Visa Simplifies Online Shopping

Visa announced the launch of Visa Checkout, a quick and easy payment service that enables consumers throughout the United States, Canada and Australia to pay for goods online, on any device. For consumers and online retailers, Visa Checkout offers an easy and secure way to pay online. Enrolling in Visa Checkout is intuitive and simple, and shoppers can use any Visa debit or credit card or even other branded cards to make purchases from a PC, mobile device or within a mobile app. Once enrolled, shoppers simply provide their username and password to complete the payment process — without ever having to leave the merchant’s website. Visa Checkout replaces the V.me by Visa service, first introduced in 2012. Leading payments card issuers, community banks, and credit unions are all participating in Visa Checkout.

Visa Opens San Francisco Technology Center to Advance Innovation in Payments

Visa has opened its One Market innovation center and office space at One Market Street in San Francisco. The move provides Visa technologists, clients, partners and the Bay Area tech community an innovative space to jointly develop the next generation of commerce applications.The centerpiece of One Market will be an innovation center designed to provide an immersive experience for clients and partners, where they can interact with Visa subject-matter experts, and explore new products and technologies that advance the payment experience in areas such as mobile, security and cloud-based technologies. The space has been designed to encourage dynamic interaction and real-time experimentation, and is expected to attract Bay Area technology talent who want to develop the next generation of commerce solutions by working with the industry leader in payments.

Google Wallet Announces Gift Card Support

The Google Wallet app* for Android and iOS devices are now make it easier to shop in stores and get paid by friends and family. You can also request money from friends, which means you can settle the dinner bill while you’re still at the table. Lastly, sending money with your debit card is now free, making it even easier to pay your friends or the babysitter using Wallet. You can already store your loyalty cards and offers in Google Wallet, and now you can easily keep your gift cards in Wallet too. Add your cards to Wallet just by snapping a picture of them or typing in the card info. Then, when you want to use the gift card at the store, just show your phone to the cashier at checkout.For certain gift cards, you can check your gift card balance in real-time and get reminders to use your card when you are near stores. You can also send money for free in Wallet by using your debit card.

COF Q2/14

Capital One reported a 5% year-on-year decline in second quarter after-tax U.S. bank credit card profits to $607 million. The decline was primarily driven by a 14% year-on-year decline in net interest income. However, purchase dollar volume soared while delinquencies and charge-offs hit record lows in the second quarter. Capital One’s net revenue margin declined 164 bps and the average yield dropped 196 bps year-on-year.

BofA PDV

BofA reported a decline of 1.8% in Year-on-Year (Y/Y) average U.S. bank credit card outstandings of $88.1 billion. Meanwhile, PDV for BofA’s U.S. bank credit cards jumped 3.9% Y/Y and 9.6% Q/Q to $53.6 billion. BofA noted its U.S. debit card PDV also increased 2.7% Y/Y and 5.5% Q/Q to $69.5 billion. Also, BofA benefited greatly in Q2/14 from record low delinquency and charge-offs in its U.S. bank credit card portfolio.

Western Union Appoints New CFO

Western Union global payment services appointed Raj K. Agrawal Executive Vice President and Chief Financial Officer. Bringing to the role more than 20 years’ business experience, most recently as Western Union Executive Vice President and Interim Chief Financial Officer, Raj was President of Western Union Business Solutions from 2011 through 2013. Agrawal, joined Western Union in 2006 as Treasurer and also has served as Senior Vice President of Finance for Europe, Middle East, Africa and Asia Pacific. Prior to joining Western Union, Agrawal held senior financial roles at Deluxe Corporation and General Mills, and he began his career at General Motors and later the Chrysler Corporation. He holds an MBA from Columbia University.

Ingenico On-Guard P2PE gets PCI SSC validation

Ingenico announced that its On-Guard application has been referenced as a validated Point-to-Point Encryption application by the PCI SSC. Whereas cardholder data protection is currently increasingly challenged, the On-Guard P2PE solution enables merchants to reduce their exposure to data breaches. It also restricts the scope of merchants’ PCI DSS certification to the payment terminal only, leading to drastic cost reductions in both security investment and certification expenses.The On-Guard P2PE solution is supported and certified across the complete range of Ingenico Smart Terminals, including mobile POS, and thus aligns with new security challenges and regulations for mobile devices.

First Data and Secure Trading Intro Prepaid Gambling Solution

Secure Trading and First Data announced a partnership to design an easy-to-use, general purpose reloadable prepaid offering combining the powerful compliance tools of their ST-1 solution and First Data’s PayLucky™ Solutions. They will deliver an offering compliant with New Jersey and Nevada regulations and enables players to deposit and withdraw money from their accounts with licensed online gambling operators. Since launching PayLucky™ Solutions for the legalized online and offline gambling and gaming industry, this is the first virtual prepaid card agreement that will bring simplicity and ease to operators and players. On completion of the ST-1 registration process that verifies new players’ identification and location, or when existing players seek to make deposits into their wagering accounts, they will be offered a fully integrated process to set up a PayLucky prepaid account, providing players access to instant funding.

Jack Henry Deploys New Workflow Solution

Jack Henry & Associates announced the availability of jhaEnterprise Workflow™, the fully automated workflow solution that streamlines and standardizes financial institution-defined business processes involving multiple steps, individuals, groups, departments, and systems. jhaEnterprise Workflow supports virtually any process that can be performed with a series of consistent steps. It automatically routes assignments based on established credentials, permission levels, and staff availability while enforcing established approval processes. Automated workflow supports immediate updates to business processes which expedites the ability for financial institutions to respond to evolving regulatory requirements with the ability to immediately update impacted business processes. jhaEnterprise Workflow generates material operating efficiencies; reduces operating redundancies, costs, and risks; improves staff productivity; and reduces labor requirements.