Virtual Piggy announced that it will provide its youth-friendly payment system to FlipGive, a digital give-marketing platform for brands looking to win hearts and drive sales. The FlipGive platform connects brands to the $200+ billion fundraising market, converting customers into a sales force to raise money. Their give-marketing programs help brands drive sales and create positive social impact in their communities. Current partners included Johnson & Johnson, Lowes, Schwan’s, Aldo and Indigo. Virtual Piggy promotes financial management while empowering youth under 18 to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by parents.
ACH AlertBanks and credit unions looking to streamline their Automated Clearinghouse (ACH) fraud prevention and dispute resolution processes now have access to proprietary outsourcing services from ACH Alert. This enhances the industry leader’s ACH and wire fraud prevention capabilities for PRO-TECH and ACH Dispute Xpress. Many financial institutions use a third-party data center to receive their incoming ACH items. In order to use ACH Alert’s fraud-fighting tools, the choices for those financial institutions have been to engage their data center to work with ACH Alert or pull an Information Extract File (a copy of the live data going to the data center) from the Fed and send the data to ACH Alert.
Kuapay, the secure mobile wallet that aims to enhance the transaction experience among consumers, merchants, and banks, announced the addition of the famed financial economist Myron Scholes to its advisory board where he will serve as chairman. Scholes is a Nobel Laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes brings more than 40 years of extensive experience in finance and economics to Kuapay. He has lectured and written extensively on financial intermediation, including the evolution of transacting, and has been involved in developing transacting and accounting businesses.
PrePay Solutions will be facilitating the payment technology for EE’s “Cash on Tap” service, a ground-breaking mobile payments solution. PrePay Solutions will be providing e-Money issuing, BIN sponsorship, and transaction processing services for the Cash on Tap product. This will be supported through a proprietary mobile application service that enables a mobile App and NFC phone to provide an extensive set of payment options. This includes NFC payments through MasterCard PayPass; Online payments via a virtual MasterCard; and Application via mobile App. “Cash on Tap” can pay for goods and services by simply holding their smartphone over a PayPass contactless payment terminal.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index for the U.S. was up 0.1% in June to 95.3 (2004 = 100), following a 0.1 % increase in May, and a 0.1 percent decline in April. The LEI six-month growth rate remains steady, suggesting that conditions in the economy remain resilient. Widespread gains in…
U.S. Bank has added Square to its digital wallet options available to customers via their iOS and Android smartphones. Customers can link their U.S. Bank credit, debit, or prepaid account to the Square application to make purchases from their smartphone. Square wallet can be used at merchant locations that sell with Square. Customers can discover nearby businesses using Square wallet, and pay at the point of sale with their mobile device by simply saying their name. Square’s technology automatically manages the transaction from the customer’s U.S. Bank payment account to the merchant. Transactions are completed without the cashier ever having the customer’s account number and other sensitive data.
Old Second National Bank has teamed with Discover to create the Old Second Debit Card powered by Discover® Debit. Old Second customers will receive the new card in 2014, following a pilot program with bank employees. Discover Debit is managed by PULSE, a leading debit/ATM network, and a subsidiary of Discover Financial Services. Old Second, a PULSE network participant for more than 10 years, has approximately 50,000 debit cardholders. The bank provides full-service banking from Chicago-area branches in Cook, Kane, Kendall, DeKalb, DuPage, LaSalle and Will counties in Illinois. By joining with Discover, Old Second will provide its customers with signature debit cards that provide convenient access to manage and spend their funds, along with security features that give them peace of mind.
Visa and NetHope, a consortium of more than 40 humanitarian organizations, announced the five recipients of the Visa Innovation Grants Program. The grants will help leading development organizations modernize the distribution of payments related to microfinance, agriculture, health, and emergency relief. Every year, billions of dollars in cash payments are distributed to people in need through emergency relief efforts, benefit stipends, conditional cash transfers, microfinance programs, and other development initiatives. Digitizing these payments, through mobile phones or other electronic methods, not only improves security and speeds distribution, it also can promote financial inclusion by providing recipients access to broader financial services, including savings and electronic payments tools. Through the Visa Innovation Grants Program, Visa is awarding $500,000 in grants to increase the long-term impact of development programs through the innovation and adoption of electronic payments.
ACI Worldwide announced its ACI Universal Payments Platform enterprise payments solution has been named a ‘Best-in-Class’ solution in Payments Capability in the 2013 Payments Hub report by CEB TowerGroup. Universal Payments Platform’s broad capabilities meant it was rated in each category evaluated in the feature audit of the research. The comprehensive payments hub analysis evaluates nine key technology firms across the industry using 22 attributes defined by CEB TowerGroup. The final report covers market drivers, case studies, spending forecasts, investment priorities and emerging technologies as well as a full-feature audit. ACI’s Universal Payments Platform is noted specifically in the Payments Capability category for delivering “linear scalability, high performance and platform independence for transaction processing.”
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard announces its newest ambassador, Sir Nick Faldo, golf legend and winner of six major championships — three Open Championships and three Masters — and more than 40 tournament victories. The newly minted relationship will add to the company’s roster of seven world-class golf ambassadors including Ian Poulter, Graeme McDowell, Camilo…
Fiserv financial services technology solutions announced First National Community Bank (FNCB) selected its “DNA” account processing platform from Open Solutions, now part of Fiserv. It was chosen based on its real-time, open architecture and seamless channel integration as factors that will help the bank increase efficiency and provide faster, more complete customer service. DNA from Fiserv is the first open, relationship-centered core banking platform built for global collaboration. The platform provides 24/7 real-time processing and is supported by an extendable relational data model designed around the person, not the transaction, so that FNCB staff can securely view complete profiles of their retail and commercial customers. A single database design easily integrates with customer facing channels to streamline operations, saving time for staff and customers.
Xoom Corporation announced its free Xoom Money Transfer App is now available in Spanish for Android and iOS devices. Xoom launched its free App in English on June 18, providing a fast and simple method for on-the-go Xoom customers to send money to loved ones. Xoom is the first pure-play remittance provider to offer a Spanish-language App for Android and iOS phones. The Xoom App is unique in its simplicity, allowing Xoom customers to complete a quick send money transfer to their recipient with a “one tap and one swipe” manner. This slide-to-send technique allows Xoom customers to send a money transfer to an existing recipient in just seconds.