FreedomPay has implemented Credit Union Financial Exchange (CUFX) standards on its Commerce Platform and that Baxter Credit Union (BCU), a flagship CUFX member, has deployed the solution to provide corporate customers with the opportunity to make cashless payments. The CUNA Technology Council initiated the CUFX standards project to address integration issues on behalf of all credit unions. Experts from leading credit unions and top vendors have come together to develop technology standards that will make product and service integration across the credit union industry faster, easier and more cost-effective. CUFX standards will expedite implementations, reduce core costs, speed revenue recognition through faster implementations and ease ongoing support efforts.
Fiserv announced details of four recent core account processing conversions, underscoring its commitment to serve credit unions with solutions that are right for them, coupled with technical knowledge and expertise that enable best-in-class results. Fiserv has partnered with multiple credit unions to develop solution options that fit their unique needs covering In-House and ASP delivery modes with solution bundles that create the most value for credit unions and, in turn, their members. Fiserv implementation experts worked closely with each credit union to deliver account processing conversions that exceeded client expectations. The success of these conversions further reinforces the value that Fiserv delivers to credit unions through its range of account processing options.
Navicure cloud-based healthcare billing and payment solutions partnered with Acculynk to offer a customized payment platform to healthcare providers. Navicure currently helps physician practices, billing companies, and hospitals increase profitability through increased revenue, faster cash flow, and staff productivity, serving over 50,000 healthcare providers nationwide. The new offering is expected to launch in the third quarter of 2014 and will include a platform that delivers a full suite of secure payment solutions for different processing environments. This will provide custom invoice generation, PCI compliance and m-payments.
Oberthur Technologies announced the launch of its new EMV website (www.oberthur.com/emv) to educate U.S. financial institutions and consumers about EMV chip cards. With new state-of-the-art equipment and rapidly expanding capacity, OT is actively involved in more than 50 EMV projects for small, medium and large financial institutions in the U.S. The new website addresses questions and concerns, like: How does EMV work? What is the case for EMV? And, how do I migrate from magstripe cards to EMV cards? OT’s informative website is an important resource for the U.S. payment industry and will continually be updated to reflect EMV progress in the U.S.
M&T Bank has enhanced its commercial credit card line-up by adding chip technology, a new rewards program and a new card aimed at business executives. The introduction of a computer chip into M&T’s commercial cards offers a better point-of-sale experience for cardholders traveling internationally. Commercial cards issued with the encrypted microchips will feature a custom PIN to be used at chip-enabled merchant locations. M&T Bank Corp. is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and Washington D.C.
WEX payment solutions announced WEX Fleet One was named the provider of co-branded over-the-road (OTR) fuel card services for Sinclair Oil Corporation (“Sinclair”). Sinclair’s selection of WEX Fleet One as its OTR fuel card service provider reflects the strength of the growing relationship between the two companies, as well as WEX Fleet One’s ability to leverage its business network across the WEX organization. The newly co-branded Sinclair OTR cards offer benefits including industry-leading controls, fraud reduction and fuel savings throughout the Sinclair and WEX Fleet One network.
LoopPay made available the LoopPay ChargeCase. This iPhone charge case enables secure mobile credit card transactions while extending battery life. The ChargeCase allows consumers to leave their wallets and charging cables behind for the day while gaining the ability to pay with their phones just about everywhere they shop or dine. The mobile payments market is poised for growth, but consumers have not adopted any of the mobile wallet solutions to replace their existing physical wallets due to the inability of previous mobile payment technologies to find wide acceptance at most retail locations. LoopPay technology turns existing magnetic stripe readers at nearly every point-of-sale terminal into contactless payment receivers without any changes to existing merchant infrastructure. The LoopPay ChargeCase is compatible with iPhone 5 and 5s devices and delivers about 60 percent additional power to the standard iPhone battery. Even when the ChargeCase is depleted after transferring charge to extend the phone’s battery, it still has sufficient power to perform more than 100 mobile transactions. T
Fico announced the general availability of Fico Debt Manager solution 9.5, with a host of new features designed to help collectors improve productivity while ensuring they are compliant with new regulations. The solution enables collections groups to reduce operating costs, achieve score-driven increases in amounts collected, adjust to changing regulations and increase customer satisfaction. FICO Collection Scores are now available out-of-the box, giving users the ability to assign the right treatment strategy and collector to each individual account, and thereby helping to improve performance. Typical operations that adopt FICO Collections Scores see a three to five percent lift in collections. FICO Risk Intervention Manager clients report being able to handle two to four times the volume at the same cost with better right-party contact rates and improved customer satisfaction.
LoopPay, Inc. announces today the availability of the LoopPay ChargeCase, the world’s first iPhone charge case that enables secure mobile credit card transactions while extending battery life. LoopPay delivers the world’s first mobile payment solution that is accepted almost everywhere, and can effectively replace traditional wallets. The ChargeCase is the second product LoopPay has introduced in four months, with several more products planned for market entry this year. LoopPay invented the world’s first mobile wallet app that allows consumers to securely store all their cards and pay with their Loop Ready devices (accessories, smartphones, smart watches) virtually everywhere.
Powa Technologies announced a partnership between its PowaPOS retail payments platform and iConnect POS software to provide a robust, fully-integrated and advanced tablet-based POS solution. The PowaPOS T-Series is the first POS platform that integrates all major tablet platforms, with a high-speed printer, 2D barcode/QR code scanner, cash drawer, EMV payment terminal and multiple expansion ports, together in an attractive, all-in-one space saving form-factor. The optional PowaPIN is the world’s smallest EMV chip-and-pin acceptance device. iConnect’s iOS tablet software provides merchants with consolidated services, fully customizable for merchant needs. Features include inventory tracking, employee management, multiple language and multi-location support, real-time reporting, CRM, email and text message marketing.
Cachet Financial mobile money management partnered with Navy Federal Credit Union to implement a money management tool geared towards students. The credit union’s Visa(R) Buxx program will use Cachet’s Select Mobile(TM) Money prepaid mobile application to view balances, request money from parents through SMS, email or in-app notification, and use the locator feature to easily locate the nearest branch or ATM. Cachet’s Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new prepaid card program.
During Q1/14 VISA (VS) and MasterCard (MC) produced $94 billion in international credit card CDV, compared to $106 billion in the prior quarter and $96 billion one-year ago. VISA posted $46 billion in Q1/14 international credit card CDV, compared to $53 billion in the prior quarter and $48 billion in the year ago quarter, for a Y/Y growth rate of (-4.1%). MasterCard posted $48 billion in Q1/14 international credit card CDV, compared to $53 billion in the prior quarter and $48 billion in the year ago quarter, for a flat Y/Y growth rate.