Based on customer monthly payment rate having remained consistent over the past year at 95.73%, down slightly from 96.26% at the April 2010 distribution date, Fitch Affirmed American Express Issuance Trust. Given all accounts in the trust are charge cards, the balance is meant to be paid in full by next month. Meanwhile, American Express…
VeriFone global payment solutions is partnering with Google to deploy “Google Wallet” Android app that allows consumers to use virtual versions of their existing plastic cards stored on their phones. Consumers will simply tap their phones to VeriFone’s NFC-enabled payment systems at the point of sale (POS) to pay, take advantage of promotions and redeem coupons, for which trials are occurring at major retailers including American Eagle Outfitters, Bloomingdales, Champs Sports, Foot Locker, GUESS, Macy’s, Radio Shack, The Container Store and Toys”R”Us. VeriFone provides merchants with flexibility and easy migration to Google Wallet and the ability to leverage NFC to increase sales and customer loyalty through multi-application, interactive systems.
Sprint has partnered with Google to launch the “Google Wallet” application with NFC, allowing Sprint customers to tap and pay at retailers worldwide. Initially on the Nexus S 4G, the “Google Wallet” will work on the MasterCard “PayPass” network and allow users to redeem offers and even scan loyalty cards. Sprint is a charter member of the Open Handset Alliance and launched the first 4G Android smartphone. In April, Sprint launched the Nexus S 4G and launched Google Voice integrated with Sprint for Sprint CDMA phones. Sprint is actively working with others in the mobile payment ecosystem and sees this as enabling choices for customers that best meet their needs.
Accordingly, 59% of parents are providing, or have in the past provided, financial support to their adult children when they are no longer in school. Conjunctivly, 65% of adult children between the ages 18-39 who are not in school believe the financial pressures faced by their generation are tougher than those experienced by previous generations. These findings, according to an online poll commissioned by the National Endowment for Financial Education, also show 32% of parents agree their own generation had it easier than their children’s generation while 43% are providing financial support because they are “legitimately concerned” with their child’s financial well-being, while 37% do so because they do not want to see their children struggle. Among those helping their kids, 50% are providing housing; 48% are helping with living expenses; 41% are aiding with transportation costs; 35% are providing insurance coverage; 29% are handing out spending money; and 28% are helping with medical bills.
Aite Group examined the future of the merchant acquiring industry, as viewed by those within the space, implementing its survey of 20 senior-level, acquiring-industry stakeholders. The report explores select issues and trends facing the industry including legislative changes, and how EMV adoption in the United States and mobile payments will impact the industry. The research determined the merchant acquiring industry is on the rebound. While many merchant acquirers have seen an increase in their volume compared to a year ago, they are trying to determine the direction the industry will take in order to position themselves to compete in years to come. Debit interchange regulation is a concern, but not one that is expected to impact the merchant acquiring industry materially. Mobile payments are seen as having a great impact (either capturing new transactions or signing up new merchants) but the winning solutions have yet to be identified.
Leveraging enterprise content management (ECM) solutions, Alliant Credit Union of Chicago has implemented Hyland Software’s “OnBase” solution for an organization-wide ECM implementation. Alliant needed true ECM capabilities to integrate with its core system, as well as other line of business applications, so it integrated “OnBase” to leverage functionality such as imaging and workflow across the enterprise, including in administrative functions. Additionally, OnBase “Workflow” will be used to automate wire transfers, from the request form to the evaluation of the request and member verification.
Retailers, vendors and professionals who provide products and services outside traditional retail or office settings now have a way to be paid more quickly with a secure and easy-to-use application. Swipe, from app developer AppNinjas, enables credit and debit card payments to be quickly processed from any location. The app is compatible with iPhone, iPod touch, iPad and, soon, Android devices. Swipe has no monthly minimums, set-up or activation fees and includes access to the Authorize.Net gateway. Swipe keeps costs low for vendors by offering a transaction charge of only 24 cents. Transactions are made with a single screen entry that usually takes less than three seconds. Receipts can be sent by email to customers at the time of purchase, giving the seller the ability to promote other products, reduce chargebacks, and encourage repeat business.
Chase charities will receive grants from Chase through Round Two of Chase Community Giving on Facebook. Winning charities will use the funding for a variety of meaningful causes such as youth arts education, pet rescue, humanitarian relief, aiding the homeless and helping people with disabilities. Facebook users selected a humanitarian relief organization, Chabad of Argentina Relief Appeal of New York City, New York, and an animal welfare organization, Petfinder.com Foundation of Tucson, Arizona, as the top recipients of grants from Chase in the final round of Chase Community Giving. Chabad of Argentina, also supported by UNICEF, rescues at-risk children and teenagers.. The Petfinder.com Foundation works with shelters, rescue organizations and animal welfare organizations nationally to help every adoptable pet find a good home. The two charities will receive $500,000 and $400,000, respectively.
Wolters Kluwer Financial Services regulatory compliance and risk management business announced its “OneFile” document management solution has won the “CODiE Award” in the “Best Document Management Solution” category, as determined by the Software and Information Industry Association (SIIA). As the only peer-reviewed awards program, CODiE awards garner winners superior industry validation of excellence, conveys importance, and calls attention to their innovation and leadership. The “OneFile” solution was one of nearly 400 business software products and services evaluated by third-party SIIA member judges that selected finalists in various categories. SIIA members then reviewed these finalists and voted to help select 31 winners.
Charles Schwab launches mobile deposit capabilities for iPhone users, enabling brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their iPhone camera. Schwab is one of the only financial services firms to provide its clients the convenience of mobile deposit capabilities and integrated banking and brokerage mobile services, including money transfer. Schwab is also launching its first native application for Android, allowing to transfer balances between Schwab Bank and brokerage accounts, place trades in brokerage accounts, and view balances and account activity for Schwab Bank and brokerage accounts, Schwab 529 College Savings Plans, and Schwab-administered 401(k) and stock option plans.
Borsa Italiana launched its “La Finanza per tutti” (Finance for Everybody) virtual space dedicated to financial education for retail investors. The idea stems from the Borsa Italiana’s commitment to serve the needs of small investors by offering an educational tool that will help inform their investment decisions. From the homepage of Borsa Italiana users can access Video, Tools, Publications and Events. The Video Section features lessons and the “Live Market Section” forum. The Tools Section allows users access to free software ranging from trading simulation, risk management and investment strategy. First-time retail investors will be able to use the Publications Section to access teaching guides introducing basic market functions and other Borsa Italiana products. The Events Section provides a showcase for all educational events organised or sponsored by Borsa Italiana. Users will also be able to register for future events.
PhoneTransact announced its Universal iOS Credit Card Reader, which attaches to the dock connector on all iOS devices including the current and previous versions of the iPad, iPhone and iPod touch. It uses 3DES encryption to encrypt the cardholder data in the magnetic read head of the device, thereby enhancing PCI compliance as the cardholder data is kept secured until received by the credit card processor. The compatible iMerchant Pro application shows the first and last four digits of the credit card number along with the cardholder name so that the merchant can verify a good credit card swipe.