1H/11 bankruptcies were down 8% from the year ago period in the US with total filings having reached 745,968. This compares to the year ago figure of 810,209. Meanwhile, bankruptcy filings were up 4% in 2Q/11 to 379,790 from 1Q/11 filings of 366,178. Among the first-half figures, filings by households with consumer debt decreased 8%…
Bank of America is launching “BankAmericard” Cash Rewards and Cash Rewards for Business MasterCard credit cards that reward customers with up to 3% cash back on certain purchases. The “BankAmericard” Cash Rewards card includes a 10% bonus when customers deposit their cash rewards into their Bank of America checking or savings account. Both cards have no expiration on rewards. The new “BankAmericard” Cash Rewards credit card includes 1% cash back on all purchases; 2% back on grocery store purchases; and 3% on gas station purchases. Meanwhile, customers earn 2-3% cash back on gas and grocery purchases up to the first $1,500 per quarter. For Business MasterCard credit card offers 1% on all purchases; 3% on all restaurant purchases; and 3% on office supply store, gas station and computer network service purchases.
USA Technologies wireless, cashless payment and M2M telemetry solutions for self-serve retailing industries expanded its JumpStart program to include a stand-alone wireless telemetry solution. This provides the full array of vending technology solutions under its JumpStart program, enabling customers the flexibility to participate in this program for cashless payments, telemetry, or both. The USA Technologies’ JumpStart program makes it possible to implement the latest in USA Technologies’ cashless payments and wireless telemetry solutions with no capital cost and no long-term commitment. USA Technologies’ ePort wireless telemetry solution for the vending industry is designed to provide customers with maximum flexibility, is VDI-compliant and compatible with the vending industry’s leading providers of vending management software systems, including Crane Merchandising Systems’ Streamware and VendSys, as well as the proprietary systems of several large customers. USA Technologies’ ePort Connect service is the industry’s most flexible and interoperable solution for cashless payments and M2M telemetry services.
Fiserv financial services technology solutions announced Heartland Financial USA has signed on to use its ReserveLink deposit reclassification solution. ReserveLink will help Heartland to generate additional investment income by greatly reducing or eliminating the need to maintain balances in accounts at the Federal Reserve. Using ReserveLink from Fiserv, Heartland, a $4 billion multibank holding company, sweeps transaction account balances into non-transaction accounts, converting low-interest bearing Federal Reserve account balances into earning assets. Heartland Financial uses the Signature™ bank platform, debit processing, ACCEL/Exchange® PIN debit network, Prologue™ Accounts Payable, Prologue General Ledger and a variety of solutions from Output Solutions at Fiserv.
GE Capital has closed, as administrative agent, $115 million in senior secured credit facilities for Evolution1. The financing was used to recapitalize Genstar’s acquisition of Evolution Benefits and support the company’s acquisition of Lighthouse1. GE Capital Markets served as sole lead arranger and joint bookrunner. Evolution1 and its partners serve more than seven million consumers, making it the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans. It meets up to 1,200 unique plan designs, provides innovative auto-substantiation technologies, simplifies user experience, and automates workflow for partners, employers, and consumers.
Datacard Group secure ID and card personalization solutions will be hosting a seminar specifically focused on educating U.S. bank executives on how to easily build EMV technology as well as NFC technology into their card portfolio strategy. The seminar will be led by Datacard Group card issuance EMV technology and NFC with a high-level educational overview on implementation options and infrastructure requirements needed to implement NFC- and EMV- technology into their card programs. The seminar is designed for those who want to know more about the technology ecosystem, as well as anyone responsible for the planning, testing, development or implementation of such programs.
Bluepoint Solutions, a 2010 CUNA Tech Council “Best of Show” winner, Microsoft Gold Certified Partner and provider of remote deposit capture, item processing and enterprise content management solutions for financial institutions, is set to sponsor RemoteDepositCapture.com’s new Credit Union and Community Bank Track at RDC Summit 2011 in Orlando, September 28-30. In its fifth year, Remote Deposit Capture Summit has revised and added to its content delivery in 2011 by creating a track-based schedule.
Innotrac Corporation is using Liaison Protect integrated data encryption, unified key management and event logging data security solution to meet Requirement 3 of the PCI DSS, which specifies that stored cardholder data must be protected. Atlanta-based Innotrac operates seven product fulfillment centers encompassing 2.3 million-square-feet of distribution and warehouse space and a 430-seat bilingual call center spanning all time zones across the United States. The company operates two data centers and processes tens of millions of inbound and outbound units annually for multi-channel marketers who sell via eCommerce, catalog, direct response, direct response TV (DRTV), telecom and broadband, or the business-to-business model. Because the ISO 9001-certified company accepts credit cards via phone, fax and eCommerce sites equaling two million to four million transactions annually, it qualifies as a Level 1 service provider under PCI DSS.
S1 Corporation responded to the unsolicited and conditional exchange offer announced on August 30, 2011 by ACI Worldwide. Subject to the terms and various conditions set forth in the exchange offer, ACI seeks to acquire each outstanding share of S1 common stock for an election between cash and ACI shares, subject to proration. Consistent with its fiduciary duties and as required by applicable law, the S1 Board of Directors, in consultation with its legal and financial advisors, will review and consider the exchange offer. The S1 Board of Directors intends to advise S1 stockholders of its position with regard to the exchange offer in due course, but no later than September 13.
Celerant Technology retail software redesigned its POS screen to include an enhanced look and feel along with a new layout for ease of use and navigation. The POS screen allows retailers to maintain a high degree of operational awareness at store level through price-optimization, customer satisfaction initiatives, employee management, and tight inventory-control. Celerant’s point of sale transactions are completed in real-time and are available at once throughout the enterprise. System flexibility enables the system to be used in multiple business models and allows for customized screens to meet individual requirements.
EVERTEC diversified processing, offering transaction and payment processing and merchant acquiring, extended its pending exchange offer to exchange up to $220,000,000 aggregate principal amount of its 11% Senior Notes due 2018 for a like principal amount of its outstanding 11% Senior Notes due 2018 (the “Old Notes”). EVERTEC has been advised by its exchange agent that, as of the close of business on August 31, approximately $168,325,000, or approximately 77.1%, of the Old Notes, have been confirmed as tendered in exchange for a like principal amount of the Exchange Notes. The new expiration date for the Exchange Offer is 5:00 p.m. on September 7.
PayNearMe cash transaction network announced the City of Fairfield, California municipal utility will offer its customers the ability to pay their bills with cash at local 7-Eleven stores through its network. Made possible through its partnership with InfoSend, Fairfield will implement PayNearMe’s “Embedded Barcode Remittance” (EBR) technology for those who prefer to pay their bills in cash, as well as the more than 60 million adults who are unbanked or underbanked. The PayNearMe “EBR” technology, along with InfoSend, offers a unique barcode directly onto each City of Fairfield utility bill. The customer can then go to any local 7-Eleven where their bar code is scanned at the register. They complete the transaction by paying in cash and the funds immediately post to their accounts.