Traditional U.S. consumer ABS ratings have demonstrated stability in the event of a double-dip recession, following the economic crisis. With this, nearly 99% of all investment grade U.S. credit card ABS either stayed investment grade, were upgraded or paid in full between summer 2007 (viewed by many as the launch of the economic crisis) and…
MasterCard Worldwide announced it has reached its goal of raising $4 million for Stand Up To Cancer (SU2C) through its “Eat, Drink and Be Generous” campaign. MasterCard made a donation to SU2C every time cardholders used their MasterCards when dining out. To keep the momentum moving forward with additional support for SU2C, MasterCard has partnered with Rewards Network, who powers the leading dining rewards programs in North America, including “iDine” for which through Oct. 31, 2011, Rewards Network will donate 50 cents to SU2C when diners use a registered MasterCard in qualifying transactions over $15 made at participating iDine restaurants. Diners enroll and register the MasterCard they use when dining out at over 10,000 participating restaurants.
Discover ranks best in identity fraud resolution among the top U.S. credit card issuers for the second year running. This, according to the latest Javelin Strategy & Research’s annual assessment of identity safety in the credit card industry, ranks among the top 23 card issuers in the categories of identity fraud prevention, detection and resolution based on research from issuers’ websites and calls to customer service representatives. Pushing it to the top, available security features for Discover cardmembers include a $0 Fraud Liability Guarantee; Proactive account monitoring for suspicious activity; Fraud alerts via phone, e-mail or text; Dedicated fraud specialists; Credit score monitoring; Paperless statements; and Fraud prevention education tips.
SelectCore prepaid telecom and financial services transaction processor for the under-banked consumer market launched its mobile banking app for Iridium MasterCard. The Blackberry app is available free of charge to registered Iridium Cardholders on a secure platform and will soon be available to iPhone and Android users. Downloaded instantly from the cardholder’s online account, the new mobile banking app allows cardholders to check their account balance, view recent transaction history and money-share between other Iridium cardholders in real-time.
Datapipe managed services and infrastructure for IT and cloud computing made public its PCI DSS 2.0 Level 1 Service Provider certified cloud computing platform. Coupling a custom PCI certified cloud infrastructure with a suite of managed security services to enable PCI compliance, Datapipe’s PCI Certified Cloud is not a “mixed-mode” deployment. Layering enterprise grade managed security services on top of this elite cloud maintains the integrity of the environment and provides a truly unique offering and is in addition to Datapipe’s recently announced Intrusion Detection Service (IDS) deployed on Amazon Web Services in partnership with Alert Logic.
Laredo, Texas-based International Bancshares will close 55 grocery store branches and lay off 500 people in what the article calls a response to the Durbin Amendment. The Amendment, effective Oct. 1, puts a cap on what banks can charge merchants for debit card transactions. The bank is closing the branches in order to continue offering free checking to its customers after relying on revenue from debit card fees to cover the cost of free products and services for consumers.
PCI DSS QSA Charles Denyer reveals his top 10 Challenges and Recommendations list regarding PCI compliance, which is a must-read for any merchant, service organization or any other entity involved in the processing, storing, or transmitting of cardholder data. The “Top 10 PCI List” addresses provisioning, hardening, securing and locking-down all in-scope “system components;” anti-virus; two-factor authentication; web application firewall (WAF); audit Trails and Logging; log Server | Syslog; File Integrity Monitoring; Intrusion Detection System; Policies and Procedures; and Operational Commitments from Internal Personnel.
The MasterCard “Money On The Go” program offers a Prepaid Debit MasterCard with a 1:1 ratio of reward points, with each point worth a $1.00. Redeemable towards 80,000 brand name products offered at its on-line reward site, the “Money On The Go Network” gives members a one dollar reward point for every dollar loaded onto their Mongo Prepaid MasterCard and members can redeem up to 1,000 reward points every month at their on-line rewards mall. But that’s not all! The “Money On The Go” has also included their LeisureXpress and SaversXpress benefits that save members 20-50% off at over 200,000 national recognized retailers.
Community & Southern Bank, a financial institution with more than forty branch and ATM locations throughout Georgia, will deploy 35 new NCR “SelfServ ATMs” to replace existing units and expand into new sites. Eighteen of the new NCR SelfServ ATMs will include NCR’s Scalable Deposit Module (SDM) technology, the only technology on the market that allows consumers to deposit both cash and checks simultaneously in any orientation through a single slot. The new SDM technology, designed for NCR SelfServ ATMs, delivers a consumer deposit experience that is twice as fast as other ATMs. Community & Southern Bank is using NCR “APTRA” software with “Promote,” “Exchange” and “Edge” to further enhance ATM capabilities.
The Pentagon Federal Credit Union stopped charging ATM fees in all of its military installations worldwide on Sept. 1. Even if a non-PenFed ATM or debit card is used in one of PenFed’s on-base machines, the credit union won’t assess an additional service charge against the cardholder. The credit union provides worldwide service to the Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense and Department of Homeland Security personnel, members of the VFW, employees or volunteers of the American Red Cross, and others in the defense community and their families.
AllPay used its powerful database program to help customers manage their company’s billings and receivables, maintain a schedule of payments and create an encrypted draft file for their bank. The Company drafts customer’s recurring receivables directly from their clients’ bank account saving them 1.5% – 3% on every dollar they would normally process via credit card. Combining AllPay approach and encryption security, it allows customers get their funds faster with guaranteed data security and no high fees to handle their funds.
Lake County, Ill.-based Consumers Credit Union implemented the VSoft merchant RDC, home/office and mobile RDC, and branch item capture solutions. Offering a full suite of RDC solutions with flexible delivery models to support, facilitating core conversion and future growth, VSoft’s merchant, home/office and mobile capture products give members the convenience of making transactions from their office, store, home or any location using any smartphone or tablet device. VSoft’s branch item capture product will be deployed as an outsourced, ASP model to capture, correct and balance transaction, thus reducing back-office and transportation expenses.