[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Cassia County customers can now pay for their vehicle registrations using credit and debit cards at the DMV office in downtown Burley, Cassia County Assessor Dwight Davis announced. “More and more citizens expect government entities to accept the same forms of payment as retail stores,” Davis said. “Paying by credit or…
In April 2012, 260 million offers for new credit cards were received by US households, down 33% from the 390 million offers US households received during April 2011 to the lowest volume recorded in over two years and a continued decline from the winter of 2011. Credit card direct mail is cyclical, with volume trends reflecting the peaks and troughs of the Dow as a barometer for the health of the US economy. Considered a ‘pause’ by experts, once the long term outlook for the economy gains more solid footing, confidence will return and direct mail will witness growth in volume.
Center for Financial Services Innovation (CFSI) aims to help financial service providers improve the design and delivery of prepaid cards with the Compass “Guide to Prepaid,” the first of a series of tools and resources CFSI plans to issue on how to apply the Compass Principles- a set of guidelines finalized in a white paper by CFSI in April 2012- across various financial service products. In 2011, prepaid card use increased by 18 percent. By 2013, the amount consumers load onto prepaid cards is expected to jump 44 percent. Prepaid cards account for a large portion of the financial services industry”particularly among the underbanked population. Because of the revenue potential, many larger financial institutions are entering the prepaid market, increasing the need for guidance around developing high-quality products. The practices outlined by the Guide cover all aspects of a prepaid account, including Marketing and Communications, Customer Service and Account Information, Pricing Design and Distribution Channels and Product Acquisition.
CloudLock, the cloud data loss prevention (DLP) company, announced its industry-first pattern matching engine that identifies, classifies, and secures sensitive information, including Personally Identifiable Information (PII), Payment Card Industry (PCI) data and custom regular expressions, allowing Google Apps customers to address auditing and compliance requirements in Google Drive (Docs). PII is data that can be used to uniquely identify, contact, or locate a single individual. CloudLock’s PII and PCI Compliance Scan allows customers to identify files containing Social Security Numbers, Credit Card information as well as any custom patterns/regex that they can define such as Product SKUs, postal codes or any other pattern.
Square, the company revolutionizing everyday transactions between buyers and sellers, has hired Sarah Friar to be the company’s Chief Financial Officer. Friar was most recently the Senior Vice President, Finance & Strategy, for enterprise cloud computing leader salesforce.com. Sarah holds a Masters of Engineering from Oxford and a Masters of Business Administration from Stanford. Over 1 million individuals and businesses are able to accept credit cards with Square, which is now processing over $6 billion in payments on an annualized basis.
Fiserv, a leading global provider of financial services technology solutions, announced the launch of Central Source Capture™, a web-based, end-to-end check capture and processing solution. With Central Source Capture from Fiserv, financial institutions are able to scale their check processing solution to meet demand while also capturing check images and data and routing each item for posting or distribution based on rules established by the institution. Fiserv is set to host a free webinar to demonstrate how Central Source Capture can help financial institutions reduce item processing costs, enable enterprise-wide duplicate detection and provide a common architecture for all check capture and processing operation.
Acquirer Systems test and validation solutions that provides Card Issuers and Acquirers test environment to simulate end-to-end payments ecosystem announced its “ASTREX” acquirer and issuer host testing platform is now qualified for “D-PAS” Diners Club International’s EMV-compliant payment specification. The Diners Club EMV specification is being rolled out internationally, affording issuers, acquirers, merchants and cardholders the additional security and functional benefits that EMV offers over magnetic stripe cards. EMV’s inherent security and enhanced configurability presents an unprecedented opportunity for card product innovation to meet the growing demands of cardholders in a competitive market. ASTREX now supports the deployment of D-PAS by offering a real-time end-to-end EMV payment emulation environment allowing Issuers, Acquirers and Payment Service Providers to independently simulate, test and validate the full range of payment transactions for card-scheme EMV compliance.
The U.S. Agency for International Development (USAID) and Citi announced a global partnership to broaden financial inclusion by fostering the rapid adoption of “mobile money” technology in developing countries. The announcement was made at USAID’s Frontiers in Development Forum at Georgetown University. Of the five billion mobile phone users worldwide, nearly two billion lack access to banking services, instead relying on cash transactions that expose them to potential theft, fraud or loss, and high-cost lending and remittance providers that leave them vulnerable to endless debt and high fees. USAID and Citi will work with governments, donors, industry and other participants in the payments system. USAID expects to continue to support local mobile money platforms with over $23 million, and Citi will integrate its core banking services with mobile money platforms to provide seamless integration between banking and last-mile, mobile-based payments services.
Intuit Financial Services “Mobile Purchase Rewards” feature for mobile phones now lets customers save with customized merchant-funded discounts or rewards that are based on their personal buying habits. Customers then simply swipe their bank- or credit union-provided ATM/debit card to redeem and save money. The savings are then automatically deposited back in the customer’s checking account at the end of each month. Users can earn unlimited cash back through “Purchase Rewards” and complete end-to-end security so no personally identifiable information is shared with outside parties. The new Mobile Purchase Rewards capability adds to the robust set of mobile banking tools Intuit offers to banks and credit unions.
MoneyGram, a leading global money transfer company, announced it has expanded its relationship with Speedway LLC (Speedway) with the addition of MoneyGram xpress to the convenience store chain’s 1,460 locations across the Midwest. Speedway will also continue to sell MoneyGram money orders under the new agreement. The MoneyGram xpress service allows customers to purchase in-lane, a pre-paid money transfer package in a predetermined and defined dollar amount. These packages can then be redeemed online at moneygram.com/xpress or by phone at 1-800-987-9859 to complete the money transfer. Recipients of transfers originated via the MoneyGram xpress service can pick up their funds at any MoneyGram agent location that offers money transfer services.
The Western Union Company (WU), a leader in global payments, and MidFlorida Credit Union announced an agreement to offer consumers Western Union global money-transfer and expedited bill payment services across MidFlorida’s network of more than 30 branches. Through the agreement with Western Union, MIDFLORIDA Credit Union members will have the ability to send and receive domestic or international money transfers with funds accessible for pay out at more than 500,000 Western Union Agent locations in more than 200 countries and territories, and make urgent payments conveniently and quickly to an extensive biller network.
PNC Bank announced that its Virtual Wallet® product has surpassed one million accounts in the latest example of success for the online and mobile banking tool. PNC continues to add new and innovative features to Virtual Wallet. Since 2008, it has updated or enhanced the product nearly 40 times. Last summer, it introduced the popular mobile deposit feature that allows customers to deposit checks using the camera on their smartphone. Virtual Wallet is a visual online banking tool that combines a traditional checking account with long-term and short-term savings accounts. The product is designed to help customers save and spend smarter, and avoid unnecessary fees. Since its launch in 2008, it has quickly become PNC’s flagship retail account.