MasterCard Supports Greater Transparency in Payments

MasterCard today announced a new initiative to help smaller merchants create efficiencies in their operations by accepting electronic payments. The effort combines changes to the company’s U.S. region rules with best practices and insights developed from conversations with smaller merchants.
The new standards deliver greater transparency and value to smaller business owners. In the standard, acquirers and payment service providers are required to provide their customers with a clear and detailed disclosure of the fees they are charged, while also ensuring a minimum of 30 days’ notice before they modify any fees related to MasterCard transactions.

hyperWALLET To Provide Prepaid Cards to Karrot

hyperWALLET® Systems Inc., a trusted global payments provider to top-tier organizations, today announced that Karrot has launched hyperWALLET’s branded prepaid card services to provide a unified payment solution for its loyalty and reward payment solutions. hyperWALLET’s branded prepaid card program will provide Karrot with a streamlined payment solution in USA and Canada that allows earned loyalty funds to be made available to recipients instantly in local currency onto prepaid cards that can be used at ATMs, point of sale, or online.

Tsys Announces Latest Partnership Expansion

TSYS Merchant Solutions announced its partnership with Navy Federal Credit Union designed to provide Navy Federal’s merchant members with the ability to accept credit and debit cards as payments for their goods and services. TSYS Merchant Solutions, a wholly owned affiliate of TSYS (TSS), is ranked as the seventh largest merchant acquirer in the U.S. by number of active merchant outlets according to The Nilson Report. Navy Federal members will now have access to world-class payment acceptance and marketing solutions, including competitive comparison dashboards, mobile, tablet, e-commerce and retail point-of- sale solutions, along with 24/7 customer and technical support.

AmEx to Sell 50% of Travel Arm for $900m

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express signed an agreement to create a JV for its Global Business Travel division. American Express will share ownership of the JV with an investor group led by Certares, by which American Express will separate its GBT operations into a dedicated holding structure, which will include certain assets and liabilities…

TD Bank Offers Popmoney from Fiserv

Fiserv, Inc.today announced that TD Bank has expanded its online money movement options through the addition of the Popmoney personal payment service* and TransferNow online funds transfer service. TD Bank online banking customers now have more ways to easily and securely send, receive and transfer money directly from their bank accounts. Popmoney enables customers to send money to almost anyone they know or owe using the recipient’s name and email address or mobile phone number, eliminating the hassles of cash or checks.

GE Exiting Retail Finance Business

GE announced that it has filed a registration statement with the Securities and Exchange Commission for the initial public offering (IPO) of its North American Retail Finance business. As previously announced, the IPO is the first step in a planned staged exit from that business. GE currently expects to complete the IPO later in 2014. After completion of the IPO, GE Capital Retail Finance will operate under its new name, “Synchrony Financial,” and the registration statement has been filed under that name.

JetPay Introduces MAC Visa Prepaid Card

JetPay Card Services, is pleased to introduce the MAC (Money Access VISA® Prepaid Card). The first phase of the MAC rollout begins today and will focus on employees and employers that are clients of JetPay’s payroll processing business, JetPay Payroll Services. Employees, friends, and families of these businesses will be invited to make MAC the card that they use to help them with their everyday shopping, budgeting, bill payment or other financial services needs.
MAC is a general purpose reloadable (GPR) prepaid card that behaves much like a checkless checking account with a compelling value proposition that will have broad appeal to consumers with or without a bank account. MAC has two pricing options which are being offered through JetPay’s payroll processing channel; MAC One and MAC Choice.

Bluefin Payment Approved as PCI Validated P2PE Solution

Bluefin Payment Systems and SaaS providers announced its PayConexTM P2PE solution has been validated by a P2PE assessor approved by the PCI Security Standards Council, as having met the rigorous controls defined in the PCI SSC P2PE Standard for the protection of payment card data. Point-to-Point Encryption (P2PE) technology can help merchants simplify their PCI DSS compliance programs by removing clear-text cardholder data from a merchant’s environment and reducing the scope of PCI DSS requirements. The PCI Security Standards Council’s P2PE program provides a method for vendors to validate their P2PE solutions and applications, and for merchants to reduce the scope of their cardholder data environment by implementing validated P2PE solutions. PayConex P2PE encrypts credit and debit card data in a secure point of entry device before it is transmitted into a merchant’s point-of-sale (POS), virtual terminal or payment application.

Nacha Advances Same-Day Settlement

The Electronic Payments Association announced that it is taking initial steps towards a ubiquitous, same-day ACH settlement capability. NACHA seeks to move the ACH Network from today’s single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction. The phased implementation approach outlined by NACHA proposes incremental functionality that will provide greater value to end users. This functionality would include multiple, new settlement windows, and greater certainty around faster funds availability; therefore providing a solid foundation on which to build innovative services into the future. NACHA is launching a study to assess the industry’s costs and potential transaction volume for same-day ACH.

WEX Names New Board Member

WEX Inc. announced that Eric Duprat has been elected to the company’s Board of Directors. Mr. Duprat has more than 25 years of domestic and international experience in the mobile, security and payments industries, and is currently Chief Executive Officer of Verayo, a mobile security services turnaround firm in San Jose, California. Prior to joining Verayo in 2011, Mr. Duprat was the General Manager of Mobile Payments at PayPal, an eBay company, during which PayPal’s mobile payment business experienced tremendous growth. Prior to that, Mr. Duprat was Senior Vice President of Global Marketing at Hypercom, an industry leader in payment and networking systems.

Ziploop Drums up $2.2mm Investment

Ziploop mcommerce app announced a $2.2 million seed round with Foundation Capital, Bill Elmore, JBM Ventures Partner, James B. Morris, Managing Partner at Greenback Ventures, James Peters, Managing Director at Texas Pacific Group, Ted Breck, Founder and former CEO at Barra, Andrew Rudd, General Partner at Inman Investment Management, Grant Inman, and General Partner at Canaan Partners, John Balen. Ziploop not only makes the life of the consumer easier, but also helps retailers analyze and better serve their customers. Ziploop allows retailers to rapidly engage with their users on seasonal offerings, while also saving on printing and postage costs.

Fiserv to Advance Visa’s Common Debit EMV Solutiion

Fiserv, Inc. just announced an agreement to make Visa’s common debit EMV solution available for the Accel(TM) debit network. Under the agreement, Fiserv will adopt Visa’s common debit solution offering issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption. The agreement will help enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).