C$ cMoney and US Dataworks have forged a strategic alliance for shared technology and support of the upcoming product launch of the C$ cMoney mobile payment application. The agreement was negotiated on behalf of C$ cMoneyâs by its investment banker of Pythagoras Group. Terms of the strategic alliance agreement were not released other than C$ cMoney agreed to pay an upfront payment for a license and a warrant position. This partnership is also to create vertical synergies. TX-based C$ cMoney allows users to send money and pay for goods and services using a cell phone and the text messaging system while eliminating the risk of identity and credit card theft. It can be used anywhere that cash, checks or credit cards are accepted.
Moody’s confirms and upgrades ratings on Bank of America’s credit card securities with approximately $57.8 billion of asset-backed securities affected.
These rating actions are driven by the March 31, 2010 execution of amendments to further enhance BAC’s outstanding credit card securities.
Essentially, subordination beneath BACCT’s Class A, B, and C notes would change to approximately 31.75%, 22% and 13% from 22%, 15% and 9%.
Similarly, for Master Trust II transactions, the rated Class A and B bonds will have 31% and 25% subordination, up from 22% and 15%, respectively. Collateral performance, especially with respect to charge-offs and delinquencies, has started to demonstrate early signs of stabilization.
Even so, Moody’s expects the gross charge-off rate will remain elevated for some time and has revised its expected range to 12% -15% from 11% – 14%.
Chase Paymentech has been selected as the VeriFone preferred provider of new merchant accounts for VeriFoneâs PAYware Mobile iPhone card buyers. The VeriFone payment solution is to be sold through Apple Retail Stores and the Apple Store online beginning April 6. VeriFoneâs sleek and durable card reader slips over iPhone to accommodate card swipes and allow merchants to avoid high-cost CNP fees. It incorporates a stylus for signature capture and a mini-USB port for charging iPhone while the ergonomic reader is attached. The PAYware Mobile card encryption sleeve incorporates VeriFoneâs end-to-end encryption technology and ensures secure payment processing. Users also gain access to the “PAYware Connect” gateway, fully
customizable and ideal for small businesses.
MasterCard Canada’s Advice to Canadians Who Purchased Flight Tickets from Skyservice with their MasterCard Credit Card. MasterCard Canada is advising Canadians who purchased flight tickets with their MasterCard credit card and are unable to obtain a refund for cancelled flights, to contact their card issuer by calling the phone number on the back of their credit card. If you do not receive the goods or services you purchased with your MasterCard credit card then you’re entitled to a refund of those funds. It is important to gather all the information – receipts, copies of tickets, etc. – and contact your card issuer as early as possible so your issuer can review your situation on an individual basis.
Sage North America announced it has partnered with Trustwave to implement a comprehensive and cost-effective PCI DSS compliance program for small and midsized businesses. All businesses accepting credit or debit card payments should be validated PCI DSS compliant. The partnership between Sage and Trustwave will provide SMB merchants preferred pricing for the “TrustKeeper 3.0,” Trustwave’s industry-leading PCI DSS compliance web portal. “TrustKeeper 3.0” makes compliance validation efficient for SMB merchants, including non-technical users. Using the dynamic PCI Wizard in conjunction with “TrustKeeper Agent,” SMB merchants work through a personalized, guided interview that reduces the complex terminology of PCI into understandable actions to ensure they aren’t storing unencrypted cardholder data or track data. Trustwave on-demand and subscription-based information security and payment card industry compliance management solutions helps companies manage compliance and secure their network infrastructure, data communications and critical information assets.
Payment processing platform provider Open Solutions Canada,
has signed an agreement with Acxsys Corporation, to provide ABM
transaction processing services to Diners Club International(R), Discover
and PULSE cardholders in Canada. Through this agreement, Open Solutions Canada, the acquirer, operates ABMs, accepts the designated cards, and processes the transactions on
its POSHnet(R) network through the Interac(R) network. POSHnet is one of
Canada’s largest white label ABM and POS payments switches and
processing centres, which provides service to more than 35,000 white
label ABM and debit/credit and value-added payment terminals in merchant
locations across Canada. This relationship enables Diners Club, Discover and PULSE cardholders to
withdraw money from ABMs on the Interac network while in Canada.
Moody’s has assigned provisional ratings to GE Capital 2010-2 Credit Card Deal with the rating of $250 million in Asset-Backed Securities.
The rating is based on the quality of the underlying pool of credit card
receivables, the expertise of the originator, GE Money Bank, and the servicer, GE Capital Corporation, (Aa2/P-1), the transaction’s legal and structural protections, including early amortization triggers, credit enhancement in the form of a spread account for the primary benefit of the Class C notes, and the Excess Collateral Amount. The Trust consists of private label and co-branded credit card
receivables generated on accounts originated and underwritten by GE Money Bank. Retailers which are currently included in the Trust portfolio are, among others, JCPenney, Lowe’s, Sam’s Club, Wal-Mart, Old Navy, GAP, Banana Republic, Dillard’s, Paypal, and Belk. Approximately 50% of the receivables in the portfolio emanate from accounts with an age greater than 60 months.
Western Union is now offering Money Transfer Services to PA-based retailer Giant Eagle. Western Union services will be available at participating Giant Eagle, Market District, Giant Eagle Express, and GetGo Agent locations starting April 1, 2010. All participating stores will offer Western Union Money Order payment instruments and many locations will allow consumers to send their bill payments using the Western Union Convenience Pay service, all while grocery shopping. The new multi-year agreement between Western Union, a leader in the money-transfer segment of global payments, and Giant Eagle, one of the nation’s largest food retailers and food distributors, will connect consumers to more than 364,000 Western Union Agent locations worldwide.
Payment solution processor MainStream Merchant Services has introduced
“MainStream Assurance” business continuity program that ensures prompt
replacement of POS terminals and automatic reordering of terminal supplies.
Unlike similar programs from other payment processing providers,
MainStream Assurance also includes free terminal supplies, to ensure
full business continuity. In addition to credit card processing, MainStreamâs comprehensive suite
of merchant payment solutions includes the latest in POS terminals,
custom gift card processing, PC and Web-based credit card processing and
merchant cash advance and check guarantee and check conversion services.
MainStream Assurance enables merchants to quickly receive a new credit
card terminal should their existing one fail for reasons other that
Financial solution provider Galileo Processing has hired Philip Cormier as Strategic Partnerships Executive. Cormier, who has 16 years of experience developing and offering financial solutions to the underbanked, will be primarily responsible for helping Galileo’s existing and future partners effectively service the underserved with the best in innovation and consumer experience. Prior to joining Galileo, Cormier was Vice President of Marketing for ACE Cash Express, a leading retailer of alternative financial services with more than 1,700 outlets in the US. Before joining ACE, Cormier was Senior Vice President of Marketing for Bank of America from 1997-2001. His primary focus was delivering subprime financial products through the company’s retail branch network. Prior to Bank of America, Cormier was Assistant Vice President of Marketing for The Associates Financial Services Company, Inc. (AFSCI), where he developed and marketed consumer financial products to the marginally banked. Cormier holds a Bachelor of Business Administration from the University of Texas, Arlington and a Master of Business Administration from Southern Methodist University.
OH-based Diebold is set to implement innovative payment solution for utility bills through Erste Bank Hungary ATMs. OCR-based utility bills are in use, which can be paid at post offices or alternatively via wire transfer from home internet banking. Transaction amount, identification and other information are printed in the bottom part of the utility bill with OCR characters. Thanks to Dieboldâs bulk-deposit Intelligent Deposit Module (IDMbd) technology, Diebold “Opteva” ATMs can process these images, convert them to Hungarian Post-compatible format, copy transaction data and stamp images to the bill, forward it to the host, and print a copy of customer portion of the bill with the receipt printer. The initial phase of the project entails Erste Bank to pilot the bill payment service on 12 Diebold “Opteva” ATMs equipped with IDMbd and Diebold “Agilis” multi-vendor software application.
On Track Innovations contactless microprocessor-based smart card solutions for payments has elected Mr. David P. Stone and Mr. Mark Green as members of its board of directors. With this, the board is comprised of nine members. Stone retired as a senior partner in the New York-based international law firm of Weil, Gotshal & Manges LLP (“WGM”) at the end of 2005. For approximately 35 years prior to his retirement, Mr. Stone was engaged in the practice of law, specializing in corporate, securities and mergers and acquisitions law. At WGM, he founded and led the firm’s Israel Practice Group which, during his tenure, represented the issuers, underwriters or selling shareholders in connection with more than 90 public offerings of equity or debt securities by Israeli companies in the United States. Green is head of Technology and International Banking at Merriman Curhan Ford, a New York-based investment bank. Mr. Green previously headed C.E. Unterberg, Towbin’s (and later Collins Stewart’s) banking efforts in Israel, where he advised technology companies on cross-border public and private financings and mergers & acquisitions.