The October unemployment improved to 9.0% from 9.1% in September, the lowest since May, after having shown repeated rates of 9.1% throughout the spring and summer. Given the pre-recession unemployment rate averaged around 5%, the unemployment rate has been relatively high for the past few years. Nevertheless, it has finally shown signs if improvement, with…
InteliSpend Prepaid Solutions announced new Discover prepaid card products that will be available at the end of November, the fourth and final major payment card network on which the Company will offer intelligent prepaid solutions for business. The Discover card places a stronger emphasis on a client’s brand and where the card can be spent, particularly important in the prepaid-for-business space. Implementing InteliSpend’s DirectSpend process, the Discover products allow the Restricted Authorization Network (RAN) feature to direct spending to a limited set of merchants and retailers.
Ken Schwenke has been appointed President with DFC Global unbanked and under-banked financial services. Schwenke will focus on driving innovation for the Company and assume responsibility for strategic planning and new market development. He has served as a member of the board of directors from 2006, and has served as a member of the audit, governance, and compensation committees. Schwenke earned a bachelor’s degree from Syracuse University, and a Masters of Business Administration from Duke University.
Jack Henry & Associates payment processing services announced Citizens Bank is set to implement its “SilverLake” core processing system. The bank will implement “SilverLake” through Jack Henry Banking’s outsourced offering. The Citizens Bank will initially implement an array of Jack Henry Banking’s complementary solutions including StreamLine Platform Automation-Deposits; OnBoard Loans; InTouch Voice Response; components of the jhaPassPort-ATM and debit card transaction processing platform; Cognos 8 BI business intelligence and enterprise reporting; BIG Rewards customer rewards and loyalty; Yellow Hammer Fraud Detective; Yellow Hammer BSA; Margin Maximizer Suite; Relationship Profitability Management (RPM); PROFITstar® Classic-asset/liability management and budgeting; components of the Synergy Enterprise Content Management (ECM) solution; and jXchange for open connectivity with third-party products.
Fiserv financial services technology solutions announced Miami-based City National Bank of Florida has selected the Premier bank platform from Fiserv to support and enhance the bank’s rapidly expanding regional footprint. The $3.8-billion financial institution cited the scalability, breadth and flexibility of Fiserv products and services as key factors in its decision. City National selected a number of additional solutions from Fiserv to supplement its Premier bank platform, including Business Process Manager, Director for electronic content management, Branch Source Capture for remote deposits, EnAct for enterprise sales management, Prologue Financial Accounting Services, and several card services solutions including the ACCEL/Exchange PIN debit network.
The Center for Financial Services Innovation (CFSI) commenced a gathering of leaders from mid-sized banks and credit unions at the seventh Underbanked Solutions Exchange meeting in Chicago, IL. Giving participants the chance to learn about latest best practices in the industry through a series of hands-on learning experiences and networking opportunities, the Exchange will welcome first time participants Urban Partnership Bank, BBU/Banesco Bank, and First Interstate Bank to the meeting. Attendees will discuss what defines quality in financial services as outlined by CFSI’s Compass Principles, participate in an applied behavioral economics workshop and advise participants on underbanked strategies.
SalesVu cloud-based mobile payment application has closed $600 thousand in a recent round of angel investment funding. To improve payment processing for the growing mobile workforce, the SalesVu solution is the first iPhone and iPad application to accept payments and connect to a secure cloud-based infrastructure for centralized pricing management, reporting, and marketing. This infusion will promote product development and marketing initiatives, allowing the company to educate the market on the benefits of its cloud-based infrastructure and set itself apart from competitive terminal-based mobile payment vendors such as Square and Intuit.
Chase expands Military Banking checking program to include all U.S. military veterans. The premium checking account benefits typically reserved for high-balance customers and made available to active duty Armed Forces servicemembers and members of the Guard and Reserve July 1 are now available to everyone who has served in the U.S. military. All current U.S. military servicemembers and veterans are eligible for benefits on Chase Premier Plus Checking. Available on Chase’s Military Star Rewards MasterCard; Military MasterCard; Air Force Club MasterCard; Army Morale, Welfare, Recreation (MWR) MasterCard; Navy MWR MasterCard; and Marine Corps Community Service MasterCard are 2% Cash Back rewards at Army MWR, Air Force Services and MCCS Merchant locations, No annual fee and Dedicated Military Customer Service 24 hours a day, seven days a week.
Nordea extended its partnership with Nets for handling payment cards to also include the Finnish market. Now Nets will be responsible for processing all payment transactions completed using payment cards for Nordea’s Nordic customers in Denmark, Norway, Sweden and Finland, which will now cover more than 100,000 merchants with more than 425 million annual transactions. Nordea and Nets will be ready to deliver full-scale at the beginning of 2012 and offer card acquiring on Nets’ global platform.
MasterCard Worldwide ‘Tech Nation’ poll now shows how various European countries are leading the way with new payment technologies such as mobile and contactless. The online research, conducted in November by Ipsos MORI amongst more than 8,000 adults aged 16-64 across Europe concluded Turkey and Russia top the table of tech savvy countries where 31% (Russia) and 13% (Turkey) currently use mobile payment technologies, well above Great Britain at just 6%. Equally, contactless technologies have been adopted by more people in Russia (12%) and Turkey (10%). With this, consumers in Russia and Turkey have the greatest uptake of mobile and contactless payment technologies, although Russia lags behind the other countries surveyed on e-commerce payments (49%) while the use of cheques is still prevalent in France (75%) and GB (56%) whilst in Russia, Turkey and the Netherlands this figure is just 4%. Of those consumers using contactless technology today, those in Russia (44%), the Netherlands (47%) and Germany (44%) use this technology more frequently – on a daily or weekly basis.
Now money can be sent from New Zealand through “Money2anywhere” online money transfer portal from UAE Exchange. With this, UAE Exchange will offer customers its “Xpress Money” global instant money transfer brand; “FLASH” real time account credit; “XPay” secure bill payment through mobile phone; and “Smart Pay” WPS-compliant payroll solution. The remittance major reaches out to its customers and their loved ones through over 555 direct offices in 29 countries.
Chase Paymentech merchant acquirer and payment processor launched its Safetech Fraud Tools in Europe to help protect merchants from online payment fraud. Available to Chase Paymentech Europe customer-not-present (CNP) retail customers, Safetech Fraud Tools are designed to help online retailers retain legitimate sales while preventing fraudulent transactions. Safetech Fraud Tools are an innovate suite of security solutions designed specifically to combat fraud with real-time and automated fraud screening service. Additionally, Safetech Fraud Tools provide a fraud score with each payment transaction to indicate the level of risk associated with it. It determines the location and device identification of the customer via custom scripts run on the retailer’s online payment page.