Chargeoffs were down in February for the fifth consecutive month-over-month improvement by 32 basis points (bps) to 8.05% while defaults are at the lowest levels since February 2009, down 29% since the year-ago period and by 30% drop since September 2009. This puts chargeoffs at a two-year low while late stage delinquencies posted a three…
The credit card monthly payment rate (MPR) stayed strong and improved to 14.69%, dipping below the historical average of 16.20% for only the third time in nine months. This after hitting 14.66% in December and a 31 month high of 19.65% abck in September. These findings are also in conjunction with credit card defaults having…
American Chartered Bank is set to deploy FIS’ Integrated Banking Services (IBS) core processing solution as part of multi-year agreements between the two Organizations. The agreements also stipulate FIS will provide to American Chartered Commercial eBanking, Business eBanking, Sales and Service as well as EFT solutions. The bank will utilize the NYCE® Payments Network for point-of-sale and ATM transactions. FIS’ IBS flexible and integrated core banking solution provides financial institutions minimal disruption to their business operations and customers. In 2010 the number of EFT transactions processed through FIS’ solutions topped 11 billion.
The Network Products Guide technology research and advisory guide has named nuBridges and two of its data protection products finalists in its 6th Annual 2011 Hot Companies and Best Products Awards. nuBridges is a Hot Companies finalist, nuBridges “Protect” is a finalist in the Solutions for Enterprise (Large) category, and nuBridges Protect “Token Manager” is a finalist in the Compliance category. The nuBridges “Protect” Token Manager reduces security costs, lowers the risk of a data breach, and reduces scope for PCI (News – Alert) DSS compliance. It offers a new data protection model for payment card numbers as well as for personally identifiable information (PII) and electronic health records (EHR), enabling organizations to comply with PCI DSS, PA DSS, HITECH Act, HIPAA and government privacy acts.
Focusing on educating thebenefits of open bank card payments and smart card-based ID and transit applications and NFC in transit for the upcoming year, the Smart Card Alliance Transportation Council announced its 2011/2012 officers and steering committee. The new 2011/2012 Transportation Council officers include Chair – Craig Roberts, Utah Transit Authority; Vice chair, transit – Gerald Kane, Southeastern Pennsylvania Transportation Authority (SEPTA); Vice chair, parking – Peter Burrows, Parkeon; and Vice chair, transit – Mike Nash, ACS, A Xerox Company.
eLayaway layaway payment processor has launched “eApartado.com,” a Spanish version of its website. Replicating site content, FAQ’s, alerts and the user interface of the English language version, the new application was designed to support multiple languages as well as manage different currencies. The initial launch will support the U.S. Hispanic market and merchants transacting in USD and will eventually be released globally. The ability to manage multi-lingual content on the site is the second new feature announced from the recent beta release of eLayaway 2.0, February 2011. Spanish was chosen as the Company’s first multi-lingual release due to consumer demand.
The Western Union Company has teamed up with Latin Grammy award-winning recording artist Daddy Yankee today in New York City to launch the “Love in Any Language” national campaign to help consumers express their love to mothers, family, friends and loved ones. This will allow consumers to create and upload their own original music video to express love to mothers, families, friends or loved ones. Once entrants have uploaded their entry, they are encouraged to tell their friends and family to go view their work and to vote. Public voting of the uploaded entries will determine 10 finalists. From the 10 finalists, final judging will be made for one grand prize winner. The grand prize winner will receive $10,000 and appear at the 2011 Billboard Latin Music Conference in Miami, Florida on April 27. The contest entry period runs from Monday, March 21 and ends at 11:59 p.m. (Eastern Time) on April 18, 2011. Love in Any Language also allows those who do not wish to enter to post a “shout out” just for fun.
Zix Corporation (ZixCorp) email encryption services has been recognized as compliant with PCI DSS, having achieved the highest standard with Level 1 compliance based on DSS version 2.0. Now companies transmitting payment card information to individual customers or other businesses via “ZixPort” can be confident that they are adhering to the financial industry’s highest standards for data privacy and security. Using ZixPort can help senders to comply with financial privacy regulations, such as the Gramm-Leach-Bliley Act. Accretive Solutions is a national consulting firm and a recognized PCI DSS auditor. Accretive Solutions reviewed ZixCorp’s application for compliance and approved ZixCorp’s letter of attestation of compliance assessments for service providers.
Merchant Warehouse merchant accounts and credit card processing solutions has made available “MerchantWARE TransPort” for “TransPort.Mobile” and “TransPort.Web.” With the same versatility as the original TransPort in addition to enhanced functionality and enhanced security features. TransPort is a hosted payment solution which eliminates the need for a PA-DSS audit for point-of-sale (POS) systems, shopping carts, websites and mobile payments. The PA-DSS audit is eliminated by delegating all of the sensitive portions of payment processing to TransPort. As consumers embrace online and mobile shopping experiences in the coming years, merchants will need to provide convenient, secure purchasing options for their customers.
Monitise Mobile Money solutions has launched a mobile payments service with its partners in Nigeria, allowing users to send and receive money from their handsets. They can also make deposits, withdrawals and transfers. Monitise expects to provide its technology to other financial institutions in Nigeria as it does in other markets around the world. Monitise’s pilot has already created 16 full-time jobs for field support staff to assess, vet, recruit and train agents. Funds can be deposited by agents at branches of Monitise’s first Nigerian bank partner, Afribank. Once users have registered, whether by simple self-registration or through an agent, they can access Monitise Mobile Money through an internet browser on their mobile handset.
Fime NFC solutions has achieved NFC Forum Authorization for its laboratories, allowing it to conduct tests that will confirm a device’s compliance to the NFC Forum’s technical specifications and attain certification from the industry body. In 2010 the NFC Forum – a global association which advances the use of NFC technology – launched a certification program to support industry interoperability and provide device behavior assurances within the marketplace. As an Authorized NFC Forum Laboratory, FIME can now work with device manufacturers to enable them to achieve industry certification for their products, which will allow them to use and display the N-Mark.
INSIDE Secure semiconductor solutions for secure transactions and digital identity will be exhibiting at CARTES in Asia 2011 in Booth 3C24 at the AsiaWorld-Expo in Hong Kong on March 29 to 31. INSIDE will showcase its broad range of semiconductors and integrated solutions for secure transactions and digital identity applications, and will have technical and product experts available in the booth to discuss and demonstrate the versatility of these solutions during the three-day event. INSIDE and several of its partners are preparing a number of demonstrations to underscore INSIDE’s newly expanded array of solutions for secure transactions and e-ID applications. Highlights include INSIDE’s newest contact and contactless smart card processor and smart card reader solutions, the new family of VaultIC turnkey security modules and the new SecuRead system-in-package NFC solution.