The Financial Mobility Summit announced its slate of speakers for the inaugural FM Summit. Held in Las Vegas August 13-14, co-located with The Prepaid Press Expo, the sixth annual Summit will explore the world of mobile payments convergence, where prepaid debit and gift cards, loyalty and marketing programs, alternative banking, gaming, top-up services and e-commerce meet on a mobile device. It will also address the evolution of the mobile wallet, mobile bank accounts, mobile marketing, mobile commerce, and more. Retailers, merchant acquirers, wireless resellers, agents, distributors, prepaid providers and financial services companies will learn how mobile payments can transform their businesses. Speakers will include the Giftango president and execs from CashStar, CHARGE Anywhere, Clutch, Corduro, CorFire, Discover, Gyft, Heartland Payment Systems, ISIS, JunoWallet, LevelUp, MetroPCS, Mocapay, Sprint/Boost Mobile, Sutherland Global Services, VeriFone, Vesta, Wipit, and more. Industry analysts from Mercator Advisory Group and Yankee Group will also be presenting.
DFC Global diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years announced its subsidiary Dealers’ Financial Services reached a settlement with the Consumer Financial Protection Bureau (“CFPB”) regarding certain aspects of its business. As previously disclosed, the CFPB conducted a review of the Military Installment Loans and Educational Services (“MILES”) program, an automobile finance program whereby the Company’s subsidiary, Dealers’ Financial Services, LLC, is a service provider for third party lenders. The CFPB cited violations by DFS of the Consumer Financial Protection Act for deceptively marketing the prices and scope of certain add-on products. Without admitting or denying any of the facts or conclusions of the review, DFS agreed to a consent order with the CFPB to amend its practices in line with recommendations made by the CFPB, and to provide financial redress in the form of a $3.3 million restitution fund to be distributed to past and current DFS customers. The Company established a reserve for the restitution fund in a previous quarter.
Virtual Piggy safe youth payments will provide its youth-friendly payment system to Live Gamer. Live Gamer is a global monetization provider, with an advanced industry-leading micro-transaction engine, and global payment gateways covering more than 200 countries, including hard to reach territories in Asia, Latin America, Eastern Europe and Russia.
Ingenico payment solutions entered into an agreement allowing Nets to launch new payment solutions for small merchants, including a mobile Point Of Sale (mPOS) solution, transforming smartphones and tablets into secure payment terminals. Nets and Ingenico will provide a fully operated solution from the secured card reader to the processing of the transaction. Nets will use the mobile commerce platform provider ROAM, an Ingenico subsidiary and leading mobile commerce platform provider, to implement the solution. Nets will offer a dedicated application and a secured pocket format card reader with Bluetooth connection to use with a smartphone or a tablet device.
Fiserv financial services technology solutions announced Jardon Bouska, president, Biller Solutions, Fiserv will deliver the keynote address at NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment (CEBP) Meeting in Chicago. This will bring together industry members to share ideas and collaborate in an open forum while discussing developments and trends in electronic billing and electronic payments. Bouska will offer his vision of the future of digital billing and payments, sharing new consumer and industry data from Fiserv that is predictive of industry direction. He will discuss changes that will impact billing organizations, financial institutions and consumers in a rapidly evolving payments landscape and outline how innovations, such as wearable technology, will help create a new era in paperless, real-time mobile bill presentment and payment.
Green Dot Corporation’s “GoBank” (GDOT) is open for general availability, no longer an invite-only service for beta members. A GoBank account is an FDIC-insured bank account that is specially built for the smartphone generation”designed from the ground up to be opened and used on a mobile device. Now anyone can sign up for GoBank on the app for iPhone or iPod Touch (available for download from the Apple App Store) or at GoBank.com (by clicking or tapping ‘JOIN’). GoBank has formed a national partnership with MetroPCS to distribute the GoBank mobile application across MetroPCS’s compatible Android device portfolio. GoBank will also be featured as the official financial sponsor on the upcoming 12th season of Lifetime’s “Project Runway,” premi “Project Runway,” premiering July 18. Throughout the season, contestants will utilize GoBank accounts showcasing the slide for balance feature, Fortune Teller, debit cards and person-to-person money transfers.
Apply Financial launched their Validate service online at applyfinancial.co.uk. The new Validate service is designed to provide high-quality global payments validation, enrichment and account conversion in combination with data that is updated daily. It is easily accessible either through an online user portal or API integration into payments, ERP and accounting systems. Validate is an automated, cloud-based service that allows any size financial institution, business, or individual that send international payments to check and enrich client payment data before it is communicated to, or transmitted by the bank. Not only does this minimize errors, but Validate is also much more cost-efficient than traditional data vendors, manual cross-checking or other directories.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs saw the most change in June since January, dropping .04% to 14.95% after averaging a .04% change over the past year. This offers continued momentum to the ebbing 2013 APR credit card averages. Compared to 1H/12, when the monthly average dropped from 14.95%-14.87% from January to June,…
Green Dot Corporation announced the United States District Court for the Central District of California dismissed with prejudice the federal securities class action that had been filed against the company, Steven W. Streit and John L. Keatley in July 2012. On May 2, 2013, the Court granted a motion to dismiss all of the claims asserted in that action, and the plaintiffs subsequently agreed to voluntarily dismiss the case with prejudice rather than amend their complaint. No payments were made to the plaintiffs in connection with the dismissal.
WorldPay payment processing, risk management and alternative payments extended its relationship with Kobo, a global leader in eReading, to implement RiskGuardian, a high specification risk management solution. Kobo, which had already successfully implemented WorldPay’s Payment Gateway and acquiring services, required an expert partner to ensure they were protected against fraudulent transactions and resulting chargebacks as the company continues to expand into the US market. Kobo offers more than 3.5- million eBooks, magazines and newspapers to millions of Readers in 190 countries. The company recently announced that it has grown its user base to 14.5-million, with 15% of its Q1 growth coming from the US. The company needed to ensure its transactions were secure.
The Prepaid Press Expo announced its slate of speakers for “The Prepaid Press Expo ’13” to be held at in Las Vegas August 12-13. Starting with a Keynote Address by Eric Dumois, Sr. Product Manager, Financial Services, MetroPCS. Dumois manages and executes the MetroPCS Financial Services portfolio, which includes general purpose reloadable products, mobile banking solutions and mobile commerce strategy. He has successfully created and launched numerous prepaid card products including personal use and gift cards, international long distance programs, and custom prepaid programs. Other sessions will include speakers from a diverse group of companies that bring first-hand expertise and knowledge of the prepaid market, including AccountNow, American Express, CARD.com, InComm, iSend, NetworkIP, Nielsen, Plastyc, Transaction Wireless, and many other prepaid providers and professionals.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch’s May Monthly Payment Rate(MPR) Index continues to sit above the 20% mark, currently at 23.52%. Up over 10% since the year ago period and down nearly 4% from the April figure, MPR has consistently remained well above the historical average of 16.55% since 2009. MPR, which measures how quickly cardholders…