Payfont has been awarded £100,000 funding from Scottish Enterprise, helping to fund its online security to counter data theft disasters. The Anonymised, Distributed, e-Commerce Architecture (ADeCA) will protect organisations and their customers by managing distributed data fragments via a contextual security protocol. It makes a user’s data completely unique to that user, anonymous to others. This approach raises the bar significantly against Cybercriminals used to stealing large databases of data records that rely on standard encryption and linear access security methods.Cybercrime and its identity theft and money laundering consequences are now at epidemic proportions globally.The 2014 average data breach cost for a company is US$3.5m, up 15% on 2013.
TSYS signed an agreement to license its PRIME payment transaction processing platform to Metrobank Card Corporation (MCC) in the Philippines. MCC is a strategic joint venture between Metrobank and Australia New Zealand Bank and is one of the largest issuers and acquirers in the Philippines’ market. MCC will license PRIME 4, the latest version of the payment processing platform, to manage its multi-payment card issuing and merchant acquiring together with online authorization and switching on a single platform. Value-added services for installments, credit, loyalty, collections, dispute and chargeback management and acquirer fraud monitoring will also be offered as part of PRIME 4’s integrated payment solution.
Discover leads the charge in the year-on-year growth of cash dollar volume gains, rising more than 14% in the second quarter. Americans are now making approximately $820 billion in annual payment card cash transactions through the four U.S. networks.
MasterCard’s Canadian gross dollar volume increases 5.4% in the second quarter, while Visa’s Canadian gross dollar volume remained flat. MasterCard has 49 million cards-in-force currently in the Canadian region. RAM Research projects MasterCard Canadian purchase dollar volume will rise slightly to US$34 billion in the third quarter.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Target announced 2Q/14 expectations are projected to include gross expenses of $148 million, partially offset by a $38 million insurance receivable, related to the December 2013 data breach. The Company provided an estimate of costs related to its recently-completed early debt retirement and updated expectations for second-quarter Adjusted1 and GAAP earnings…
Digital River exceeds expectations in the second quarter, continuing to post strong revenue growth. The Company projects third quarter revenue to range between $87 and $90 million. For the full year the Company projects updated revenue to range from $375 to $382 million.
Moneris partners with Ingenico to deploy PAYD PRO, Canada’s first mobile EMV, Chip and PIN and contactless payment solution. The anytime, anywhere payment solution is currently available on the Apple iOS platform and will be available on Android in fall of this year.
Global Payments payment solutions has signed a referral agreement with BitPay bitcoin digital currency. This allows Global Payments to incorporate the cryptocurrency into its product suite and to offer bitcoin payment acceptance to its worldwide merchants. The cross-border demands of global merchants all bitcoin acceptance to reach more customers in more markets, particularly in fledgling economies.
Mobile coupon users are expected to surge over the next five years driven by increased retailer engagement with the various mobile channels. A new report the number of users will exceed one billion by 2019.
Smaller companies aim to tap into rebate/reward commercial payment cards. New research shows regional and second tier issuers don’t have deep enough pockets to be able offer smaller programs cash incentives for spend. This has caused a resurgence of commercial card rewards.
Omnichannel retailing is set to take off in Germany. A new Wincor Nixdorf study found around 70% of those surveyed are hoping for support from their IT service providers, both in developing their omnichannel strategies and in adapting internal processes and organizational structures accordingly.
Transfast and YES Bank launched its instant money transfer service to banks. This service operates via the National Payments Corporation of India (NPCI) core platform. TRANSFAST is the first money transfer company worldwide to be live with NPCI’s Immediate Payment Service (IMPS) capability for international money transfers. This enables TRANSFAST customers to make instant deposits–both online at TRANSFAST.com and at agent locations–to Indian banks from the Americas, Europe, and Asia. Instant transfers are available 24x7x365, even on holidays and during non-banking hours.