[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Citi is adjusting downward its 4Q/FY/13 financial results, from those earlier reported by an estimated $235 million due to fraudulent activity through its Mexican subsidiary. This will lower Citi’s 2013 net income from $13.9 billion to $13.7 billion. Citi subsequently intends to release a revised 4Q/13 Quarterly Financial Data Supplement. As…
InComm, a leading prepaid product and transaction services company, has entered into an exclusive arrangement with Money Online (MOL), one of Asia’s leading online payment service providers, to launch point-of-sale-activated (POSA) gift card mall solutions in Southeast Asia. MOL is majority owned by Tan Sri Dato’ Seri Vincent Tan, founder and majority shareholder of Berjaya Corporation, one of Malaysia’s largest conglomerates, which also owns the local rights to various retail brands such as Starbucks and 7-Eleven.
Visa announced that it has completed technical development of a new service aimed at detecting and preventing fraud schemes that target the use of prepaid cards.
Visa’s Prepaid Clearinghouse Service (PCS) is a centralized database that allows financial institutions, processors and prepaid program managers to share prepaid card data such as enrollments, load funding, suspected fraudulent information and previously reported fraud on existing card accounts. PCS will provide critical information sharing to better identify and stop fraudulent enrollments, funding, use and other fraud schemes involving prepaid cards. Value assessments now begin with financial institutions and their program managers providing PCS with information such as enrollments, load funding, provisional credit requests, and fraudulent activity to check the database for risky activity. Reporting information into PCS will be required for all U.S. Visa-issuing financial institutions and program managers, yet PCS is capable of supporting multiple network-branded prepaid cards. All U.S. Visa prepaid issuing financial institutions and their program managers will be required to report into PCS by June 2015.
TSYS announced that it has renewed its payments agreement with Missouri-based Commerce Bank. The multi-year agreement includes renewed processing for Commerce’s consumer, commercial and retail credit card portfolios, as well as its signature debit portfolio. In addition, the agreement allows TSYS to further serve Commerce Bank by providing PIN debit services.
The average purchase transaction for a Visa-branded card in Canada hit $102.38 in 2013, dwarfing the average purchase transaction of $50.98 for U.S. Visa credit and debit cards. However, Visa’s huge U.S. debit card volume skews the figures. The average U.S. purchase transaction for a Visa credit card in U.S. last year was $84.37 and for a Visa debit card it came in at $37.41.
ACI posted 4Q/13 revenue of $283 million, up $59 million by 26% from the year ago figure. This was thanks in great part to new sales bookings up 25% while operating income was $86 million for the quarter, an increase of $10 million by 14% from 2012. Net income for the quarter was $50 million compared to net income of $50 million during the same period the prior year. Operating free cash flow in Q4 was $62 million, up from $24 million in the prior-year quarter.
Visa Inc. today announced that it has completed technical development of a new service aimed at detecting and preventing fraud schemes that target the use of prepaid cards. Visa’s Prepaid Clearinghouse Service (PCS) is a centralized database that allows financial institutions, processors and prepaid program managers to share prepaid card data such as enrollments, load funding, suspected fraudulent information and previously reported fraud on existing card accounts. PCS will provide critical information sharing to better identify and stop fraudulent enrollments, funding, use and other fraud schemes involving prepaid cards.
Fiserv announced Abri Credit Union extended and expanded its relationship, selecting “XP2” from Fiserv for account processing along with value-added capabilities for mobile banking, person-to-person payments, online banking, bill pay, and product and service messaging. The “XP2” advanced technology platform with established integration across a broad range of Fiserv solutions is designed to improve efficiencies and maximize cross-selling opportunities. The credit union will leverage the enhanced XP2 lending functionality, as well as the solution’s customizable workflows, to gain efficiencies in its mortgage and small business lending processes. Cross-channel integration will enable members to get up-to-the-minute account information and help staff answer member questions with just a few key strokes. The credit union will also implement “Popmoney” to enable its members to send and receive person-to-person, or social, payments, while Mobiliti™ will introduce comprehensive mobile banking functions, including payment and deposit capabilities, to its members. Additionally, Abri Credit Union will implement Corillian Online® for online banking and CheckFree® RXP® for online bill pay.
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to the announcement by JPMorgan Chase & Co. that the bank will issue its Europay MasterCard Visa credit cards as PIN and Chip cards. NRF retail trade association represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation.
Sellers use Square to manage POS with Square Register, run loyalty programs and promotions for customers, and access important analytics that help them make better business decisions. Now they have added resources thanks to the Square acquisition of Bookfresh POS merchant solutions. The BookFresh team remains dedicated to maintaining and improving the product. For Square merchants, the Company will continue to advance easy-to-use commerce for dynamic customer experiences.
Dash, a mobile payment platform for restaurants, bars, and clubs, that allows patrons to check-in, view, split, and pay their tab from the Pay with Dash smartphone app, announces today that it has raised $1.2 million in a Seed-2 round, bringing its total seed fundraise to $1.9 million. Existing investors including New York Angels, Caerus Ventures and Jonathan Segal, Founder and CEO of The ONE Group, participated in this round, with new investment from Mike Germano, CEO of Carrot Creative. Coinciding with the new fundraise, Dash also released today a iOS 7 update for the Pay with Dash app that incorporates location-aware BLE to automatically check-in patrons as they walk into a venue. Additionally, a stored credit system allows both Pay with Dash users and venues to pay with and offer credit that can be used towards any Dash tab.
Chase today unveiled a new simple and clear disclosure form for its Chase Liquid® prepaid card. Chase is the first prepaid provider to adopt a new model disclosure box released today by Pew Charitable Trusts. The new disclosure form allows customers to plainly see a description of fees and when deposits are available in a simple, easy to read format. The new prepaid disclosure form builds on Pew’s success in creating a model simple disclosure form for checking accounts. In December 2011, Chase worked with Pew to develop a revised summary guide for Chase Total Checking that made its terms and conditions easier to understand for consumers.