ROAM Data mCommerce platform provider is following the best practices and minimum standards for encryption guidelines for mobile payments released by Visa. Extending both physical POS and eCommerce to the mobile environment, ROAM Data said its solutions meet or exceed all Visa guidelines for mobile payment acceptance solution vendors, from encrypting cardholder data at the time of swipe through authorization to encryption of key management processes. ROAM Data offers “ROAMpay” as its turnkey mobile card acceptance solution that runs on hundreds of phones and is also compatible with the ROAMpay Swipe device.
American Express, in partnership with VEVO and YouTube, announced that My Morning Jacket’s “Unstaged” live-stream concert from Louisville’s historic Palace Theater on May 31 will feature GRAMMY award-winning singer Erykah Badu and actress Rachel Dratch. The performance coincides with the release of My Morning Jacket’s sixth full-length album, CIRCUITAL (ATO Records), and will be live-streamed globally at 9:00PM ET / 6:00PM PT on Tuesday, May 31 at www.youtube.com/mymorningjacketVEVO and to mobile devices on VEVO and YouTube mobile apps. American Express Cardmembers will also have the opportunity to download two exclusive live-tracks from the performance. With this, fans can also use the “Choose Your Cam,” allowing them to control their viewing experience throughout the show by switching between the director’s main stream and alternate artist-themed vantage points.
VeriFone Systems reached a definitive agreement to acquire South Africa-based Destiny Electronic Commerce electronic payments solutions for undisclosed financial terms. Destiny secure payment technologies supplies and supports payment systems for banking, retail and petroleum, providing value-added services, and end-to-end estate management services and tools while its EFTPOS development team provides a range of robust and reliable software applications that are adapted to ensure ongoing compliance with card industry specifications and standards.
Robbins Umeda shareholder rights litigation firm has announced its investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at NetSpend Holdings reloadable prepaid debit cards. Robbins Umeda LLP’s investigation focuses on whether the directors and officers of NetSpend harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to engage in deceptive and unfair practices. On May 19, 2011, the Florida Attorney General announced an investigation of NetSpend for failing to disclose certain prepaid debit card fees to consumers. The announcement stated that in certain instances, every transaction a consumer makes using a prepaid debit card may be subject to a hidden fee. Within twenty-four hours of this announcement, the value of NetSpend shares dropped by over 10%.
The Financial Access Initiative (FAI) at New York University’s Wagner Graduate School of Public Service study to better understand the financial lives of low-income Americans will track families in four geographic regions in the U.S. over 16 months and collect highly detailed data on household financial activity. In partnership with Bankable Frontier Associates and The Center for Financial Services Innovation, the study promises a timely and independent look at how low-income Americans are managing their financial lives. The $3 million project is supported by a grant from the Citi Foundation and the Ford Foundation. In the U.S., the Federal Deposit Insurance Company (FDIC) found that some 17 million adults live in households without any bank accounts. Another 43 million have accounts but are “underbanked,” relying on non-bank services such as pay-day lenders and pawn shops.
Showing 25% of consumers and 50% of mobile bankers want mobile remote deposit capture (RDC) to bypass ATMs and bank branches and deposit checks using cell phones, Javelin Research’s “2011 Mobile Remote Deposit Capture” disclosed only three of the top 10 largest U.S. financial institutions- JPMorgan Chase, PNC and U.S. Bank currently offer this service. This market gap for mobile RDC is among the questions addressed by Javelin’s latest fact-based research-backed report. Research also shows over half of financial institutions (FIs) will roll out mobile RDC in the next 12 months. The report pinpoints ideal consumer segments, describes benefits to both consumers and FIs, and delineates marketing strategies.
PXT Payments electronic payment solutions provider launched “PXT Money” stored value app for consumer smart phones and a transaction settlement system for merchants. The “PXT Money” solution brings merchants to consumers on their smart phones using a single complete mobile payment system. This eliminates the need for merchants to have expensive payment system hardware while the smart phone app has limitless options for merchant loyalty programs, discounts, and exclusive offers. Wherever there is Internet access, consumers can pay for any item, restaurant bill, or professional services of any kind by clicking on the “PXT Money” icon using their cell phone number.
Wincor Nixdorf has finalized a deal with Winston-Salem based BB&T Corporation to provide ATM hardware and associated services for up to 100 branch and off-premise locations in North Carolina and Florida. The 100 new ATMs will all feature touch screen capabilities, a new functional enhancement for the BB&T fleet. These units will be equipped with Wincor Nixdorf’s ProFlex multi-vendor ATM software. In addition to its ATMs, Wincor Nixdorf also offers “ProFlex” advanced multi-vendor software platform that allows all ATMs to work together seamlessly, regardless of manufacturer. Wincor was the first to develop multi-vendor software and currently leads the industry in the total number of installations worldwide.
Bank of America announced it will donate $200,000 to support those affected by recent tornadoes in Missouri, including a $100,000 donation to the American Red Cross. The remaining $100,000 contribution will be directed towards the long-term recovery efforts to restore basic medical services and fund the rebuilding of homes, schools and other structures critical to the affected communities and is in addition to the $760,000 contributed to aid victims of the tornadoes that swept across the southern and eastern United States in recent weeks and part of the more than $2 million that has been contributed this year to support disaster relief needs across the company’s global footprint.
GE Capital Retail Finance consumer lending re-upped agreements to continue Men’s Wearhouse consumer credit card program for another seven years. Initially established in 1998, the relationship with GE Capital has administered the Men’s Wearhouse Perfect Fit Credit Card, which offers accountholders an additional 5% discount on purchases made with the card in-store and online at menswearhouse.com. Cardholders also benefit from the “Perfect Fit” rewards program, offering a $50 reward certificate for every $500 spent, $30 off every tuxedo rental and a Member-only birthday gift.
Bank of America, JPMorgan Chase and Wells Fargo have formed a new venture to introduce its ” clearXchange” solution, allowing customers to move money more conveniently and safely using a mobile number or email address. The “clearXchange” platform lets customers of the three banks move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers. The clearXchange service will roll out nationally, and there are plans over time to expand it to include other financial institutions and endpoints to create a money movement capability across the industry.
Ceridian Prepaid has joined the Polish Gift Card Association. With this, the Company will facilitate the goals of the Polish Gift Card, which includes raising awareness and knowledge of market developments and activities associated with the idea of gift cards and vouchers. It communicates directly with both consumers and businesses and promotes the benefits associated with gift card use. The Association, whose members include both Polish and international gift card issuers and other companies, will work closely with SVS and its other members to facilitate the exchange of information, experiences and ideas.