[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Economists at Global Economics Group released a new study examining the impact of the Durbin Amendment on consumers, retailers, and banks showing consumers will lose more than $22 billion as a result of the price caps on the interchange fees banks receive when consumers pay with a debit card. It also…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] PrivatBank has launched its Android contactless ATM that runs on Android. Letting users withdraw cash through their mobile phone, the new ATM solution does not have the usual display with buttons and is equipped with NFC- reader. Inside the ” black box” there is a first-class protection safe and the necessary…
InComm launched its “Cashtie” Cloud Match Service, allowing loyalty program, mobile wallet and digital coupon providers to offer their capabilities to InComm’s retail network without lengthy integration or new hardware to install at a retailer’s POS. The “Cashtie” Cloud Match Service lets providers and retailers to seamlessly manage and process mobile barcode transactions without any changes to the POS system, leveraging the established host-to-host connectivity between InComm and the retailer and InComm’s barcode activation. The cloud match service uses the transaction details to match, in the cloud, the transaction at a specific cash register within a particular retail location and the provider that is associated with the barcode. Cashtie then shares this information with the provider, who matches it to a specific consumer and responds with the transaction details for making a payment, receiving a discount or gaining loyalty points. Cashtie then sends the details for the transaction back to the POS either via InComm’s proprietary switching technology, as part of InComm’s Enhanced Payment Platform or to any third party switching solution used by the retailer.
Union Bank launched its Receivables Straight through Processing (Receivables STP) Solution for the company’s commercial clients. Receivables STP demonstrates Union Bank’s commitment to innovation and is a key component of the bank’s suite of comprehensive receivables solutions aimed at improving the overall receivables processing experience. Receivables STP is a receivables management solution that enables businesses to dramatically improve their working capital management. The solution includes a robust translation engine and deductions management module that helps reduce losses associated with deductions and/or chargebacks. Users can review exceptions and make adjustments in real time, posting entries directly to their back office General Ledger (GLs). It includes an internal routing workflow engine allowing users to route exceptions to designated employees, accessing images for paper payments.
Cardtronics announced Julie Gardner is joining its Board of Directors. Gardner brings to the role more than 25 years of marketing experience in the retail industry, most recently as Executive Vice President and Chief Marketing Officer of Kohl’s, a value-oriented specialty department store chain. During her 14-year tenure, Kohl’s expanded from a regional company to a nationwide retail chain, opening nearly 900 stores during Gardner’s time with the company. Prior to joining Kohl’s, Gardner had a 14-year career with Eckerd Corp., a regional drug store chain where she held several management positions, including Chief Marketing Officer. Gardner joins the company’s Board of Directors in conjunction with the vacancy created by Robert P. Barone, who retired from the Board earlier this year after serving as a Director for 12 years.
VeriFone Systems has successfully fulfilled the necessary Domain 3 requirements, which cover the management of encryption devices and any applications in the UK and Ireland. All VeriFone PCI PTS 3.x payment devices dispatched in these countries as part of the PAYware Ocius managed service from September 2013 will be ‘P2PE ready.’ This includes VeriFone’s VX Evolution portfolio of NFC-enabled PIN pad, portable and countertop devices. VeriFone is one of the first U.K. payment service providers to be able to supply Domain 3 ready devices which, when used in conjunction with a validated P2PE solution, can reduce PCI scope for merchants.
MasterCard announced the appointment of Emerging Markets Payments (EMP), the leading electronic payments processing company in the Middle East and Africa region, as a Principal Member in Egypt. Through this, EMP will be able to sponsor issuers in Egypt and other African markets as Affiliates, allowing smaller issuers to offer prepaid, credit and debit cards, get access to ATMs and Point of Sale services by utilising EMP’s ability to sponsor them as Affiliates, and benefit from EMP’s technology and operations outsourcing services. The cards will offer consumers greater control over expenses and the opportunity to build the payment history.
Cooperative Bank of Kenya has completed its implementation of Misys BankFusion – a transformation platform to support the bank’s rapid expansion plans. Since implementation, the bank’s profits have increased 31 percent to Kshs 3.23 billion, for the first quarter of 2013. Transaction processing throughput has doubled and end-of-day processing has improved by 40%. The bank has 3.4 million customers and is looking to grow this considerably over the next twelve months through superior customer service and an extended branch network able to serve its customers more effectively. Misys BankFusion provides the innovation platform for Cooperative Bank of Kenya’s ambitious growth plans.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Employment Trends Index (ETI) increased in September to 114.78, up from 113.98 in August and is 6.3 percent higher than a year ago. September’s improvement in the ETI was driven by positive contributions from seven of its eight components. The increasing indicators ” from the largest positive contributor…
Piraeus Bank has been certified once more, according to the international PCI DSS, which lies on security of online transactions using credit and debit cards. This certification is a well-known standard and compliance obligation for all parties involved in card data management, such as merchants, credit institutions, organizations, companies, etc. It is noted that Piraeus Bank is the only bank in Greece and the broader geographic region that is PCI DSS certified, demonstrating in practice our dedication to online transactions in which the Bank has significantly invested.
Fiserv announced that Cole Taylor Mortgage, a division of Chicago-based Cole Taylor Bank, has deployed its LoanServ platform to support its expanding loan servicing portfolio and further develop its full-service mortgage banking capabilities. Cole Taylor Mortgage is also rolling out LoanLink™, a consumer-facing self-service website for its borrowers provided by Fiserv. LoanServ automates all loan servicing processes, including integrated default management and collections, cashiering, escrow, and investor accounting for both closed-end and revolving loans. With the LoanServ solution, data transactions are available online in real-time to ease compliance risk and eliminate the limitations associated with an end-of-day batch processing cycle.
Diebold settled a lawsuit it filed in February 2013 in the U.S. District Court for the Northern District of Ohio against NuSource Financial for undisclosed terms. In its complaint, Diebold alleged, amongst other claims, that NuSource infringed Diebold’s U.S. Patent No. 6,672,505, as well as various Diebold copyrights, by selling refurbished Diebold automated teller machines (ATMs) installed with unauthorized copies of Diebold ATM software. NuSource denied Diebold’s allegations and any liability to Diebold.