A portfolio of 15 U.S. granted patents and 9 applications, disclosing a comprehensive set of systems for improving and securing the existing payment card system is going up for sale. It contains the work of inventor Moon J. Kim, a former IBM Master Inventor and named inventor on over 120 patents.
PA-based USA Technologies (USAT) has inked a multi-year agreement strategic deal with Chase Commerce Solutions (CCS). The agreement will give USAT a bigger reach for products and services domestically as well as outside the U.S and CCS will gain access to a new customer base via the unattended self-service retail market space.
Citi Prepaid Services is teaming with Enservio to offer prepaid cards as part of a holistic offering that services prominent insurance carriers. Citi Prepaid Services will supply custom designed, fully-functional prepaid cards tailored for Enservio whose ReStore Payments platform provides policyholders a variety of options from cards to electronic fund transfers that efficiently deliver claim payments.
Synchrony Financial was recognized with three awards at the 8th annual Loyalty 360 Expo in Orlando, Fla. for its Sam’s Club 5-3-1 cash back credit card program. Synchrony also inked a long-term agreement with Stash Hotel Rewards to provide a co-branded credit card program.
The average U.S. 30+ day delinquency rate among the nation’s four largest issuers declined 11 basis points (bps) sequentially, to a record low of 1.96% for the first quarter, compared to 2.07% in the prior quarter and 2.16% one-year ago. The top 100 U.S. banks posted a 27 bps decline from 1Q/14.
Over the past two years mobile transactions at Starbucks have doubled from 4 million transactions per week in Q1/13 to 8 million transactions in Q1/15. The number of mobile transactions has significantly soared since the second quarter of 2014 and set to soar higher as Mobile Order & Pay expands this year.
Grenoble-based Tiempo Secure is teaming with Seoul-based Secure Platforms Technology (SP-Tek) to market smart card chips equipped with the JavaCard OS. Their combined offer is targeting smart card manufacturers in the Americas, who are supporting the current migration from magnetic stripe to EMV smart cards.