CardFlash News Briefs: CFSI (study); XPRESSBUY (Visa); ACI (TransferWise); and INTELLICHECK (deal).
CFSI – The Center for Financial Services Innovation (CFSI) and Core Innovation Capital (Core) released their fifth annual Underserved Market Size Study. The report, which benefitted from the financial support and strategic input of Morgan Stanley and with additional financial support from CFSI’S Founding Partner the Ford Foundation, reveals that underserved American consumers spent $138 billion in fees and interest in 2014, generated from a volume of $1.6 trillion in financial activity. Overdraft represents the single largest revenue category of all 26 products sized at $23.4 billion.
XPRESSBUY – XpressBuy, a commerce platform for marketers that enables customers to engage and purchase from any context has integrated Visa Checkout into its platform, everywhere consumers go online, on any device. The integration allows Visa Checkout customers to buy in the moment – via a Buy Button – without having to go to the retail site.
ACI – ACI Worldwide a global provider of electronic payment and banking solutions, announced TransferWise, the international money transfer platform, has selected ACI’s UP Framework, a solution that can orchestrate all aspects of payment processing for any payment type, any channel, currency or network.
INTELLICHECK – Intellicheck Mobilisa, an industry leader in identity authentication, verification and validation solutions, announced the Company has signed a new long-term, multi-year agreement with a leading global provider of data-driven marketing, loyalty and credit solutions whose business lines manage more than 100 million consumer relationships for some of the world’s leading brands. The Fortune 500 company’s services include back-end processing and collection work for private label credit cards serving major retailers with thousands of retail locations. The global giant currently uses Retail ID in nearly a thousand retail locations, and that number is expected to grow dramatically under this new agreement.