The Conference Board Leading Economic Index for the U.S. was up 0.1% in June to 95.3 (2004 = 100), following a 0.1 % increase in May, and a 0.1 percent decline in April. The LEI six-month growth rate remains steady, suggesting that conditions in the economy remain resilient. Widespread gains in the leading indicators over…
U.S. Bank has added Square to its digital wallet options available to customers via their iOS and Android smartphones. Customers can link their U.S. Bank credit, debit, or prepaid account to the Square application to make purchases from their smartphone. Square wallet can be used at merchant locations that sell with Square. Customers can discover nearby businesses using Square wallet, and pay at the point of sale with their mobile device by simply saying their name. Square’s technology automatically manages the transaction from the customer’s U.S. Bank payment account to the merchant. Transactions are completed without the cashier ever having the customer’s account number and other sensitive data.
Old Second National Bank has teamed with Discover to create the Old Second Debit Card powered by Discover® Debit. Old Second customers will receive the new card in 2014, following a pilot program with bank employees. Discover Debit is managed by PULSE, a leading debit/ATM network, and a subsidiary of Discover Financial Services. Old Second, a PULSE network participant for more than 10 years, has approximately 50,000 debit cardholders. The bank provides full-service banking from Chicago-area branches in Cook, Kane, Kendall, DeKalb, DuPage, LaSalle and Will counties in Illinois. By joining with Discover, Old Second will provide its customers with signature debit cards that provide convenient access to manage and spend their funds, along with security features that give them peace of mind.
Visa and NetHope, a consortium of more than 40 humanitarian organizations, announced the five recipients of the Visa Innovation Grants Program. The grants will help leading development organizations modernize the distribution of payments related to microfinance, agriculture, health, and emergency relief. Every year, billions of dollars in cash payments are distributed to people in need through emergency relief efforts, benefit stipends, conditional cash transfers, microfinance programs, and other development initiatives. Digitizing these payments, through mobile phones or other electronic methods, not only improves security and speeds distribution, it also can promote financial inclusion by providing recipients access to broader financial services, including savings and electronic payments tools. Through the Visa Innovation Grants Program, Visa is awarding $500,000 in grants to increase the long-term impact of development programs through the innovation and adoption of electronic payments.
ACI Worldwide announced its ACI Universal Payments Platform enterprise payments solution has been named a ‘Best-in-Class’ solution in Payments Capability in the 2013 Payments Hub report by CEB TowerGroup. Universal Payments Platform’s broad capabilities meant it was rated in each category evaluated in the feature audit of the research. The comprehensive payments hub analysis evaluates nine key technology firms across the industry using 22 attributes defined by CEB TowerGroup. The final report covers market drivers, case studies, spending forecasts, investment priorities and emerging technologies as well as a full-feature audit. ACI’s Universal Payments Platform is noted specifically in the Payments Capability category for delivering “linear scalability, high performance and platform independence for transaction processing.”
OKI launched a new transportation system that will distribute precision equipment, such as ATM maintenance parts, safely and precisely throughout China. This follows a measure to restructure OKI’s supply chain management (SCM), with the goal of strengthening its ATM business foundations in China. The new system will begin transporting materials in July between OKI’s maintenance parts warehouse in Shenzhen City, Guangdong, and a maintenance site in Hebei. Having set a goal to reduce logistics costs for ATM maintenance parts in China by 30% over the next three years, OKI will expand the new transport system to serve all OKI maintenance sites throughout China and pursue further SCM restructuring. OKI’s cash-recycling ATMs currently account for approximately 50% of this market, the leading market share. With ever-growing numbers of ATMs installed in China and continuing expansion into interior China, OKI needed to ensure a safe, secure, and effective transportation system and provide access to speedy repairs and supply systems for maintenance parts delivered to approximately 220 maintenance sites.
Secure Electrans payment solutions has received Government support for its Chip&PIN home terminal as a practical way to reduce fraud. Secure Electrans’ HomePay™ Chip&PIN system received support from the UK Government’s Communication Electronics Security Group (‘CESG’) working in partnership with the Europe-wide Open Standard for Security and Certification (‘OSeC’). Secure Electrans has been working closely with both regulatory organisations alongside industry competitors in efforts to raise standards via the implementation of an Evaluation and Certification Framework. This aims to implement a single scheme for security in payment terminals and cards, incorporating recognition of multiple security certification card schemes and banking organisations. HomePay™ operates through the multi-billion pound global and trusted Chip&PIN infrastructure, and has the potential to create a standardised payment processing architecture for online transactions.
ZTE Corporation network solutions and mobile devices launched a new range of smartphones and data cards in India to provide consumers in the country with a choice of high-performance devices to enhance their mobile experience. ZTE is offering six new smartphones, including the Quad-Core ZTE Grand X, featuring a brilliant 5-inch high-definition screen, in India, partnering with Calyx Telecommunications to make the devices widely available to consumers across the country. In addition, ZTE is introducing four new data cards together with partner Digilife to meet the needs of India consumers for high-speed data access. ZTE, one of the world’s Top 5 mobile handset and smartphone manufacturers, provides consumers around the world a wide choice of innovative and feature-rich devices, ranging from entry level to high-end smartphones, delighting users with thoughtful and intuitive design features that improve their mobile experience.
Citi has offered commercial cards in Turkey for some time, but migration onto Citi’s global platform enables both multinational and local clients to benefit from a globally consistent customer experience, unsurpassed global acceptance and digital tools that enable greater visibility of their corporate spend. This development is in line with Citi’s strategy of offering a consistent experience for commercial card clients across all geographies. Citi intends to formally launch the platform in Russia, where certain clients are currently on a pilot programme. Launches are also planned in Ukraine and Kazakhstan before the end of the year.
Global payments and technology company MasterCard announced the appointment of M2M SPS, a leading provider of secure e-transaction processing solutions as its Principal Member in Morocco. As a new Principal Member of MasterCard, M2M SPS will be enabling its customers to leverage MasterCard’s acquiring and issuing capabilities across several merchants and e-commerce channels, backed by MasterCard’s support with a suite of advanced value-added services, technical support, training, and new payment platforms. With this enhanced collaboration, MasterCard’s point of sale will significantly increase across Morocco, thereby allowing more consumers to access MasterCard’s global payments network.