Planet Payment international payment and transaction processing and multi-currency processing services appointed Robert J. Cox COO, who will also continue in his role as CFO. Cox has served as the Senior Vice President, Chief Financial Officer and Treasurer since November 2009 and will continue to serve in such roles following his appointment as Chief Operating Officer. From June 2009 to November 2009, Cox served as the Chief Financial Officer of Harris Interactive, Inc., a market research firm. From 2001 to May 2009, Mr. Cox served as the Chief Financial Officer of DealerTrack Holdings, Inc., an automotive retail software solution provider. He began his career as a Certified Public Accountant in the audit practice at KPMG LLP. Mr. Cox holds a B.A. in Accounting from St. Bonaventure University and an M.B.A. from Columbia Business School.
The National Retail Federation formally filed an appeal of a controversial antitrust lawsuit settlement covering credit card swipe fees, asking the 2nd U.S. Circuit Court of Appeals to overturn a lower court’s ruling. NRF is filing the appeal to overturn the flawed credit card swipe fee settlement, which accordingly does nothing to reform the price-fixing payments system that has let credit card swipe fees grown over the past decade and nothing to keep them from continuing to soar in the future. Instead of lowering fees, the card industry’s settlement proposes that merchants pass them along to consumers in the form of surcharges. That is absolutely the opposite of what retailers sought, and major retailers have soundly rejected surcharging. NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries.
MoneyGram is warning consumers to watch out for new scams in the New Year. One of the newest scams targets people who use Instagram, offering the victim an investment opportunity. They ask the consumer to send between $100-$200, promise to invest it and turn it into $1000-$2000. Once the consumer sends the money, the scam artist and the money disappear. Also, fraudsters set up fake business accounts on popular networking sites and offer victims attractive work from home business opportunities, but first the victim needs to send money for a kit to get started. Remember, reputable companies use social media to connect with customers, not to ask for money. Seeing trip information and pictures gives thieves ammunition they need to call family and friends of individuals travelling and ask for money to help get their loved ones out of an “emergency situation.”
MasterCard announced that it has completed the acquisition of Provus Bilişim Hizmetleri A. Ş. (“Provus”), Turkey’s leading independent payment solution and processing provider. The acquisition will build on MasterCard’s strategy of increasing its processing presence in high-growth markets and deliver superior processing solutions and innovative value added services for both financial institutions and customers in the emerging prepaid and mobile payments space.
Following a competitive tender, advanced secure-chip testing provider, FIME, has been chosen by China UnionPay to develop the testing and certification framework of its new TEEi and N3 TEE standards, which will promote secure mobile payment transactions in China. The TEEi is a secure virtual platform that will communicate with the N3 TEE to control and manage the storage of applications within a smart mobile device, such as a mobile handset or set-top-box. The combination of the two TEEs creates a security barrier for trusted applications, such as mobile payments, and the protection of premium content. Providing consulting services, FIME will analyse the specification to create the required test plan and develop a test tool that can be used to certify products to the TEEi and N3 TEE standards. FIME’s global ISO 17025 laboratories will certify mobile devices, validating their compliance to the standards and confirming that they will perform as intended once launched.
Ezetap announced the launch of the first integrated and globally certified Mobile Point of Sale Device with a price point under $50 – approximately one third the cost of any other integrated mobile card reader (supporting magnetic stripe, chip and pin) that is commercially available and certified. Competing head-to-head against global payments companies using devices manufactured in China in the fast-growing Mobile Point-of-Sale market, the entire Ezetap solution from its card reader to service platform has been 100% designed and developed in India.
MBNA has launched a new Smartphone Card Services app as part of the continued evolution of the way it provides services to customers. The new secure, convenient and smart app will offer customers a summary of account information such as balance and payment information; making a debit card payment; viewing their PIN and recent transactions.
FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union have selected industry partners CheckAlt, iParse and CU Wireless as their mobile deposit solution provider. CheckAlt, iParse, and CU Wireless are very excited to add three more credit unions to their network of clients as they continue to expand their partnership into 2014. The mobile deposit solution created by the three innovative financial services companies integrates seamlessly into FAA’s, University of Nebraska’s and Valley’s existing mobile applications to allow the credit unions’ members to make mobile check deposits quickly and easily.
GlobalPlatform has published the first Trusted Execution Environment (TEE) Protection Profile (PP)*. The document defines the level of security required in a TEE hosted in a mobile device to support the delivery of a range of value added services including premium content and mobile wallets, as well as enterprises and governments supporting bring your own device (BYOD) initiatives. GlobalPlatform members have published the market’s first PP for TEE products; a secure area that resides in the main processor of a mobile device and ensures that sensitive data is stored, processed and protected in a secure environment. The document identifies the security needs of the TEE to support different market requirements by combining the standard security methodology outlined by Common Criteria, with the best practice specifications as defined by GlobalPlatform in relation to TEE architecture and interfaces**.
U.S. Bank Bill Pay Giving has generated $450,000 in contributions to four nonprofit organizations since it began in 2011, nearly $166,000 in 2013 alone. Nearly 340,000 customers have made a charitable contribution through the Bill Pay Giving Program. The program was designed to introduce customers to the online bill payment process by having them make their first “payment” a $1 contribution to charities supporting disaster relief, environmental protection, education and arts, and hunger and poverty relief. U.S. Bank matches customers’ payments up to $50,000 annually.
VeriFone announced Moneris Solutions debit and credit card processor deployed its “VeriFone VX 520” countertop POS. The VX 520 is PCI PTS 3.X compliant and features one of the industry’s fastest processors that can quickly handle payment encryption, decryption and processing”enabling merchants to improve security and reduce transaction times. Its integrated contactless capability and all-in-one design allows merchants to accept alternative payments, such as EMV (chip and PIN) cards and mobile wallets, as well as traditional mag-stripe cards through a single device. Merchants can also use the VX 520 to support value-added applications, such as loyalty or gift card acceptance.
Comdata Inc. has acquired eFueling Technologies, a wholly-owned subsidiary of Woodfin Oil Company. This acquisition allows Comdata to expand its product offerings in the unattended fueling market by combining eFueling’s and Comdata’s product knowledge and industry experience. Comdata and eFueling partnered to develop a robust, web-based site controller system marketed as SmartSight. Launched in 2013, this system provides fuel merchants with real-time insight into transaction data and activity at unattended fueling sites.