Consumer Spending Increasingly Selective, Need Driven

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Consumers are laying off paying down old debt and aggressive discounting incentivized consumers, modestly boosting spending on core retail sales. But job and income growth having slowed, in conjunction with the recent government shutdown, slowed confidence in a growing economy. Moreover, weak wage growth implies that the personal savings rate likely…

Visa Partners i2c on Prepaid Cards

Visa has announced a strategic alliance with global prepaid processor i2c, committing to the growing prepaid market in Asia-Pacific, Central Europe, Middle East & Africa (APCEMEA). As part of the alliance, Visa and i2c will support the demand for prepaid cards in the region with a focus on a wide-range of product offerings, such as Government Disbursement and Virtual prepaid. The global growth in the prepaid market is forecasted to rise by 44 percent in the next five years, between 2013 and 2018. i2c’s best-in-class, flexible prepaid processing platform will allow Visa prepaid issuers and partners to develop and manage the full suite of prepaid products throughout the region. i2c, a global prepaid processor that supports programs in the Americas, Europe, Middle East, Asia, and Africa, is committed to expanding in the APCEMEA region to provide Visa issuers and partners with robust, end-to-end prepaid processing solutions

BMA to Endorse First Data Banking

First Data Corporation announced that BMA Banking Systems has agreed to endorse First Data Online Banking to its financial institution clients. BMA provides banking software and processing solutions to financial institutions ranging from de novos to large industrial loan corporations.The agreement will provide BMA’s clients with access to First Data Online Banking – which includes personal financial manager (PFM), mobile and online bill pay services. The company will fully integrate the solution into its core banking platform.

Instant Approval and Instant Card

Sport Chalet and First Bankcard have teamed up to launch a new Sport Chalet MasterCard® that allows customers to earn more rewards and, in select stores, receive their card instantly. Initially, three of Sport Chalet’s California stores ” La Cañada Flintridge, Torrance and Pleasanton ” will feature a new technology platform that allows an actual card to be instantly produced for customers who are approved on the spot at the store. The other stores will all have instant credit available, which means customers can apply, be approved and begin shopping at Sport Chalet prior to receiving their card in the mail. The instant issuance technology is expected to be rolled out to other Sport Chalet stores in 2014.

Thales Deploys Royalgate mPOS

Thales announced ROYALGATE payment solutions deployed its “payShield 9000” hardware security modules (HSMs) to secure its PAYGATE mobile point of sale (mPOS) solution allowing businesses to easily process secure card payments for magnetic stripe and EMV-compliant contact and contactless payment cards. Micro-merchants, mobile businesses and tradesmen as well as larger business like restaurants, retail sites and event companies have been looking to take advantage of the explosion in card acceptance, leveraging cutting-edge mobile device technology. However, these businesses have lacked an easy-to-use, all-in-one solution that could convert any smartphone or tablet into a secure payment terminal. To solve this challenge ROYALGATE developed the PAYGATE card reader, which connects directly or wirelessly to any smart device and can read any type of card – magnetic stripe, contact chip or contactless chip.

Pay.On Launches Fraud Protection

Pay.OnFraud and chargebacks are a core issue and a significant challenge for acquirers, PSPs and ISOs. The threat is international and ubiquitous. Choosing, integrating and calibrating the right risk management solutions is just as complex. For payment providers, continuously optimising their risk management is essential; however, being able to stay on top of everyday business at the same time is virtually impossible. PAY.ON, leading operator of Web-based, omni-channel payment infrastructure systems, boasts all the necessary expertise thanks to working with leading risk management providers for over ten years. PAY.ON is now integrating this knowledge into the new security product ‘OneClickSafe’ to provide its PSP/ISO and acquirer clients with immediate, maintenance-free, state-of-the-art and secure protection against fraud and chargebacks at the click of a mouse. OneClickSafe has the right safeguard ready for each PSP/ISO and acquirer: In addition to the security barriers automatically included, the ‘Smart’ version offers a global blacklist for every merchant account, a plausibility check by BIN country code (country IP) and a duplicate check in real time. ‘Advanced’ offers all the functions included in the ‘Smart’ version, as well as an anonymous proxy check and a merchants’ account velocity check to identify and combat fraudulent merchant activity.

Isis Launches Alliance Program for Merchants

Isis mobile commerce joint venture created by AT&T Mobility, T-Mobile USA Inc. and Verizon Wireless launched the Isis Alliance Program. The Isis Alliance Program supports merchant technology ecosystem partners with exclusive tools and resources to help them capitalize on the opportunities created by mobile commerce. The Isis Mobile Commerce Platform™ offers merchants the ability to deliver a richer, more personalized relationship with their customers through the Isis Mobile Wallet. It leverages the existing payments infrastructure, which means any merchant with a contactless payment terminal can accept payments via the Isis Mobile Wallet. Leading payment terminal manufacturers and software partners are integrating NFC mpayments and Isis SmartTap capabilities into point-of-sale (POS) offerings to ensure merchants can fully maximize the business opportunities created by mobile commerce.

Merchants Choice Partners Tranzlogic on Data-Analytics

Data analytics and technology firm Tranzlogic is excited to announce a partnership with Merchants’ Choice Payment Solutions that will give over 50,000 merchants access to Tranzlogic’s transactional data analytics platform. The agreement provides the ISO partners of Merchants’ Choice Payment Solutions the ability to offer advanced customer intelligence technology to their merchant clients that will change the way they do business and drive better decision-making. Merchants’ Choice Payment Solutions (MCPS) is a leading processing and servicing center for both ISOs and merchants alike. Their proprietary platform technology enables larger ISOs to board merchants on multiple platforms, while simultaneously allowing access to a variety of value-added business solutions. Now with Tranzlogic, the merchants, banks, and agents that rely on MCPS will utilize the proprietary technology that transforms transactional data into actionable insight.

Sentenial and KPMG Announce Sepa Partnership

Sentenial and KPMG will be working in partnership to assist organisations with their migration to SEPA, The Single Euro Payments Area and subsequent impacts for payment processes after Feb 1st 2014. As one of the longest-standing providers of SEPA solutions, Sentenial’s Origix platform provides a full suite of payment and direct debit services through either a hosted SaaS (Software as a Service) model which enables rapid on-boarding, or a fully installed end-to-end system at the customer site. Sentenial’s commitment to SEPA as our core business has been unwavering.

Fiserv Apps Finalists in INFORMS Analytics Award

Fiserv, a leading global provider of financial services technology solutions, announced that it has been named a finalist for the Innovative Applications in Analytics Award, presented by The Institute for Operations Research and the Management Sciences (INFORMS). Other finalists include Ford Motor Company and IBM, with the winner to be announced at the Spring 2014 Analytics Conference in Boston, Mass. Analytics and Business Intelligence Services from Fiserv helps financial institutions harness the power of data in financial systems to improve decision making, manage cost proactively, drive revenue growth and reduce customer attrition.

State of Credit Report

As the nation emerges from the recession, which groups of Americans are faring the best when it comes to credit and debt and who is faring the worst? Experian’s Fourth Annual State of Credit study shows that Millennials are facing the biggest challenges when it comes to credit and how they are managing their debt. With the lowest number of bankcards (1.57) of all of the generations and a low total debt of $2,682 on those cards compared with other generations, one would assume that they are managing their debt wisely, but with high utilization1 as compared to their individual credit card limits, average debt2 of $23,332 and high incidences of late payments, it seems this generation is not entering this phase of life with positive credit behavior, which attributes to their low average credit score of 628.