VeriFone Systems announced that Banco Nacional de Costa Rica (BNCR) has selected VeriFone’s VX Evolution line of portable EMV and NFC capable point of sale terminals to enhance payment mobility and security for merchant customers throughout Costa Rica. BNCR’s migration to VeriFone’s VX Evolution terminals will enable its merchants to accept all types of payments”including traditional mag-stripe as well as EMV and NFC”from customers at and beyond the counter while complying with PCI 3.0 standards. The bank expects to install 14,000 of VeriFone’s VX Evolution terminals each year for the next four years to its installed base of approximately 32,000 Hypercom terminals. BNCR will install PCI 3.0 certified terminals from VeriFone’s VX Evolution product line. They include the VX 520, the VX 675 and the VX 680.
Idealinvent has partnered with Ncat Systems & Solutions to provide its next generation banking products. Product suites include ConnectCore and DataMatrice comprising of core banking, channels & mobility as well as data management products will be available to banks on license, rental and SaaS models. Ncat is a leading distributor of globally recognized banking solutions in Nepal and has a wealth of experience in installing banking solutions such as ATM systems as well as consulting for On-line channels and Core banking implementations.Nepal’s financial services sector can benefit hugely from IDEALINVENT’s cost effective delivery models for their next generation banking platform ConnectCore. The ConnectCoreTM suite of products is completely service orchestrated allowing very short implementation timeframes and significantly low cost of ownership. IDEALINVENT’s products are also available as a service, under the B-SaaSTM brand name.
Citi signed an agreement with Banco Popular to sell its consumer banking business in Spain. Targeted to close in the third quarter of 2014, the sale includes approximately $2 billion in GAAP assets, $3.2 billion in assets under management, 1.2 million customer accounts, $2 billion in loans and $2.8 billion in deposits. Approximately 950 consumer banking employees, 45 Citi branches and the ATM network in Spain will transfer to Banco Popular. Citi intends to focus on expanding the services it offers to Spanish corporations, private bank and public sector clients as well as continuing to service its multi-national clients with operations in Spain.
Borgun bank launched a mPOS solution in partnership with Handpoint. Borgun’s mPOS is tailored to address the needs of small and medium sized merchants and relies on Handpoint’s secure mPOS Platform as a Service (PaaS) – the only mPOS that has achieved PCI-P2PE application certification. Mobile POS is having a disruptive effect on all market segments and has proven that it is not just for micro merchants. Forward thinking acquiring banks realise this trend and are adding mPOS to their payment offerings, often replacing stand alone payment terminals. The Mobile POS solution consists of a Borgun branded payment app for iOS and Android, secure card readers and an EMV payment service. Handpoint Mobile POS is the world’s first and currently the only PCI P2PE certified mPOS application.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] International (excluding the USA) Purchase Dollar Volume (PDV) for Visa (VS) and MasterCard (MC) debit cards rose 15.9% year-on-year (Y/Y) in the first quarter (Q1/14). MC’s growth in Q1/14 international debit cards PDV growth outpaced VS by 460 basis points (bps), according to CardData. During Q1/14 VS and MC produced $226…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs are up .1% from earlier in month to 15.1% after averaging a meager .04% change over the past year. The figure is also up substantially on the year ago figure of 14.9. This follows a relatively lengthy period of APR stagnation since the holiday months. Typically, card…
Yaap Shopping, the Spanish mobile commerce service launched by the alliance of CaixaBank, Santander and Telefónica is being powered by Monitise. The alliance, initiated in Spain, has a mission is to create new and open digital services with a global outlook. Yaap Shopping is a virtual mobile commerce service in which thousands of retailers in Spain can generate revenue through digital interaction with consumers.
TSYS announced Philip W. Tomlinson decided to retire as CEO. In his place, M. Troy Woods has been elected by the TSYS board of directors as president, CEO, effective July 31, 2014. Tomlinson will continue to serve as executive chairman of the board of TSYS until the 2015 Annual Shareholders’ Meeting. Woods started his career at Columbus Bank and Trust Company in 1970, working part time in the bankcard department and eventually becoming a vice president. He left the company in 1977 to become senior vice president of consumer lending for AmSouth Bank in Birmingham, Ala. Woods rejoined TSYS in 1987 and directed the company’s international expansion, strategic planning, major client negotiations and the company’s launch of TS2. Most recently, he guided the company’s diversification strategy into faster growing areas of payments as TSYS moved beyond its roots as a third-party processor for bank issuers and merchant acquirers.
SIMalliance has highlighted that future growth of the NFC ecosystem and NFC-based applications, resulting from host card emulation (HCE), is likely to expedite SIM-based NFC payment deployments and create opportunities for mobile network operators (MNOs) to ‘address the security and authentication gaps in HCE*’.SIMalliance published a paper in April 2014, titled ‘Secure Element Deployment & Host Card Emulation’. It explores both the advantages and the limitations of HCE, providing insights and assessments on a broad range of related topics, including the investment risks for early adopters, the security fallibilities of Android 4.4, the scale of the HCE-NFC certification challenge and the prohibitive barriers to HCE acceptance in global transport and ticketing systems.
National Futures Association (NFA) announced that its Board approved a ban on the use of credit cards to fund retail forex and futures accounts. Although NFA’s proposed rule prohibits the use of credit cards to fund both futures and retail forex accounts, NFA determined through its study that futures commission merchants currently don’t permit this practice. This prohibition is a direct result of an extensive study by NFA of forex dealer members’ business practices. NFA looked at more than 15,000 retail forex accounts and noted that an overwhelming amount of these accounts were funded by small retail customers using a credit card or borrowed funds, and a majority of these accounts were unprofitable.
Spindle has signed a strategic agreement with RisePay payment gateway systems for small businesses, service providers and mobile vendors. RisePay will integrate Spindle’s payment aggregation technology into its proprietary gateway platform, which will help differentiate its gateway services, and allow the company to quickly underwrite merchant applications and expand its penetration in the SMB market. RisePay offers a reliable, scalable payment gateway service that processes card payments for “micro” businesses. Its platform enables merchants to utilize smartphones as portable card-readers, giving them additional leverage to compete with larger retailers.
USA Technologies, Inc. today announced commercial availability of ePort Online, another new capability added to USAT’s comprehensive ePort Connect® service. ePort Online was designed to alleviate some of the time and effort USAT customers spend processing and following up on payment for invoiced services such as delivery services, equipment sales, catering services and more. USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries.