Citi’s ThankYou Preferred card now rewards cardmembers for doing what they love by offering two points per dollar spent on dining out and entertainment at no annual fee. New and existing ThankYou Preferred cardmembers earn two ThankYou® Points per dollar on dining at restaurants and entertainment purchases from takeout to fine dining, music downloads to movie rentals, as well as tickets to sports and entertainment events. ThankYou Preferred cardmembers will continue to earn one point per dollar on other purchases. Citi announced a lineup of special events exclusively for Citi ThankYou cardmembers that will begin in August and take place in select U.S. major cities.
The Barclays Partner Finance arm of Barclaycard launched ‘bFlex’, a flexible online finance product allowing consumers to take out instant finance for internet purchases. Whilst consumers have long been able to take out credit at the point of sale when shopping on the high street, they have been more restricted when shopping online. With traditional credit often tied into pre-packaged solutions or terms set by the retailer, bFlex is controlled by the consumer, with instant access at the online point of sale. bFlex can be fully integrated into a retailer’s existing online ordering system and will allow customers to select a finance option designed around their needs and use it to instantly pay for their goods.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard announced a 2Q/13 net income of $848 million, up 19% from the year-ago period, while net revenue was $2.1 billion, a 15% increase versus the same period in 2012, both on an as-reported basis and adjusted for currency. Net revenue growth was driven by a 13% increase in gross dollar…
Fiserv announced that General Colin L. Powell (Ret.) will deliver a keynote address at Forum 2013, the annual fall conference for Fiserv credit union clients. Other highlighted guest speakers include Dan Mica, former U.S. congressman and past president and CEO of the Credit Union National Association (CUNA), and Marcus Buckingham, author of seven best-selling books on strengths in the workplace. Forum will be held Sep. 9 – 12 at The Venetian and The Palazzo in Las Vegas. Forum 2013 is focused on helping credit unions deliver financial experiences that deepen member relationships and drive growth. In addition to the general session speakers who will provide new perspectives on leadership, innovation and management, Forum 2013 will feature sessions across five content tracks: Digital and Mobile Revolution; Payments Transformation; Member-Driven Experience; Risk and Compliance Impact; and Efficiency, Performance and Analytics.
The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms:
“From the very beginning, retailers and restaurants knew the Federal Reserve Board of Governors had grossly misapplied the swipe fee law, also known as the Durbin Amendment. They failed to heed Congress’ call to set fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction. Instead, the Board manufactured a standard that was two to three times higher than the Fed staff recommended.
“As a result, small ticket transactions, such as those imposed on convenience stores and restaurants, skyrocketed under the misapplied law.
“Congress clearly told the Fed to introduce competition and transparency into the debit card marketplace by making multiple networks available, so as to reduce swipe fees for merchants and their customers. The Fed failed to do so, and the court rightly ruled against them as a result. Today’s decision is the first step in setting these initial wrongs right and will ensure that swipe fee reform is done correctly.”
IZettle announces that its Chip & PIN and Chip & Signature mobile payments solutions has been approved by the Visa Ready Program, making iZettle mPOS solutions software and hardware Visa Ready. This comes after iZettle’s successful enrollment last June in the Visa Ready Program, which is designed to provide innovators with an easy way to collaborate with Visa and quickly introduce Visa-compliant devices, software, and solutions that can be used to initiate or accept Visa payments. Sweden’s Financial Supervisory Authority regulates iZettle, whose services are EMV approved, compliant with PCI DSS.
ElectraCard Services (ECS) software and processing solutions for electronic payment systems, powers e-Revenue Gateway (e-RG), a payment processing and electronic transaction switching company, to launch contactless electronic payments in Nigeria. ECS’ PA-DSS compliant platform will help e-RG to launch programs with multiple financial institutions and channels like ATM/ POS/ Internet/ Mobile on the same platform. Contactless, otherwise commonly known as “tap & go” payment cards, are more convenient to use and perfectly aligns to “Cashless Nigeria” initiative of Central bank of Nigeria (CBN). The eRG payment cards offer consumers a choice of debit or prepaid Smart Cards with the first NFC capabilities in the country.
Fiserv partnered Mellon Ukraine to offer UniCredit Bank its “Currency Manager” solution to optimize the bank’s cash reserve levels and maximize transportation capacity. The Integrated Currency Manager from Fiserv is a web-based cash supply chain management and optimization tool that automates precise cash forecasts for multiple cash points, including ATMs, branches, vendors and vaults. It combines complex forecasting functionality with historical trends to reduce currency outages and expensive emergency deliveries to restock empty ATMs. It also optimizes transportation schedules. Through accurate forecasting, the solution eliminates excess currency inventories, increases the availability of capital for investment and ensures cash points are stocked.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fiserv 2Q/13 revenue of $1.14 billion compared to the year ago figure of $1.02 billion for a 12% increase. Meanwhile, 1H/13 djusted revenue was $2.22 billion, compared with $2.04 billion in the same period in 2012 for a 9% increase. Adjusted earnings per share from continuing operations in the second quarter…
AnywhereCommerce anticipates increased traction in Canada for its mobile point of sale (POS) technologies, due to its participation in the Visa Ready Program. As part of the agreement, AnywhereCommerce’s “Nomad” EMV-capable chip-and-pin device, which enables Canadian merchants to accept payments through mobile phones and tablets, has received the “Visa Ready” designation. Visa Inc.’s Visa Ready Program allows companies like AnywhereCommerce to easily navigate the complexities of the evolving payments ecosystem, and expands access to Visa’s certifications and best practices. AnywhereCommerce will market its “Nomad” product to merchants using the Visa Ready symbol. Supporting both emerging EMV chip-and-pin and legacy magnetic stripe technology, Nomad is a flexible and secure product that is compatible with iOS, Android, BlackBerry, Symbian and Windows 7 and 8 operating systems.
TSYS Healthcare multi-purse benefit card processing introduced innovative and market-leading card functionality for Health Reimbursement Arrangements (HRAs), a key component of the consumer-directed healthcare (CDH) space. TSYS’ enhanced HRA functionality, coupled with technology-leading Web services capabilities, brings a complete, real-time HRA solution to the benefit market. With the implementation of the Affordable Care Act, employers and administrators must look for ways to provide new healthcare coverage options while reducing overall healthcare and administrative expenses. TSYS Healthcare’s new HRA functionality accomplishes both of these objectives by providing debit card access to HRA plans and incorporating a TSYS Healthcare Partnership Model for revenue sharing. TSYS developed a comprehensive solution that allows benefits administrators to provide debit card access to virtually all HRA plans.
MoneyGram signed an agreement to acquire Nexxo Financial’s full-service money transfer kiosk business and to become the preferred money transfer and bill payment partner for Nexxo Financial. MoneyGram will acquire approximately 200 kiosks primarily located in California, Illinois and Texas. These kiosks will offer automated, self-service money transfers to MoneyGram agents worldwide allowing consumers to pay bills utilizing MoneyGram’s bill payment network. The move to expand MoneyGram’s use of self-service channels is a strategy in line with recent statistics. The FDIC has estimated that 60 million U.S. residents do not use formal banking channels as the primary method for their day-to-day financial services. This points to a growing need for convenient and affordable means to transfer funds.