The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge’s approval of a controversial lawsuit settlement over Visa and MasterCard’s credit card swipe fees, saying it was negotiated by only a handful of merchants and would do nothing to bring the fees under control. Both organizations filed notices of appeal with the 2nd U.S. Circuit Court of Appeals in New York earlier this year, and followed up today with a joint brief asking the court to overturn a December 13, 2013, ruling by U.S. District Court Judge John Gleeson. The district court approved the antitrust settlement even though NRF, RILA and other opponents argued for more than a year that it failed to reform the price-fixing system under which Visa and MasterCard set fees for credit cards issued by thousand of banks. Rather than lower the fees, the card companies proposed in the settlement that they be passed along to consumers as a surcharge. Major retailers rejected the surcharge proposal, saying it was the opposite of what they had sought.
Intuit has completed its acquisition of Check mobile bill pay tfor $360 million. This will accelerate Intuit’s ability to offer bill pay across small business and personal finance products and create opportunities to retain, attract and serve additional customers. Check’s highly-rated mobile app automates and consolidates the bill pay process all in one place, reducing the complexity for its 10 million registered consumers. Check customers can monitor bills and accounts, receive alerts when bills are due or funds are low, and pay bills automatically.
Worldpay US payments processing has entered into a referral agreement with 5Linx Enterprises. The agreement will allow 5LINX to promote Worldpay payments processing products and services to merchants. The expansion of its relationship will give 5LINX and its Independent Marketing Representatives a concentrated approach to Worldpay markets. Our Representatives and customers will benefit from offers tailored to our 95,000 members.”
ANZ is expanding payment options for its customers by accepting UnionPay cards at 120,000 merchant terminals and ATMs throughout Asia Pacific. Under the agreement, UnionPay cards will be accepted at ANZ merchant terminals and ATMs by 2015. ANZ has had a presence in China since 1986 and was locally incorporated in 2010.
The Avaloq group has successfully migrated Ticino Cantonal Bank (BancaStato) to the B-Source Master, the Swiss Business Process Outsourcing (BPO) platform based on the Avaloq Banking Suite.BancaStato has successfully been migrated to Avaloq’s Swiss BPO platform, the B-Source Master based on the Avaloq Banking Suite. The going live was on 1 April, 2014 after a project time of 18 months. The bank decided for the Avaloq group due to its many years of experience in back office operations, the state-of-the-art platform and the innovative web and mobile banking solutions. The Avaloq group also provides BancaStato with new solutions in the area of credit business and fully automated processes for the cashier desk. The solution excels through its high usability designed for easy and comprehensive interaction between the bank and its clients.
Xoom digital money transfer provider partnered with Punjab National Bank (PNB), to roll out instant bank deposit services to bank accounts in India using the revolutionary IMPS (Immediate Payment Service) platform. IMPS is a unique remittance processing platform for account-to-account remittance offered by the National Payment Corporation of India (NPCI). Xoom’s technology and IMPS’ technology will let Xoom customers send money from the United States instantly to many prominent banks in India via the IMPS system in the coming weeks. Currently, IMPS has 63 banks as part of its ecosystem. Xoom offers deposits to bank accounts in India including NRE and NRO accounts.
Xendpay have introduced services for sending money to mobile wallets, allowing customers to transfer money directly to mobile wallets of family and friends. With the intention of making international money transfers easier, safer and cheaper, the new service is available for remittance to Ghana, Kenya, Nepal, Nigeria and Philippines but the team at Xendpay is working on expanding this list with further new partnership announcements due in the coming weeks.
GlobalCollect payments service provider has signed a partnership agreement with QIWI plc payment services. As part of the deal, GlobalCollect has integrated QIWI into its portfolio of payment products. By adding QIWI to their payment mix, GlobalCollect merchants gain access to over 70 million consumers in Russia and the CIS. The company is already seeing strong demand across all industries, with gaming and digital media companies among the first to start accepting QIWI payments through GlobalCollect.
International (excluding the USA) Gross Dollar Volume (GDV) for Visa (VS) and MasterCard (MC) credit cards rose 6.3% year-on-year (Y/Y) in the first quarter (Q1/14).
MC’s growth in international credit cards GDV outpaced VS by 280 basis points (bps), according to CardData.
First Data Corporation today announced that Grupo Unicomer, a leading retailer of furniture, appliances and electronics in Central America, South America and the Caribbean, will use VisionPLUS® Flex as their core processing system for all their retail brands in the 19 countries in which they operate.
Jumio mobile credentials management company released Netswipe for Mobile Web, the next version of its award-winning Netswipe card scanning technology that is designed to improve the customer experience and increase conversion rates for purchases made on connected devices. Netswipe was previously available for native apps and desktop websites, but this expands Netswipe’s availability to mobile websites, allowing customers on all platforms to benefit from a faster, easier way to input their credit card information. Jumio’s proprietary computer vision technology brings speed and ease-of-use to credit card entry and ID verification processes. By eliminating 60 seconds or more of key entry time from each transaction, conversion rates increase an average of 30 percent. Jumio credit card scanning implements smartphone and desktop cameras to streamline the payment process.
Pinnum for business provides business owners the ability to execute mobile transactions, reinforce customer loyalty, and deliver continuous marketing. The app is free to consumers, and pinnum will supply each business with marketing materials to assist in their promotion.