The MRC today announced the election of Peter Bayley, Executive Director, Risk Management of Visa Europe, to its Global Board of Directors. Mr. Bayley joins the board after several years of service and dedication to the association, including his two year term on MRC’s European Advisory Board.
PayPal has introduced Next-Day Settlement (NDS) for eligible businesses in the United States through a pilot program. This allows eligible businesses transferring money from their PayPal account to their bank account now have the ability to receive their money within 24 business hours instead of the three to four business days it used to take. And, as long as you make your transfer by 5 pm local U.S. time, you’ll have access to your money quicker than ever before. Again, we’ve heard your concerns so we’ve been working with our banking partners to optimize processes on both their end and ours so that we can make the 24-hour transfer a reality. Now that makes a difference. Businesses eligible for Next-Day Settlement have received notifications informing them that they can opt in to the program.
MasterCard and Silicon Valley Bank are inviting startups from across North America to apply for a position in the Commerce.Innovated. class. In the four-month Commerce.Innovated. program, participating startups receive access to industry expertise across the commerce space from selected MasterCard and Silicon Valley Bank executives and partners. Participants must be focused on an innovative commerce solution; have assembled a strong, small core team; activated a beta of their solution, that projects to generate revenue in the next 6 months; and have secured or raising seed funding, with plans to raise Series A.
Beepi announced that it has integrated with BitPay, a bitcoin payment processing service, to become the first peer-to-peer marketplace to allow its users to purchase cars with bitcoin. In addition, the company will also offer prospective buyers pre-approval for loans at check-out. Adding bitcoin as a payment option and instant pre-approval for car loans are the next logical steps for Beepi, a company founded with a goal of eliminating friction at every step of the buying and selling process.
ACI Worldwide (ACIW) announced Southern Auto Finance Company (SAFCo) has selected its UP Bill Payment Solution to increase consumer convenience and reduce payment processing costs. SAFCo customers will be able to pay their loans electronically on a mobile device, computer or via phone with a debit card or ACH (Automated Clearing House). Recently named to SubPrime Auto Finance News’ list of Top 100 sub-prime auto lending, recovery and financial service providers, SAFCo is a leading automotive financing company that operates in 14 states. As the company expands its national reach, it is constantly working to improve processes and offer innovative solutions, including bill pay advancement. After conducting a broad vendor evaluation, SAFCo chose ACI’s comprehensive and integrated electronic bill payment solution.
Barclays Bank of Botswana has partnered with Bytes Managed Solutions, the exclusive distributor of NCR technology solutions in southern Africa, for the installation of intelligent cash deposit ATMs. Last month, the bank launched a new generation of ATMs that provide customers with convenient ways of banking outside the banking halls. The ATMs are specifically designed for high transaction usage. They accept cash deposits with real time credit capability, recycle the deposited cash, dispense cash, do cheque deposits, and offer a broad range of other services, such as bill payment, funds transfer, mobile phone top-up and mini-statements.
ICICI Bank Canada announced the launch of ICICI Bank Mobile Banking, offering customers a secure and convenient way to bank on the go. With ICICI Bank Mobile Banking, customers can view their account summary, pay bills or transfer money between accounts, check current rates and charges, locate ICICI Bank Canada and THE EXCHANGE® Network ABMs and find ICICI Bank Canada branch locations and hours. The ICICI Bank Mobile Banking app is available as a free download on iPhone and Android devices.
Aconite EMV transaction processing has interfaced its Smart EMV Manager technolog to the Visa Mobile Gateway to enable remote management of the EMV application at the heart of the Tap n Pay service – the first mobile phone application for contactless payments. Introduced in partnership with Visa Europe and First Data, First Data Hellas selected Aconite’s Smart EMV Manager, which includes an EMV Scripting engine, to enable remote over-the-air management of the settings within the Visa mobile payWave EMV application installed in a custom SIM. The Aconite solution has been deployed alongside the First Data host system and linked into the Visa Mobile Gateway in order to provide this remote management capability.Aconite’s flexible and configurable scripting capability makes it an obvious choice for issuers and processors who need to ensure that their systems are capable of quickly changing to meet new and future scripting requirements.
The Financial Markets Authority (FMA) issued its first peer-to-peer lending service licence. Harmoney is the first provider of this new financial service, under the provisions of the Financial Markets Conduct Act 2013. Licensing peer-to-peer lending services forms part of FMA’s brief to facilitate new capital-raising opportunities in New Zealand. It is also part of the Government’s business growth agenda. Peer-to-peer lending involves an intermediary, the peer-to-peer lending service, bringing borrowers and lenders together, and charging a fee for the service. Lenders and borrowers can find out more information on FMA’s website. Under the regulations, borrowers are limited to raising no more than $2 million in any 12-month period through peer-to-peer lending services. This limit applies to both business and consumer borrowers – although individual service providers may impose lower limits on the amount that may be borrowed. The regulations don’t impose any limits on the am amount lenders can lend, although some service providers may impose limits.
To address the growing market for prepaid products and mobile financial services in the Asia Pacific region, i2c, Inc. today announced the opening of its Singapore office. Located at One Raffles Place, the office will house product, client services and business development staff.
The new security PRISMicide solution consists of “open source” smart cards and of a small “open hardware” portable reader that can be used with Android and iOS smartphones and tablets via Bluetooth and also, via USB with Windows, Mac OS and Linux computers. PRISMicide for Bitcoin allows each user to secure its private key within a smart card.
Visa’s (VS) Latin America Caribbean (LAC) region Purchase Dollar Volume (PDV) rose year-on-year (Y/Y) by 14.3% on a local currency basis in the first quarter (Q1/14) to US$95 billion. The average purchase ticket in the VS LAC region declined 9.4% Y/Y. One-year ago it stood at US$44.20, compared to US$43.90 in Q4/13 and US$40.05 in Q1/14, according to CardData. VS has an estimated 440 million cards-in-force (CIF) currently in the LAC region, compared to 431 million in Q1/13.