MasterCard announced a 2Q/13 net income of $848 million, up 19% from the year-ago period, while net revenue was $2.1 billion, a 15% increase versus the same period in 2012, both on an as-reported basis and adjusted for currency. Net revenue growth was driven by a 13% increase in gross dollar volume to just over…
Fiserv announced that General Colin L. Powell (Ret.) will deliver a keynote address at Forum 2013, the annual fall conference for Fiserv credit union clients. Other highlighted guest speakers include Dan Mica, former U.S. congressman and past president and CEO of the Credit Union National Association (CUNA), and Marcus Buckingham, author of seven best-selling books on strengths in the workplace. Forum will be held Sep. 9 – 12 at The Venetian and The Palazzo in Las Vegas. Forum 2013 is focused on helping credit unions deliver financial experiences that deepen member relationships and drive growth. In addition to the general session speakers who will provide new perspectives on leadership, innovation and management, Forum 2013 will feature sessions across five content tracks: Digital and Mobile Revolution; Payments Transformation; Member-Driven Experience; Risk and Compliance Impact; and Efficiency, Performance and Analytics.
The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms:
“From the very beginning, retailers and restaurants knew the Federal Reserve Board of Governors had grossly misapplied the swipe fee law, also known as the Durbin Amendment. They failed to heed Congress’ call to set fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction. Instead, the Board manufactured a standard that was two to three times higher than the Fed staff recommended.
“As a result, small ticket transactions, such as those imposed on convenience stores and restaurants, skyrocketed under the misapplied law.
“Congress clearly told the Fed to introduce competition and transparency into the debit card marketplace by making multiple networks available, so as to reduce swipe fees for merchants and their customers. The Fed failed to do so, and the court rightly ruled against them as a result. Today’s decision is the first step in setting these initial wrongs right and will ensure that swipe fee reform is done correctly.”
IZettle announces that its Chip & PIN and Chip & Signature mobile payments solutions has been approved by the Visa Ready Program, making iZettle mPOS solutions software and hardware Visa Ready. This comes after iZettle’s successful enrollment last June in the Visa Ready Program, which is designed to provide innovators with an easy way to collaborate with Visa and quickly introduce Visa-compliant devices, software, and solutions that can be used to initiate or accept Visa payments. Sweden’s Financial Supervisory Authority regulates iZettle, whose services are EMV approved, compliant with PCI DSS.
ElectraCard Services (ECS) software and processing solutions for electronic payment systems, powers e-Revenue Gateway (e-RG), a payment processing and electronic transaction switching company, to launch contactless electronic payments in Nigeria. ECS’ PA-DSS compliant platform will help e-RG to launch programs with multiple financial institutions and channels like ATM/ POS/ Internet/ Mobile on the same platform. Contactless, otherwise commonly known as “tap & go” payment cards, are more convenient to use and perfectly aligns to “Cashless Nigeria” initiative of Central bank of Nigeria (CBN). The eRG payment cards offer consumers a choice of debit or prepaid Smart Cards with the first NFC capabilities in the country.
Fiserv partnered Mellon Ukraine to offer UniCredit Bank its “Currency Manager” solution to optimize the bank’s cash reserve levels and maximize transportation capacity. The Integrated Currency Manager from Fiserv is a web-based cash supply chain management and optimization tool that automates precise cash forecasts for multiple cash points, including ATMs, branches, vendors and vaults. It combines complex forecasting functionality with historical trends to reduce currency outages and expensive emergency deliveries to restock empty ATMs. It also optimizes transportation schedules. Through accurate forecasting, the solution eliminates excess currency inventories, increases the availability of capital for investment and ensures cash points are stocked.