CardWeb.com’s CardExecs database of payments industry movers and shakers today features Luis Molina Achécar, President of Banco BHD León
Xoom digital money transfer provider announced that Banco Popular Dominicano is offering its fast deposit services to the bank’s checking and savings accounts in usually less than 15 minutes. With the addition of Banco Popular Dominicano, Xoom expands its cash pickup network in the Dominican Republic to 576 locations, including Banco BHD, Caribe Express and Banco del Progreso. Xoom and Banco Popular Dominicano also offer Cash Pickup at more than 200 locations across the island. Users can receive their money faster, since they will be able to withdraw the funds from their Banco Popular Dominicano account anytime at more than 700 ATMs across the island.
The first mobile wallet was launched in the Dominican Republic by the leading prepaid telco operator (Orange) and the largest bank (Banco Popular Dominicano). M-peso is a mobile money initiative created to cater financial services to the bottom of the pyramid, which represent 72% of the Dominican population (9.4 million, 2010 census). The product was launched after 6 months of preparation and roughly 8 months after the regulators published the framework for virtual prepaid cards and branchless banking. The design, development and implementation of the turn-key solution was handled by GCS International, the same company that has created and commercialized great success the acclaimed regional products tPago® and Citi® Mobile Collect.
Wells Fargo & Company expanded its “ExpressSend” remittance network through an agreement with Bancomer Transfer Services and will extend its consumer remittance payout network distribution to seven additional financial institutions. This will include partnerships with banks in the Dominican Republic, Ecuador, El Salvador, Mexico, Nicaragua and Peru. Wells Fargo ExpressSend customers now have 35,800 remittance payout locations to send money to 15 countries in Latin America and Asia.
Fico analytics and decision management technology announced Banco Multiple Leon is to implement its “Capstone Decision Accelerator” software. Combined with a set of Fico predictive models to maximize profitability of its decisions on credit applications, it approves more credit while meeting its risk management goals. Banco Leon intends to use FICO Capstone Decision Accelerator as the decision engine for a broad range of credit decisions. The “Capstone Decision Accelerator” ultimately allows business and risk managers to design and deploy highly targeted strategies through its web interface.
Xoom.com online money transfer announced a “Fee-Free Money Transfer” pricing initiative when sending money to the Dominican Republic from the United States. Money transfers can be sent with no fee through August 31, 2011 by going to the Xoom.com website and entering the coupon code IRENE. This is part of an effort to provide relief from the damaged sustained by Hurricane Irene.
Consorcio de Tarjetas Dominicanas, S.A. (CardNET) card transaction processor has implemented VeriFone Systems’ “VeriShield Total Protect,” secured by RSA. CardNET processes an estimated 80 percent of the total value of card transactions in the country and will utilize “VeriShield Total Protect” to implement end-to-end encryption of card data. RSA, The Security Division of EMC, and VeriFone in 2010 announced a strategic partnership to market their end-to-end encryption and tokenization solutions as an integrated payment security offering. With VeriShield Total Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server, eliminating any risk of usable cardholder data being compromised by a data breach.
FL-based RegaloCard mobile payments company is welcoming Unicomer Group Central American retailer to its mobile payments network. For use on any mobile phone and carrier worldwide, the RegaloCard service allows users to send instantly and for free as little as $10, now through the over 300 Unicomer retail locations spanning Guatemala, Honduras, El Salvador, the Dominican Republic, Nicaragua and Costa Rica. With this, RegaloCard can be used to purchase computers, furniture, toys, home furnishings, children’s items, mobile phones, sporting goods, and consumer electronics offered at any of their numerous locations in Central America.
LIGA Municipal Dominicana has inked a deal to offer payroll cards from San Diego-based Global Pay Solutions to its 70,000 municipal
workers. Global Pay says it expects to earn about $2.5 million annually from the deal. The payroll services program will be directly managed by GPSI
Dominicana, a division of GPSI operating in the Dominican Republic. GPSI
Dominicana will be supplying payroll card services to the LMD’s
municipal workers throughout the 31 provinces in the Dominican Republic.
GPS’s payroll cards will provide workers with access to their funds
through ATMs throughout the world, as well as additional goods and services. Global Pay offers the “TRIO Card” which integrates cell phone top-off, prepaid long distance and complete signature and PIN based transactions into one reloadable, reusable instrument. The card can be used worldwide at over 900,000 ATM’s and over 1,200,000 retail locations via the MasterCard/Maestro/Cirrus and STAR Network. Through licensing agreements, non-U.S. banks can produce the “TRIO Card” for distribution as payroll products in literally every country. Future arrangements will allow for retail distribution of the TRIO card.
Liga Municipal Dominicana (LMD) will provide Global Pay Solutions with
payroll cards for 70,000 municipal workers, providing revenues estimated
to be $400,000. With an average transaction fee of $3.00 per card, this
provides an estimated annual transaction revenue of $2,520,000. LMD
is a division responsible for allocating central government transfer
to municipalities, approving municipal budgets, technical support to
municipalities and as the payroll department for all of the municipal
and their employees. This payroll card program will be directly managed by
GPSI Dominicana to provide workers with access to their funds through
ATMs throughout the world, as well as additional goods and services.
Euronet has acquired La Nacional. La Nacional, out of South America,
provides money transfer services from
fifteen states in the U.S. Euronet has processing centers located
in the U.S., Europe and Asia, and processes electronic top-up
transactions at more than 265,000 point-of-sale terminals across
the globe. La Nacional originates transactions through a network of over
800 sending agents and 65 company-owned stores located primarily in the
Northeastern U.S. and terminates transactions through a payer network of
over 10,000 locations worldwide. Euronet has approximately 157,000
retailers and 26 offices worldwide, with clients in more than 80
countries. According to the Inter-American Development Bank, the
Dominican Republic is one of the largest receivers of remittances in
Latin America, receiving approximately $2.7 billion in 2005.
Global Cash Access recently signed or renewed contracts with six gaming
establishments in the Caribbean region. They include properties in
Santo Domingo, Dominican Republic, St. Johns, Antigua; four Princess
Entertainment Ltd. properties located in Belize and one located in
Corozal. GCA offers ATM technology, cashless gaming products and
marketing services. Among the products and services the Caribbean
properties will take advantage of are GCA’s QuikCash cash advance
terminals and Central Credit services. Global Cash Access is a provider
of cash access products and related services to approximately 960 gaming
properties and other clients in the United States, the United Kingdom,
Switzerland, Canada and the Caribbean.