On Track Innovations contactless smart card solutions has received a new $6 million order to support of the next stage expansion of a national ID program. This supports an existing ID project announced last year to modernize and improve the security of its electronic ID cards. OTI successfully supplied its end-to-end turnkey solution based on…
Star One Credit Union has signed an agreement with Tyfone mobile financial solutions provider to deliver to its clients mobile banking services. Tyfone’s direct integration to Star One’s Fiserv “XP2” core gives mobile bankers rapid responses and direct access to core data offers flexibility for additional features. Tyfone brings the latest in progressive mobile banking services to Star One members, allowing Star One to offer standard mobile banking features as well as several industry-first features — account aggregation, rate watch, Regulation D counter, mobile remote deposit capture (mRDC), bill pay, and an array of customizable alerts.
MoreMagic has launched its suite of mobile commerce and financial services apps allowing Android, Blackberry, iPhone and Symbian users to pay for prepaid airtime directly from their handsets. This includes its “eTopUpOnline” application for smartphones, now available across all major global mobile platforms, including Blackberry, Android, iPhone and Symbian. The international online prepaid mobile phone top-up service, eTopUpOnline (http://www.etopuponline.com), enables people to instantly top-up their own mobile phone or those of their family and friends anytime.
Prosper.com peer-to-peer lending marketplace with over one million members and $233 million loans funded announced its monthly loan Market Survey report for April 2011, indicating its compound monthly growth rate of more than 14.5% over the last eight months. The strongest month-over-month growth continues to be in the small business loan category, with a 19% increase in April 2011 and an 85% increase from six months ago. Prosper delivers a new asset class with annual returns averaging 10.4%.
PNC Bank announced a new mobile banking feature that allows customers to deposit checks using an iPhone, iPod Touch or iPad 2. Mobile deposit is now available to all consumer and small business customers of PNC Bank after its introduction to PNC “Virtual Wallet” customers in April. The new mobile deposit feature arrives as more consumers are choosing online and mobile banking services over traditional options. It is estimated that 40 percent of U.S. consumers will be banking on their phones by 2012 compared to almost none just a few years ago. The customer simply selects the deposit account and the amount, photographs the front of the check and then the back.
Moggle, a technology platform company that provides online payment processing systems for secure transactions between the youth market and online merchants, announced that Nvinium Games has agreed to implement the Virtual Piggy payment platform on its social entertainment game network. Using Virtual Piggy enables children to transact on Nvinium’s social entertainment game network under parental supervision. According to Social Network Gaming, an August 2010 report from The NPD Group, 20%, or 56.8 million Americans ages 6 and older report having played a game on a social network in the past three months. Virtual Piggy allows parents to register their children on the Virtual Piggy website (www.virtualpiggy.com) and create a profile establishing the child’s user name and spending limits on chosen e-commerce sites. Children may then visit the sites and initiate purchases within the parameters and guidelines set by their parents.
AirPlus International, a leading global provider of corporate travel payment and analysis solutions, released May’s “The Wire…from AirPlus” titled: “Mobile Tools Remain an Area of Opportunity for Travel Managers.” With more mobile tools available than ever before, almost two-thirds of travel managers believe that more than half of their travelers carry a smart phone. Only 10% of the companies sanction their preferred apps and tools.
WorldRemit Internet-based money transfer service has added Interac ” Online” to its portfolio of payment options. Allowing customers to transfer money directly from their bank accounts, WorldRemit offering Interac “Online” gives customers access to credit cards and debit cards. Unlike traditional money transfer services that require senders to visit an agent, WorldRemit’s money transfer service is internet-based, allowing customers to send money safely from the comfort of their own home. WorldRemit sends an SMS text message to the recipient’s mobile phone notifying them that the cash is ready for collection, whom can then visit one of the many pay-out locations to collect the cash.
Meezan Bank and Western Union have entered into a collaboration under which Meezan Bank will provide the Western Union Money Transfer Service through its network of 223 online branches in 63 cities across Pakistan. Meezan Bank is the first Islamic bank in Pakistan to introduce this cross border inbound remittance service through Western Union, across 200 countries and territories to be exact. This allows Pakistanis to send money to their families without requiring a bank account and without having to pay any charges.
Rwandansabroad are expected to send more money home as the central bank projects projects remittances to increase by 4.9% from US$98.2m to US$103.1m as the economy recovers. Total remittances to Rwanda increased 5% to $US25.7m (Rwf15.3b) in the first quarter of 2011 compared to $US24.5m in the same period last year. The central bank expects the high remittance flows to have a strong influence on the stability of the Rwandan franc vis-a-vis regional currencies. While most of the remittances are invested in housing and financing small projects in the country, they also constitute a key source of liquidity needed to stabilise the local banking industry and contribute to economic stability.
Muthoot Finance has inked agreements with the Western Union and Paul Merchant to make available money transfer services through various branches of the company across the country. This is especially size-mic given India is the largest remittance receiving country in the world, having reached an estimated $55 billion throughout 2010.
North Korean defectors vowed Sunday to fight the government if its plan to regulate remittances to the North made it harder for them to help their loved ones back home to legalize sending cash across the border by requiring defectors to receive government approval first. Defectors have long transferred funds, through expensive South Korean brokers, to their impoverished communist homeland, where an estimated 6 million people are in need of emergency food aid. The plan could drive up brokers’ fees, whose jobs would become harder under government oversight and currently charge a 30% average middle-man fee. Over 21,000 North Koreans have defected to South Korea since the end of the 1950-53 Korean War.