[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] USA Technologies reported results for the fourth quarter and full fiscal year ended June 30, 2013. Fourth quarter highlights include a 23% increase in total revenues to $9.7 million and a 28% increase in license and transaction fee revenues to $8.2 million, representing 84% of total revenues for the quarter. Revenues…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] VeriFone Systems posted fiscal 1Q/14 net revenues of $436 million and operating cash flow of $32 million. This exceeds guidance thanks in great part to operational initiatives launched in the year ago period and innovative payment as a service and commerce enablement solutions. Additional disclosure indicated service businesses achieved net revenues…
CardLab fully customized open-loop incentive and prepaid card products announced Glen Holbert has been named Chief Revenue Officer. Holbert is responsible for growing revenue by identifying new industry segments and new product innovations. He will also continue to manage the relationships with CardLab’s robust e-commerce clientele, large corporate clients and CardLab’s reseller network. Holbert joined the CardLab team in 2013 with 25 years of industry expertise, having served as Executive Vice President of Sales for Parago, a leading rebate processing company and worked with several of the nation’s leading incentive companies including MotivAction, LLC, BI Performance, Maritz Inc. and Marketing Innovators International. He holds a B.S. in Business and Marketing from Miami University.
FreedomPay added Marc Pereira to its executive team as vice president of technology. With nearly 20 years of e-commerce and technology experience, Pereira will be responsible for overseeing, envisioning and maintaining the company’s technology infrastructure, which covers both the development process and the network infrastructure management operations. Marc will ensure that FreedomPay’s world-leading commerce platform is constructed using best practices in security, code optimization and scalability. Pereira joins FreedomPay after serving nearly 12 years in strategic executive roles at eBay Enterprises. Marc has led project teams in coordinating complex, concurrent product development initiatives, deployment and forecasting.
JetPay Payment Services Appointed Jeffrey S. Tourek as Executive Vice President and National Sales leader. Jeff comes to JetPay from Heartland Payment Systems where he was Executive Director for Major Accounts. JetPay Corporation is a nationally recognized payments processor for all major payment cards, with vertically integrated services for businesses that include prepaid debit cards, payroll services and related payroll tax filing, and human resource management. JetPay offers a unique blend of hi-tech transaction processing with customizable solutions for a wide swath of business needs. JetPay Payment Services’ technology platform handles all types of payment transactions including swiped cards at the merchant, mobile payments, and large internet card-not-present businesses.
2Checkout now offers online retailers the ability to apply for their new merchant accounts online and be underwritten and approved instantly. No other bank or payments processor enables a merchant to start selling as quickly. A new merchant can go from application to live payment processing in seconds, versus the industry norm of weeks. 2Checkout is a global payments processor that lets online retailers accept credit cards, debit cards, PayPal, and recurring billing in 26 currencies and 15 languages. In addition to processing payments with PCI Level 1 compliance, 2Checkout also protects merchants by passing all transactions through their proprietary fraud review. 2Checkout also gives merchants options for hosted checkout, APIs for direct website integration, turnkey implementation with more than 100 shopping carts, and free mobile and tablet apps for monitoring and managing sales.
Higher One announced from the floor of the Alliance HEUG conference (booth 706) it has achieved Oracle Validated Integration of Higher One Payment Processing with Oracle’s PeopleSoft Campus Solutions 9.0. Higher One provides payment processing to campuses across the country. For institutions, these services can offer assurance that transactions will occur in real-time and within the strictest of security standards, all through a proven integration. To achieve Oracle Validated Integration, Oracle partners are required to meet a stringent set of requirements that are based on the needs and priorities of the customers. This proven strategy can assure institutions that they can rely on Higher One’s virtually seamless processing of payments made by students and parents, including online, on-campus, international and mobile payments.
EMV Payment Tokenisation Specification – Technical Framework v1.0 has been published by EMVCo. The technical document – which will be of interest to all industry participants including merchants, acquirers, card issuers and new payment entrants engaged in the mobile and digital secure payment ecosystem – is designed to allow market implementers to develop interoperable tokenisation solutions. EMVCo, which is collectively owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa, announced that it would expand its scope to lead the payments industry in its work to standardise tokenisation in January 2014. The new specification will help provide the payments community with a consistent, secure and globally interoperable environment to make digital payments when using a mobile handset, tablet, personal computer or other smart device. This will encourage industry efficiencies and security enhancements for digital commerce. The new specification from EMVCo will maintain compatibility with the current payment infrastructure and will be complementary to the existing EMV Chip Specifications to ensure consistency across all payment environments. Moving forward, EMVCo will actively solicit Associate, Subscriber and public feedback to support enhancements and inclusion of additional use cases. The specification framework will evolve with industry input collected to broaden its applicability and relevance to marketplace needs.
American Express, at SXSW Interactive Festival, announced several new technology initiatives to promote financial inclusion in the U.S. These include a new program from American Express Ventures to fund startups working toward financial inclusion, the establishment of a Financial Innovation Lab, and sponsorship of a documentary. The documentary will spotlight how technology and new thinking can begin to address the issues facing nearly 70 million Americans1 poorly served or excluded from the mainstream financial system. American Express showcased the trailer for Spent: Looking for Change earlier today at an intimate event at SXSW. The film, set to premiere this summer, follows a handful of hopeful Americans as they navigate their way through an antiquated financial system that can inhibit, rather than help, people’s ability to access, move and manage money as well as save for the future. The film will illustrate the seriousness of this growing problem, but also explore the many solutions emerging through technology, innovation and education.
ACI Worldwide will be hosting “The Disruption Opportunity: A Game-Changing Perspective on Payments,” an executive payments summit in New York and London on March 12. ACI’s senior payments leaders and other esteemed industry experts will headline this executive summit that explores the opportunity for banks, retailers, billers and processors to leverage payments disruption to get ahead in the marketplace. The summit kicks off with a NASDAQ bell ringing ceremony, followed by a senior-level executive panel that will discuss payments perspectives. Phil Heasley, president and CEO, ACI Worldwide, will present the Disruption Opportunity, and Steve Forbes, editor-in-chief, Forbes Magazine and chairman, Forbes Media, will present Payments Transformation and the Global Economy.
TSYS enhanced its online, self-servicing solution, Credit Care, to provide consumer cardholders an improved user experience and issuing banks greater administrative control. The new responsive and user-friendly design empowers TSYS clients and their customers with greater accessibility to account information. Credit Care now features a flexible user interface providing account holders easy and secure access to their accounts from any mobile device, regardless of size. Other enhancements include convenient single sign-on access from host bank websites, which saves cardholders time and eliminates the need for multiple passwords. New product features also include additional account payment options and an administrative console providing issuing banks the ability to manage the account holder experience for their unique brand and business.
The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan in response to Visa and MasterCard forming a new cross-industry group focused on enhancing payment system security:
“We remain insistent that U.S. retailers’ customers be given the same protections as consumers in more than 80 countries who have both a chip and a PIN securing their credit and debit cards. There is no single solution to the complex issue of criminal hacking and we know PIN and Chip is just a bridge on the long road to a safer payment system, but it is an important step in the right direction.
“We appreciate being involved in meetings with other stakeholders such as the one hosted by Visa and MasterCard last week. While we certainly agree that speed is of the essence, we don’t believe that is an obstacle to introducing PIN and Chip cards since the technology is well established and the cards are widely used around the globe.
“Easy-to-forge signatures are a virtually worthless form of authentication. Insisting on chip-and-signature cards is like installing an alarm on the front door of a home while leaving the back door wide open. It doesn’t make sense when the technology exists to secure the entire house.”