fiserv to tightly integrate the new digital banking capabilities into existing OnPoint systems, and to customize the solutions where needed to meet member needs. As a result, members are experiencing new conveniences, such as the ability to see all account balances in one place, as well as the implementation of a single password for online, mobile and tablet banking.
Planet Payment international payment and transaction processing and multi-currency processing services appointed Robert J. Cox COO, who will also continue in his role as CFO. Cox has served as the Senior Vice President, Chief Financial Officer and Treasurer since November 2009 and will continue to serve in such roles following his appointment as Chief Operating Officer. From June 2009 to November 2009, Cox served as the Chief Financial Officer of Harris Interactive, Inc., a market research firm. From 2001 to May 2009, Mr. Cox served as the Chief Financial Officer of DealerTrack Holdings, Inc., an automotive retail software solution provider. He began his career as a Certified Public Accountant in the audit practice at KPMG LLP. Mr. Cox holds a B.A. in Accounting from St. Bonaventure University and an M.B.A. from Columbia Business School.
The National Retail Federation formally filed an appeal of a controversial antitrust lawsuit settlement covering credit card swipe fees, asking the 2nd U.S. Circuit Court of Appeals to overturn a lower court’s ruling. NRF is filing the appeal to overturn the flawed credit card swipe fee settlement, which accordingly does nothing to reform the price-fixing payments system that has let credit card swipe fees grown over the past decade and nothing to keep them from continuing to soar in the future. Instead of lowering fees, the card industry’s settlement proposes that merchants pass them along to consumers in the form of surcharges. That is absolutely the opposite of what retailers sought, and major retailers have soundly rejected surcharging. NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries.
MoneyGram is warning consumers to watch out for new scams in the New Year. One of the newest scams targets people who use Instagram, offering the victim an investment opportunity. They ask the consumer to send between $100-$200, promise to invest it and turn it into $1000-$2000. Once the consumer sends the money, the scam artist and the money disappear. Also, fraudsters set up fake business accounts on popular networking sites and offer victims attractive work from home business opportunities, but first the victim needs to send money for a kit to get started. Remember, reputable companies use social media to connect with customers, not to ask for money. Seeing trip information and pictures gives thieves ammunition they need to call family and friends of individuals travelling and ask for money to help get their loved ones out of an “emergency situation.”
MBNA has launched a new Smartphone Card Services app as part of the continued evolution of the way it provides services to customers. The new secure, convenient and smart app will offer customers a summary of account information such as balance and payment information; making a debit card payment; viewing their PIN and recent transactions.
FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union have selected industry partners CheckAlt, iParse and CU Wireless as their mobile deposit solution provider. CheckAlt, iParse, and CU Wireless are very excited to add three more credit unions to their network of clients as they continue to expand their partnership into 2014. The mobile deposit solution created by the three innovative financial services companies integrates seamlessly into FAA’s, University of Nebraska’s and Valley’s existing mobile applications to allow the credit unions’ members to make mobile check deposits quickly and easily.
GlobalPlatform has published the first Trusted Execution Environment (TEE) Protection Profile (PP)*. The document defines the level of security required in a TEE hosted in a mobile device to support the delivery of a range of value added services including premium content and mobile wallets, as well as enterprises and governments supporting bring your own device (BYOD) initiatives. GlobalPlatform members have published the market’s first PP for TEE products; a secure area that resides in the main processor of a mobile device and ensures that sensitive data is stored, processed and protected in a secure environment. The document identifies the security needs of the TEE to support different market requirements by combining the standard security methodology outlined by Common Criteria, with the best practice specifications as defined by GlobalPlatform in relation to TEE architecture and interfaces**.
Target confirmed this afternoon that some of the data stolen involved PIN data. This data is encrypted and isn’t expected to compromise cardholder accounts, however its not welcoming news to the millions that shop and used their REDcard. Target is currently working with investigators to understand how the breach happened and fully understand what information, encrypted or not, was compromised. Continue to check with CardFlash for the latest as more information becomes available.