8% the New Sticking Point for Unemployment Rate

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Remember 2011 when the unemployment rate did not budge more than a fraction of a percentage from 9%? Well it appears the 2012 answer to that scenario is 8%. Essentially unchanged since January, the number of unemployed persons (12.7 million) in June showed an unemployment rate once again just above 8%,…

8% the New Sticking Point for Unemployment Rate

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Remember 2011 when the unemployment rate did not budge more than a fraction of a percentage from 9%? Well it appears the 2012 answer to that scenario is 8%. Essentially unchanged since January, the number of unemployed persons (12.7 million) in June showed an unemployment rate once again just above 8%,…

Consumer Confidence Hit Lowest in 6 Months

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Discover Spending Monitor, measuring consumer confidence in the economy, hit the lowest levels in June since January 2012. Down 4.8 points to 90.7 in June, those with the perception the U.S. economy is improving dropped 4 percentage points to 29% in June while 53% now rate the U.S. economy as…

American Express Releases Plan to Advance mPayments

American Express released its network roadmap to advance EMV chip-based contact, contactless and mobile payments for all merchants, processors and issuers of American Express-branded cards in the U.S. American Express will work alongside other industry participants to drive interoperability across the U.S. and other countries and support chip-based technology for chip and PIN, chip and Signature, contactless and mobile transactions. With this, by April 2013, processors must be able to support American Express EMV chip-based contact, contactless and mobile transactions and beginning October 2013, merchants will be eligible to receive relief from PCI DSS reporting requirements if their POS acceptance locations re enabled to process American Express EMV chip-based contact and contactless transactions. By October 2015, American Express will institute a Fraud Liability Shift (FLS) policy that will transfer liability for certain types of fraudulent transactions away from the party that has the most secure form of EMV technology. U.S. fuel merchants will have an additional two years, until October 2017, before the FLS takes effect for transactions generated from automated fuel dispensers.

North American Bancard Names CIO

North American Bancard added Tracy Metzger as chief information officer. Tracy’s executive experience features roles as CIO, CTO and president over the past 20 years. Metzger has been credited with increasing sales, decreasing costs and growing margins and comes to NAB from TGate Payments, a cloud computing payment processing Platform as a Service (PaaS) company, where for two years he served as president and chief technology officer. Tracy served eight years as president and CTO at payment processing and technology company Abanco International and was CIO at Gate Gourmet, the second largest global airline catering company, and vice president of technology strategy at Concord EFS, a credit/debit card transaction processing and settlement services provider.

C-SAM Appoints VP to Oversee mTransaction Division

C-SAM mwallet infrastructure platforms, software, tools and development services, appointed Barbara Ballard VP Customer Experience and Marketing to expand and oversee C-SAM’s marketing, customer experience, and user experience processes. Ms. Ballard brings to C-SAM over ten years of innovation and leadership in mobile user experience, drawing on her past engagements across the entire mobile ecosystem. She has worked with mobile startups, mobile operators and companies in numerous related verticals in between. She authored the book, “Designing the Mobile User Experience” in 2007.

Capital Bank Implements Fiserv Bank Platform

Capital Bank has selected the Fiserv “Premier” bank platform and outsourced processing services. Until now, Capital Bank’s accounts were processed by an independent vendor that licensed Premier from Fiserv, but the bank has now chosen to deepen its relationship with Fiserv by outsourcing its account processing through a Fiserv service center. This will let the bank to benefit from a direct relationship with Fiserv, and take full advantage of the features available in Premier and related Fiserv solutions. As additional factors in its decision, the bank cited usability, integration and the Premier system’s scalability, which will be used to keep pace with Capital Bank’s growing footprint. The bank chose a comprehensive suite of Fiserv solutions that includes Consumer and Commercial Credit Full Service for credit card management, Retail Online™ and Business Online™ for online banking, Mobiliti™ for mobile banking, AccountCreateSM for online account opening, CheckFree® RXP® for retail and small business bill payment and Popmoney® for person-to-person payments.

FIS Extends Bristol County Savings Bank Relationship

Bristol County Savings Bank has signed a long-term renewal agreement for FIS’ core account processing, which will continue to power the bank’s front- and back-office operations. FIS is a leader in delivering core processing solutions to the community bank market. The comprehensive features of FIS’ core platforms enable financial institutions to increase operational efficiency and productivity and to mitigate risk. In addition, the flexible and easy access to customer information provides community bankers the ability to forge stronger relationships with their customers, leading to increased growth and customer retention. The bank also implements FIS’ remittance processing, eBanking, electronic funds transfer (EFT) and Business eBanking treasury cash management.

Florida Credit Union First to Launch VISA Prepaid EMV Card

PSCU is the first to issue VISA Prepaid EMV cards in the United States. Several PSCU credit unions will begin issuing the new cards later this summer and more than a dozen credit unions plan to deploy prepaid EMV cards this fall. Prepaid EMV cards deliver full debit card functionality and are designed for credit union members who are working, traveling, living or studying in Canada and Europe and other regions where EMV technology is the preferred method for payment processing. These versatile cards also contain a magnetic stripe for use in the U.S. Chip authentication is proven to reduce transaction fraud and positions credit unions to avoid VISA’s liability shift to issuers, which is scheduled for 2015. Value can be loaded onto the cards from a web site, IVR, branch, using debit/credit cards, account transfers from checking/savings accounts or through direct deposit.

National Payment Card Association Granted mWallet Patent

National Payment Card Association (NPCA) www.nationalpaymentcard.com has been issued a third United States patent in the area of decoupled debit technology. This most recent patent is in the rapidly emerging mobile payments area. “Decoupled debit” payment methods refer to situations in which a US checking account holder from any bank or credit union is able to accomplish an electronic payment without needing to use a card issued by the bank or credit union they have their checking or debit card with. The patent is United States Patent Number 8,205,791, titled “Payment System and Methods”. The patent contains 28 claims, including various independent claims for a consumer to fund a mobile wallet via an ACH payment method for the holder of a United States checking account with a financial institution to accomplish a purchase at a retail site.

SYSPRO Redesigns POS Solution for Retailers

SYSPRO enterprise resource planning (ERP) software for on-premise and cloud-based utilization launched its POS retailing solution, offering a variety of retailing management and market capabilities. The SYSPRO Point of Sale- built on single source code under-pinning SYSPRO’s powerful enterprise resource planning (ERP) software- contains more than a dozen new features/functions useful for managing everything from ordering, through inventory management and transit and on the front-end the transactions, daily/period cash-outs and card-based customer loyalty programs. SYSPRO Point of Sale is an ideal match for SYSPRO ERP companies that are improving their margins by cutting reliance on intermediary companies and managing the end-to-end manufacturing/distribution/retailing chain independently. It embeds intelligence into this complete cycle for retail oriented manufacturers and distributors for order entry; inventory management; and shipping/transit.

Presidio Bank taps IronKey for online security

Presidio Bank is set to offer its clients IronKey “Trusted Access” to help prevent identity theft, online account takeover, and payments fraud. The “Trusted Access” platform allows the bank to meet and exceed the new Federal Financial Institutions Examinations Council (FFIEC) guidance, with which all financial institutions must comply in 2012 to reduce the risk of online banking fraud.
According to real-time research from SpyEye Tracker(1), today’s anti-malware software fails to detect crimeware at least 75 percent of time. The Anti-Phishing Working Group (APWG) estimates that 39 percent of all computers are infected with financial malware designed to steal personal and account information. As a result, online banking account takeovers are growing at a rate of 150 percent each year, based on research published by FS-ISAC (Financial Services Information Sharing and Analysis Center).