[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs are up .1% from earlier in month to 15.1% after averaging a meager .04% change over the past year. The figure is also up substantially on the year ago figure of 14.9. This follows a relatively lengthy period of APR stagnation since the holiday months. Typically, card…
TSYS announced Philip W. Tomlinson decided to retire as CEO. In his place, M. Troy Woods has been elected by the TSYS board of directors as president, CEO, effective July 31, 2014. Tomlinson will continue to serve as executive chairman of the board of TSYS until the 2015 Annual Shareholders’ Meeting. Woods started his career at Columbus Bank and Trust Company in 1970, working part time in the bankcard department and eventually becoming a vice president. He left the company in 1977 to become senior vice president of consumer lending for AmSouth Bank in Birmingham, Ala. Woods rejoined TSYS in 1987 and directed the company’s international expansion, strategic planning, major client negotiations and the company’s launch of TS2. Most recently, he guided the company’s diversification strategy into faster growing areas of payments as TSYS moved beyond its roots as a third-party processor for bank issuers and merchant acquirers.
SIMalliance has highlighted that future growth of the NFC ecosystem and NFC-based applications, resulting from host card emulation (HCE), is likely to expedite SIM-based NFC payment deployments and create opportunities for mobile network operators (MNOs) to ‘address the security and authentication gaps in HCE*’.SIMalliance published a paper in April 2014, titled ‘Secure Element Deployment & Host Card Emulation’. It explores both the advantages and the limitations of HCE, providing insights and assessments on a broad range of related topics, including the investment risks for early adopters, the security fallibilities of Android 4.4, the scale of the HCE-NFC certification challenge and the prohibitive barriers to HCE acceptance in global transport and ticketing systems.
National Futures Association (NFA) announced that its Board approved a ban on the use of credit cards to fund retail forex and futures accounts. Although NFA’s proposed rule prohibits the use of credit cards to fund both futures and retail forex accounts, NFA determined through its study that futures commission merchants currently don’t permit this practice. This prohibition is a direct result of an extensive study by NFA of forex dealer members’ business practices. NFA looked at more than 15,000 retail forex accounts and noted that an overwhelming amount of these accounts were funded by small retail customers using a credit card or borrowed funds, and a majority of these accounts were unprofitable.
Spindle has signed a strategic agreement with RisePay payment gateway systems for small businesses, service providers and mobile vendors. RisePay will integrate Spindle’s payment aggregation technology into its proprietary gateway platform, which will help differentiate its gateway services, and allow the company to quickly underwrite merchant applications and expand its penetration in the SMB market. RisePay offers a reliable, scalable payment gateway service that processes card payments for “micro” businesses. Its platform enables merchants to utilize smartphones as portable card-readers, giving them additional leverage to compete with larger retailers.
USA Technologies, Inc. today announced commercial availability of ePort Online, another new capability added to USAT’s comprehensive ePort Connect® service. ePort Online was designed to alleviate some of the time and effort USAT customers spend processing and following up on payment for invoiced services such as delivery services, equipment sales, catering services and more. USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries.
Payveris online and mobile digital payments companyand Geezeo, a company that helps hundreds of banks and credit unions better engage customers through digital channels, have announced a collaborative partnership to offer innovative financial tools and services that enable customers and members to more easily manage their finances.Payveris and Geezeo will leverage each other’s expertise to create integrated offerings that empower financial institutions to better compete in the marketplace.Payveris’ cloud-based digital payments platform allows for more secure, faster and less expensive payment transactions with less risk of errors. This platform approach provides financial institutions with a more integrated payment offering.
The cost of providing rewards on Discover cards is rising three times faster than the income earned from interchange/discount revenues, according to CardData. As one of the top U.S. credit card issuers Discover is renowned for its generous cardholder reward programs, including its new “it” card.
Raphaels Bank Card Services has appointed Emily Utton Senior Relationship Manager and Alex Reddish as Relationship Manager. The appointments round off a rapid period of growth for the Raphaels Bank Card Services team which has tripled in size in just 18 months. Emily Utton has joined Raphaels Bank after five years at Paypoint, where she was an Account Manager, looking after the energy sector. Prior to that, she was Account Manager at the Home Retail Group. Although Emily is new to prepaid, she has extensive experience as a relationship manager in the payments industry. Joining Emily, Alex Reddish has joined the team as Relationship Manager, moving after two years as Relationship Manager at Ukash. He has a long family history in prepaid and did his final dissertation, at Roehampton University, on the future of prepaid. Meanwhile, Janet Johnston has expanded her role as Head of Operations to include Relationship Management. Janet has been with Raphaels for three years, initially heading up Operations.
Fiserv announced today that United Credit Union has selected the CUnify account processing platform from Fiserv. United will add CheckFree RXP from Fiserv and the Popmoney person-to-person (P2P) payment service. United chose CUnify for its reliability and state-of-the-art relational database foundation to streamline workflows, improve overall performance and provide seamless payments integration. The changing payment preferences of the members at United indicated the need for electronic personal payments capabilities. New to members, United will offer the ability to make person-to-person payments via Popmoney, which was selected for its security and ease of use. Following implementation, members will have the ability to securely send, receive and request money to/from individuals for purposes such as making a last-minute rent payment, sending money to a family member in an emergency, or paying a small business or service provider upon completion of a project.
CoinVoxis selecting BitPay as its official wallet and payment processor. Coinvox nonpartisan digital donation platform for political organizations, is integrating with BitPay in an effort to define the new landscape in which digital currencies such as Bitcoin can be used for political campaign elections. BitPay will allow CoinVox to expand into the future beyond the midterm elections and into international politics and causes. CoinVox is now open for business to candidates and organizations interested in soliciting and accepting digital currency through its platform.
Tripwire risk-based security and compliance management solutions, announced Ken Westin, security researcher for Tripwire, will present at ToorCamp 2014. Westin has researched how organized crime rings, including those with connections to Russian and Eastern European groups, generate revenue through credit card theft. These groups profit through shoplifting, identity theft credit card skimming and other forms of fraud. Westin will discuss several cybercriminal cases he helped crack and attendees will learn key elements of the credit card black market. the connection between credit cards and the exploit market and how stolen credit cards fuel other forms of retail fraud.