As the Conference Board Leading Economic Index for the U.S. was up 0.8% in May to 114.7 (2004 = 100) after dropping 0.4% in April, mass layoffs directly impacted 143,540 workers. Meanwhile, as the Coincident Economic Index (CEI) was up 0.1% to 102.9 (2004 = 100) after a 0.1% increase in April, employers initiated a…
Moody’s Investors Service is indicating its credit card chargeoff rate index dipped below the 7% mark in May to sit at the 6.95%, thanks in great part to lenders’ tight management of credit card-issuing standards. The Moody Index is down 21 basis points from 7.16% in April to a rate not seen since the fall…
Over the weekend, Citi released figures on the number of accounts impacted and moneys lost to hackers’ breach in the spring. Some 360,000 credit card numbers were exposed in the attack, of which about 3,400 accounts were actually accessed and $2.7 million was stolen. Customers affected by the attack and have fraudulent charges will not…
Financial Technology Partners LP and FTP Securities has been designated the sole strategic and financial advisor to EDC and its Board of Directors on its sale to Cardtronics USA for $145 million. EDC turnkey ATM deployment services operates approximately 3,700 ATMs and multi-function kiosks in the United States focused on multi-state retail operators and high-transacting merchant locations such as convenience stores. This adds to the number of Cardtronics’ ATM terminals and will significantly increase its market footprint, particularly in the Midwest and Great Lakes regions.
CreditCall and MagTek partnered to issue the “Magnesafe” card reader, on the bank-independent “CardEase” Ultra platform. The “CardEase Ultra” End-to-End Encryption (E2EE) solution guarantees fraud protection from the point of card acceptance until settlement. The E2EE simplifies PA-DSS compliance for terminal manufacturers, allowing merchant users to take significant segments of their networks outside the scope of PCI DSS, reducing both infrastructure complexity and compliance costs. It also provides secure card tokenisation allowing future transactions or refunds without the card needing to be present.
Emdeon healthcare revenue and payment cycle management and clinical information exchange solutions, and Fifth Third Bank announced that RevLink Solutions will be powered by Emdeon’s Payment Automation platform. Fifth Third’s RevLink product suite helps healthcare providers improve their working capital, streamline their revenue cycle and reduce back office expenses by automating the claim and payment posting process. Combining Fifth Third’s Healthcare Lockbox with Emdeon’s Payment Automation services, payer network and clearinghouse services will help providers eliminate paper checks, reduce costs and shorten the revenue cycle.
Advenware e-commerce website developer is set to host their Software-as-a-Service (SaaS) solution on Online Tech’s fully managed cloud. The managed cloud hosting service passed PCI DSS Level 3 penetration testing to meet PCI compliance standards. The SaaS solution allows small to mid-sized companies develop e-commerce websites quickly and efficiently. To provide a seamless checkout experience for clients’ buyers, Advenware integrated CCNow, a Digital River Company, into their SaaS solution. Advenware achieved PCI compliancy as a Level 3 Server Provider back in April, which allowed Online Tech to become a SAS 70 Type II and SSAE 16 data center operator, helped Advenware meet the requirements of PCI DSS without investing capital costs.
The president of the Interactive Financial eXchange Forum, Richard Urban, is one of a select group of corporate users, vendors, bankers and standards developers – invited to an industry workshop on the topic of remittance standards, the Forum has announced. The event will be held June 28-29 at the Federal Reserve Bank facility in Chicago. The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange, IFX, which is available at no charge at http://bms.ifxforum.org/. The objective of the workshop is to better understand issues and options for improving remittance data exchange and automated reconciliation of payments.
Visa issued its consumers-oriented tips on how to protect themselves from card fraud during their vacations through www.VisaSecuritySense.com. Providing helpful information for cardholders on how to protect their account information and resolve unauthorized card use, Visa wants consumers to remember most U.S. card issuers provide important consumer protections including fraud liability protection and dispute resolution. Although most payment card transactions go through without problems, savvy consumers can visit www.VisaSecuritySense.com to learn how to better protect themselves from being inconvenienced by unauthorized purchases. Cardholders can also turn to www.VisaSecuritySense.com for news about fraud scams, access helpful resources or find help to resolve problems.
Paymate will add mobile payment and prepaid debit card services to its portfolio with the completion of its acquisition of ACT Merchant Services, which offers devices and infrastructure necessary to transact business utilizing smart phones and other mobile devices. Bill Elrick, President, ACT Merchant Services, will head Paymate’s efforts in expanding and enhancing the mobile payment services component of the Paymate product line.
Datacard Group secure ID and card personalization solutions appointed several new positions in order to meet the continued international growth and success the company has seen. Rajiv Singh has been appointed as the managing director for its South Asia operations out of the Mumbai office and will have the responsibility to grow the business in that region. Monica Lim has been named director, financial instant issuance, Asia Pacific, where she will be responsible for expanding the instant issuance market with major regional banks in the Asia Pacific region. Henry Chun, the regional director for Korea, will also be expanding his portfolio to include the ASEAN & Taiwan region to continue to manage the Korea market as well as focus on further growing and developing the ASEAN & Taiwan regions.
ICICI Prudential Mutual Fund has launched Visa debit card transactions facility for its investors, offering accessibility to investors by facilitating mutual fund purchase on their website through Visa debit cards. ICICI Prudential Mutual Fund plans to introduce Visa PoS terminals in seven cities to offer investors the convenience of purchasing mutual fund schemes by swiping their Visa Debit card, the release said.