TSYS announced that Keith Pierce, group executive of Commercial Services, has received the Most Influential Executive award at the CPI Global Awards for Excellence in Commercial Cards & Payments. Pierce was one of nine finalists for the award, which this year honors three exceptional professionals in the commercial payments industry. Pierce is responsible for the overall strategic direction and profitability of the commercial business at TSYS and has oversight of client relations, day-to-day operations, financial performance and business strategy.
FIS banking and payments technology launched its pilot of its Cardless Cash Access solution by Wintrust Financial Corporation. The FIS Mobile Wallet platform allows users to withdraw cash from ATMs using just a smartphone. The Cardless Cash Access solution securely authenticates a user on their smartphone and scans the QR code provided on the ATM screen and selects the account and amount of the withdrawal directly on their smartphone. The solution delivers an e-receipt to the smartphone app after cash is dispensed from the ATM. The FIS Cardless Cash Access solution utilizes the security within the user app authentication process and registration of the FIS Mobile Wallet app on the smartphone, eliminating card skimming risk and fraud incidents for banks and their customers.
VerifyValid web-based payment enablement and fraud prevention company launched its CheckItOut “Beta,” an all-new check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. By maintaining a check as digital element and requiring no additional equipment for processing checks, VerifyValid only requires a .50 cent fee for the transaction ensuring the payments stay within the organization, and not into the marketplace. Through a simple to use web interface, a VerifyValid user can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.
Ajay Banga, President and CEO of MasterCard, shared his views on how innovation can help drive economic growth. Banga noted that China’s current wave of industrialization – which has resulted in unprecedented growth based on low-cost labor – is challenged and the country needs a new model centered around continuous innovation. Bringing to bear MasterCard’s analysis and global experience in payments innovation before more than 500 audience members consisting of global CEOs, world leaders, and renowned scholars, Banga recommended China create a more level playing field for SMEs by removing the significant structural advantages that State-Owned Enterprises have over SMEs; reform the interest rate regime; harness a local banking model with right mix of global banks, large national banks and smaller regional / local banks to create efficiency in financing and serving SMEs; and Develop Electronic Payment Innovations that meet SMEs’ unique needs.
HSBC implemented an innovative RMB cross-border payments and collections solution for a Fortune 500 company in China. The new solution provides a centralized approach to cash management by enabling the Chinese subsidiaries of the global leader in power and automation technologies to use RMB to settle cross-border payments and collections with their parent company’s overseas treasury centre. The tailor-made ‘gross-in / gross-out’ model designed by HSBC not only eliminates foreign exchange exposure and optimises liquidity management for the company, but it sets a precedent for other multinational companies that will ultimately help boost circulation of the RMB outside mainland China. Use of the RMB for global trade and payments has soared since Chinese authorities began to liberalise the rules governing the currency in 2009. Some 10.5 per cent of China’s total merchandise trade was settled in RMB last year, and HSBC forecasts that share will rise to 30 per cent by 2015.
FIS entered into a seven-year agreement with FirstBank Puerto Rico for on-site operational responsibility for the bank’s IT operations and staff. FIS will assume operational control of FirstBank Puerto Rico’s IT operations including hardware and software upgrades, application management, skilled operations personnel, help desk and desktop services. The resulting environment will enable the bank to realize lower operating costs, greater operational efficiencies and full regulatory compliance. The bank will also have access to FIS’ portfolio of industry-leading solutions which will provide top-tier system functionality and assist the bank’s growth strategy as it launches new products and services.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index (LEI) for the U.S. was up 0.7% in February to 94.8 after a 0.8% gain in January and .5% gain in December. Indicating a slow but continued expansion in economic activity, this growth was also thanks to improvements in housing permits and financial components helped…
Fathead officially licensed sports and entertainment graphics launched a Virtual Piggy youth-friendly payment system, now available to customers as a secure online payment option through Fathead.com. With a Virtual Piggy account, Fathead is able to create a safe, convenient shopping experience for children by giving parents the ability to control and monitor their child’s spending account. Under this parentally managed account, kids can freely browse and purchase their favorite Fathead products, while learning financial responsibility at the same time. Customers can create a free Virtual Piggy account by visiting Virtualpiggy.com.
MasterCard announced mobile innovations and feature enhancements to Smart Data, including a new mobile receipt application that liberates corporate cardholders from the burden of filing paper receipts for expenses. The new Smart Data Mobile Receipt Capture App for iOS, Android and Blackberry users enables corporate cardholders to directly upload receipt images by taking a smartphone picture and attaching it to the transaction when filing their expense report, allowing cardholders to toss the dreaded paper receipt. MasterCard is also piloting a Mobile Fleet e-Receipt App to assist businesses and governments needing accurate and timely data to manage automotive fleets. The mobile fleet app allows drivers to visit any fuel merchant and enter the data required by their fleet managers, including the type and amount of fuel purchased, the price paid per gallon, the odometer reading, along with many additional features.
Fiserv financial services technology solutions announced 2012 was a record-setting year for its Automotive Loan Origination System (LOS). With more than 10.8 million loan applications and 3.7 million contracts processed through the company’s auto lending platform, there was a 31 and 33% increase for applications and contracts, respectively. This is thanks in large part to the return to health of the automotive industry through renewed consumer demand following the past year’s uptick in the economy. The industry has witnessed the emergence of both established and new lenders vying to meet the needs of growing segments.
TIO Networks, North America’s leading expedited bill payment company, announced it has partnered with Mobilicity, Canada’s smart mobile carrier, to develop and release a native smartphone-based account payment app for Mobilicity customers. The app is available in the Google Play Store. The My Mobilicity Payment App supports Android smartphones, allowing customers to conveniently view their account balance and due date, securely pay their monthly fees or top-up their My Wallet account with any Visa, MasterCard or American Express credit card. It also allows users to view their app payment history, review payment receipts, and find the nearest authorized Mobilicity location.
Western Union launched its “Global Share” platform to introduce new stored-value solutions in markets around the world through local companies. This allows local companies to enhance their overall value proposition by leveraging many of Western Union’s strengths in the marketplace, including the largest network of its kind in the world, its globally recognized brand and its expertise in moving money across borders. The “Global Share” platform allows Western Union and its clients develop enhanced value propositions in the marketplace by leveraging each other’s complementary assets. For this, Western Union has already signed agreements with six companies for solutions that meet a variety of needs around the globe.