Open standards payment for public transportation will be the focus of the Smart Card Alliance Transportation Council two-day meeting hosted by the Metropolitan Transportation Authority / New York City Transit in New York City on September 22nd and 23rd. In addition to roundtable discussions and presentations, the meeting will be highlighted by a tour of the New York/New Jersey Contactless Fare Payment Trial. The meeting is open to all Smart Card Alliance members, Transportation Council members, and non-member transportation agencies. The agenda and registration information is available at http://guest.cvent.com/EVENTS/Info/Summary.aspx?i=a386d1d2-341f-4038-b707-4b37c22eaee0. The New York/New Jersey Contactless Fare Payment Trial involves the Metropolitan Transportation Authority / New York City Transit, Port Authority of New York and New Jersey, and New Jersey Transit.
Kaneâs Furniture selected GE Money as its consumer financing partner for the “Furniture Card” and the “Savon Furniture” Card. With the new financing program, customers at all 17 Kaneâs and Savon stores can apply for credit and get fast responses, often within seconds. The Business Center is GE Moneyâs password protected website that provides a suite of marketing tools to their retail partners. By leveraging the Business Center Kaneâs and Savon stores can track credit sales by location, provide sales training and a lot more. GE Money pioneered consumer financing more than 75 years ago and today provides financing services to more than one million businesses.
Fiserv financial services technology solutions has introduced its “Revenue Expansion” program to help banks and credit unions impacted by Regulation E, prohibiting overdraft fees for ATM or one-time debit card transactions. With 20-50% of overdraft fee income from electronic transactions at risk, which generate an estimated $30 billion annually, banks and credit unions need subsequently create a strategy to comply. The Fiserv “Revenue Expansion” program offers New Deposit Products, Consumer Liquidity Products, and Cross-Sell, Loyalty and Retention Products. The new deposit products include alternatives to free checking such as incentive or rewards-based checking: relationship or activity-based pricing; card based initiatives such as consolidating PIN networks; increasing debit card penetration, activation and usage; and new consumer payments alternatives such as expedited electronic bill payment and person-to-person payments. Short-Term Consumer Liquidity Solutions directly address the potential impact from Reg E. For consumers who “opt in,” financial institutions can implement dynamic overdraft threshold strategies determined on an account-by-account basis that provide consumers with overdraft limits that match their capability to repay. Cross-Sell, Loyalty and Retention Products, including card rewards, relationship rewards, incentive-checking products and relationship pricing, can drive consumer behavior and encourage long-term retention and greater product usage.
Comdata payment innovation has been awarded the “Supplier Excellence Award for Excellence in Collaboration” from Coca-Cola Enterprises (CCE). Commending Comdata’s customer-focused approach in listening and delivering solutions that meet its business needs, the “Supplier Excellence Awards” recognizes the Company as a top-rated supplier. Comdata has collaborated with CCE on a single-card solution to create companywide synergies throughout its fuel supply chains and the Comdata fuel card management program to provide CCE fuel savings. Comdata also consulted with CCEâs Audit and Compliance department to establish defined business rules that help protect the integrity of the CCE brand, as well as drive compliance and savings.
American Express is presenting its “Cardmember-Only Viewing Event” and “Designer Discussion” for Fashionâs Night Out: The Show, runway public fashion show. The event will take place at Alice Tully Hall on September 7 starting at 6 PM and provide style savvy Cardmembers with another way to experience this memorable evening and be part of the excitement at Lincoln Center. Featuring over 150 looks, the exclusive viewing event will offer Cardmembers a spectacular vantage point to view the entire runway production on an entirely new level. To learn more about American Expressâ special access to the world of fashion and other exciting entertainment offers, follow @americanexpress on Twitter, become a fan of American Express on Facebook and visit www.americanexpress.com/entertainment
Richard Savard has been appointed President and CEO with FSV prepaid debit processing and program management services. Having been a member of FSVâs Board of Directors since mid-2009, he previously served as CEO of NetSpend Corporation TX-based prepaid debit company. He also held senior positions in marketing and financial services for Macyâs, Inc. in both New York City and in Cincinnati, Ohio. TX-based FSV Payment Systems specializes in the delivery of prepaid debit management and processing services, with programs for payroll, rebates, loyalty and promotions and general-purpose reloadable cards for retail, gift and healthcare.
American Express and TakePart “Members Project” online initiative for volunteer opportunities to earn “Membership Rewards” bonus points has announced its 5 selected beneficiary organizations. Chosen by the public through online voting, the five organizations will collectively receive $1 million in funding from American Express to advance their missions of serving communities around the world. The five charitable organizations that will each receive $200,000 in funding from American Express are Arts & Culture: StoryCorps; Community Development:Grameen Foundation; Education:Jumpstart for Young Children; Environment & Wildlife: National Audubon Society; Health & Wellness: American Cancer Society.
Van Tran, CEO of Veritec, a pioneer of proprietary two-dimensional matrix technology and mobile banking debit card solutions, announced the signing of a partnership agreement with Veterans Healthcare USA. Veritec’s mobile banking software platform processes debit, pre-paid and gift card solutions to debit card issuers and sponsoring organizations. Veritec’s technology can be deployed on both a closed or open loop processing platform. Using Veritec’s Unique Mobile Banking Technologies, the card will allow cardholders to send funds to family members instantly anywhere in the world, receive notification on card usages, and turn a card on or off via phone or Internet.
mFoundry secure mobile financial solutions now has more than one-million users of its mobile banking platform. With nearly 200 customers, much of mFoundry’s traction in new sales is coming from the emerging middle market of credit unions and community banks who are looking for a cost effective way to deliver the most powerful mobile solution possible. mFoundry’s product is ideally suited for these financial institutions, delivering a highly configurable, scalable solution that supports all mobile modes. Using predefined online banking and core system interfaces, mFoundry and its partners are able to rapidly deploy industry-leading solutions with lower upfront costs and the industry’s fastest time to market.
August saw 62% of small business owners indicating the economy is getting worse while 55% expect economic conditions to be unfavorable in the next six months, up 10% from July. With this, the Discover “Small Business Index” plummeted from 83 in July to 73 in August, the lowest in 18 months and the largest one-month decline since November of 2009. Confidence among small businesses slid 17.4 points since last month to a record-low 65.5 points on the index, compared to business-to-business operators who marked 79 on the index in August, down only 2.2 points from July. Most revealing is 75% of small business owners expected a second recession to occur before the country sees a full recovery. Additionally, 17% of small business owners would increase business development spending in the next six months, down from 28% in July; 52% would decrease spending, up from 45 percent in July; 29% donât plan any changes; 78% have no plans to do any hiring; 72% had no plans to add or subtract jobs; and 20% were laying off workers and 6% planned to do some hiring.
2010 SMB INDEX
ActivePath 2-Way eMail Banking Systems that enable banking customers to securely communicate and conduct alert-driven financial transactions via email in real time has received Netbankerâs Online Banking Report âOBR Best of the Webâ award. OBR lauded ActivePath for its new, patented online technology that âraises the bar in online/mobile deliveryâ. ActivePathâs 2-Way eMail Banking System adds a secure, transactional component to alerts and other customer communications that simplifies banking for users and gives institutions a whole new way to deliver a full range of secure, interactive banking services at the customerâs convenience via desktop, laptop, and mobile devices.