VeriFone Systems has been awarded an $8.5 million contract by the Metropolitan Transportation Authority of New York to install and service its open-architecture vehicle tracking TransitPAY system on more than 1,000 buses serving the Bronx. This follows a similar contract in 2011 for the Staten Island fleet component of the MTA Bus Time system. MTA Bus Time uses VeriFone on-board systems to generate location data that is communicated wirelessly to the Bus Time server that passengers can access for real-time information. Passengers can use computers, cell phones, smartphones or other devices from home, the office, while out shopping or dining, to get information about when the next bus will arrive at a stop. This offers a rugged, reliable and secure solution that can transform the passenger experience and can integrate NFC smartphone-based payments and contactless smart cards.
U.S. Bank is acquiring Florida-based FSV Payment Systems prepaid card processing company for undisclosed terms. This combines U.S. Bank’s payments strength and prepaid expertise with FSV’s platform which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services for its clients. The programs and services that FSV clients currently use will continue uninterrupted through the transition, and in the future they will benefit from new developments and innovations that the combined business will provide. With this, FSV will operate under U.S. Bank’s Elan Financial Services brand.
The National Community Tax Coalition for community-based organizations for low-income working families, has selected NetSpend Holdings reloadable prepaid debit cards and related financial services to provide prepaid card services. NCTC’s 2,300 members provide free tax preparation service to low- and moderate-income, working families through more than 5,700 locations across the U.S. as part of the Volunteer Income Tax Assistance (VITA) program.
Dickinson Financial Corporation (“Dickinson”), a $2.1 billion bank holding company based in Kansas City, Mo., has launched mobile banking and bill payment capabilities using Mobiliti from Fiserv. Dickinson is utilizing multi-tenancy deployment, supporting six distinct retail banking brands with a single underlying mobile platform. Customers can now securely access their financial information via a choice of SMS (text messaging), mobile browser and downloadable Android™, iPhone® or Blackberry applications. A complete set of features includes checking balances, locating branches and ATMs, paying bills, transferring funds and depositing checks using camera-equipped smartphones. Mobiliti integrates with each bank’s account processing and online banking platforms, providing a streamlined and consistent cross-channel user experience.
Transact24 migrated its three unique Visa prepaid card programs in partnership with CashFlows, improving the services that the T24 Prepaid division can offer to its valued customers and partners and widening the geographical area from which applications for our prepaid cards can be accepted. These include the T24 Black prepaid card, offering priority pass and international travel insurance. The T24 BlackShield offers a unique travel protection membership program allowing medical and travel claims can be paid directly to the prepaid card, thereby streamlining procedures for the business to consumer sector. The T24 PayVault – a dedicated corporate pay-out / payroll product with a custom designed and automated back office, offers full integration to corporate clients.
Visa and NetHope, a consortium of 37 humanitarian organizations, announced the Visa Innovation Grants program to help modernize humanitarian aid payments. Through this, Visa is making available $500,000 in grants to humanitarian and development nongovernmental organizations (NGOs) to increase the speed, security and long-term impact of aid through the innovation and adoption of electronic payments. An Expert Advisory Committee of distinguished leaders with public and private sector experience will assist in the review of applications, which includes Nabeeha Mujeeb Kazi, Managing Director, Humanitas Global Development; Nick Maunder, Humanitarian and Development Consultant; Eric Nee, Managing Editor, Stanford Social Innovation Review; and Sarah Rotman, Financial Sector Specialist, CGAP
In conjunction with Datacard, Chase customers can get debit cards on the spot in 2,000 branches in select regions by year-end and allowed to get a personalized Chase debit card when they open a new checking account or lose or damage their existing card. Chase will install instant-issue technology in 800 additional branches across the United States during 2013 and plans to offer the same convenience for customers with Chase-branded credit cards and the Chase Liquid reloadable card. In conjunction, the bank launched @ChaseSupport, its first customer service Twitter handle and continues to pilot new branch technologies, including self-service banking kiosks that let customers handle many transactions quickly on their own.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.S. credit card delinquencies for the first time in a year increased, according to the latest Fitch Ratings Credit Card Performance Index. This immediately follows a new five-year low in October as late stage delinquencies were up two basis points to 1.71%. Regardless, late payments have remained well below the 3%…
American Express announced a line-up of unique media partnerships designed to create seamless and engaging shopping experiences for consumers that turn curated content into commerce. American Express is enabling digitally minded shoppers to find inspiration, connect to fashion and products and, for American Express® Cardmembers, receive exclusive offers. Fox Broadcasting Company (FOX) has partnered with American Express to offer a first-of-its-kind “T-commerce” (Television Commerce) program, allowing consumers to shop in real-time while watching “New Girl.” Available “New Girl” give Cardmembers exclusive offers to receive a one-time $35 statement credit if they use an eligible American Express Card that has been synced with their Facebook account to make a purchase of an exclusive item seen on the show. AmEx forged similar partnerships with NBCUniversal & Zeebox.
Compass Plus global payments software provider launched its Instant Issuance solution based on TranzAxis open development banking platform. TranzAxis Instant Issuance allows financial institutions to issue EMV and magstripe cards in-branch in a matter of minutes. This encourages customer loyalty, increased card activation rates and decreased distribution costs. Compass Plus has embarked upon a project with Mühlbauer, the top manufacturer of high-end personalization equipment, in order to promote TranzAxis in the global market while enabling Mühlbauer to further expand its business into the banking sector, particularly instant card issuance.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index (LEI) for the U.S. increased 0.2% in October to 96.0 (2004 = 100), keeping in conjunction with a 0.5% increase in September, but a 0.4% drop in August. The LEI still indicates modest economic expansion in the near term. Over the last six months, improvements…
Coastal Federal Credit Union, a $2 billion not-for-profit member-owned financial cooperative serving North Carolina, has extended its members’ mobile banking experience by enabling them to use their mobile device camera to scan and deposit checks using mobile software from NCR Corporation (NCR). Coastal Federal was one of the first financial institutions to launch mobile check deposit integrated into APTRA Mobile Banking. NCR APTRA Passport Remote Deposit Capture software with the mobile banking app offers a range of core banking functions on their mobile device including balances, transaction history, bill pay, and funds transfers – and now deposit checks without leaving their home. Members just choose a “deposit check” option where they will be prompted to take a photo of the front and back of the check. After confirming the value of the check, the check image will be transmitted for processing.