MasterCard Names General Counsel, Chief Franchise Officer

MasterCard appointed Tim Murphy to general counsel and chief franchise officer and will sit on the Executive Committee. Murphy, 46, joined MasterCard’s Law department in 2000 and became senior vice president and associate general counsel in 2003. In 2006, Murphy was named group executive, Customer Business Planning and Analysis, and was president of MasterCard’s U.S. Region from 2007 to 2009. Murphy then became chief product officer, responsible for leading the management, development and commercialization of MasterCard’s core payment solutions. Also, Craig Vosburg will assume the role of chief product officer after holding the role of group executive, U.S. Market Development. Mike Cyr, group executive, U.S. Markets Customer Delivery, will now become responsible for U.S. Market Development; and Jennifer Rademaker, group head, Core Products, Europe, will become group executive, U.S. Markets Customer Delivery, and now joins the company’s Operating Committee.

PAYe unveils pay-in pay-out ATM network

PAYe Network is introducing the PAYe USA Network at the ATMIA U.S. Conference 2014: Reinventing the ATM, Loews Royal Pacific Resort at Universal Studios, Orlando, FL February 11th through the 13th. The ground-breaking patent pending PAYeCASH solution bridges the gap in the digital divide between online and mobile payment channels, and bricks-and-mortar payment systems. Historically ATM and POS network operators have been locked into card based payments acquiring relationships that offer few options for generating additional revenue streams. And emerging new payment methods (NPM) have for the most part evolved as alternative payment closed-loop systems with little or no interoperability with traditional legacy payment channels. PAYe Network provides ATM and POS network operators with a universal Omni-channel payments solution that is simple, safe, and convenient and provides ATM and POS network operators with a complete compliance program.

Pay.on and Kount Forge Partner Corporation

Pay.on web-based payment infrastructure systems and Kount SaaS provider of innovative fraud and chargeback prevention solutions agreed on a strategic cooperation. PAY.ON is also integrating the services of the Kount Complete platform and fraud control technology Kount SMB into its infrastructure platforms, thus making solutions from Kount available to all clients around the world – from PSPs and ISOs to acquirers and other financial institutions. At the same time, PAY.ON and Kount are combining their global distribution network to promote the mutual expansion of their client base. Kount offers its customers highly efficient solutions to tackle both sources of loss. In this context, PAY.ON is taking strategic action to further expand its existing fraud management system.

Xoom Acquires BlueKite

Xoom Corporation announced it has acquired BlueKite for approximately $15 million in cash and equity. BlueKite has built a robust technology platform for cross-border bill payments and mobile phone top ups. This acquisition will allow Xoom to offer adjacent services to their burgeoning money transfer offerings, with the ability to pay bills for their loved ones, as well as top-up mobile phones.

Bank of America 2013

Purchase volume, per average active account, for Bank of America’s U.S and international consumer credit cards increased 6% year-on-year in the fourth quarter. Charge-offs for U.S. cards fell to its lowest level in eight years. However, for the full-year 2013 BofA’s U.S. consumer credit card portfolio average yield fell 29 basis points to 9.73%. On a quarterly basis the U.S. card yield fell 65 basis points. The international consumer credit card portfolio average yield rose 10 basis points to 11.70% on a full-year basis. Comparing Q4/2013 to Q4/2012, the international card yield also fell 65 basis points. Overall card yield was down sharply from the third quarter. The risk adjusted margin for the U.S. card portfolio rose 114 basis points on a full-year basis to 8.68%.

U.S. BANK CREDIT CARD CHARGE-OFFS 2013

Credit quality continues to improve quarter-to quarter and year-to-year and it appears the bank credit card charge-off plague is quickly subsiding. Tighter underwriting, manageable credit limits, departure of bad credits, not to mention the improving economy, have all contributed to taking charge-offs to historic lows for most U.S. issuers. Charge-offs among the nation’s largest bank credit card issuers fell, on average, by 62 basis points in 2013, to 3.25% at year’s end. After peaking at 10.79% in Q2/2010, charge-offs have returned to levels not seen since 2006 in the U.S.. Discounting the seasonal first quarter contraction in average credit card loans, charge-offs have declined for 14 consecutive quarters.

Genius Customer Engagement Platform

Capital Bankcard of New York announced today a significant move towards a secure mobile payment with the unveiling of Genius™ Customer Engagement Platform™. Genius enables merchants, agents, and partners to take advantage of the increasing disruption, uncertainty and complexity with payment solutions today and turn these conditions into a competitive advantage that helps their business grow rather than be threatened and hurt by it.

Fastest MasterCard Dual Interface Payment Card

Oberthur Technologies announced the release of the fastest MasterCard dual interface payment card on the market. Chrysalis Fly v3.0 reaches unprecedented contactless performances. Oberthur Technologies’ Chrysalis Fly v3.0 is the first card significantly converging between payment and public transport ecosystems. OT offers banks new revenue streams by promoting the usage of their MasterCard payment instruments for Open Payment in transit network. This innovative usage will bring additional value to cardholders’ payment cards.

Associated Bank Launches New Tablet App

Fiserv, Inc. this morning announced that Associated Bank has expanded its mobile banking and payment capabilities and added a tablet banking app with Mobiliti from Fiserv. These changes are in response to customers’ desire to conduct more banking activities via their smartphones and tablets. With the addition of mobile remote deposit capture, branded by the bank as Associated SnapDeposi, customers can now deposit checks by snapping photos with their smartphone camera, while the addition of Popmoney(R) enables them to initiate and accept person-to-person payments directly from their phone. These capabilities are also available in the bank’s new tablet app.

Mobile Merchants Unprepared for Fraud Threats

As retailers increasingly look to mobile as a way to generate revenue, fraud threats are impacting merchants to the tune of $283 for every $100 of actual fraud losses through the mobile channel, according to the LexisNexis® True Cost of Fraud Mobile Study released today. Conducted by LexisNexis and Javelin Strategy & Research, the study highlights key fraud issues effecting mobile retailers, while also articulating ways to combat retail fraud. The findings in the study show mobile penetration in the retail merchant channel is rapidly growing. Nearly one in 10 merchants accepted mobile payments in 2013 – an increase of 50 percent per year since 2011. 25 percent expect to begin accepting mobile payments in 2014. The mobile browser and mobile applications represent the dominant acceptance channels with 55 percent and 38 percent of mobile merchants accepting these channels, respectively.

Dynamics ePlate Visa Card

Dynamics announced today that it now offers cardholders the ability to earn Air Dollars on major US and International airlines, as well as allowing them to earn seats on private jet flights through its exclusive reward partner JetLimo. Unlike airline rewards cards, which typically offer consumers 1 mile for every dollar they spend on most purchases, Dynamics ePlate Visa card lets customers earns 1.35% in Air Dollars for every dollar they spend. These Air Dollars can then be redeemed for $250 credits on major US and International Carriers, on any ticket they buy from the airlines websites, without blackouts or flight restrictions, or limited availability of frequent flyer seats. Unlike airline cards, consumers can also choose to earn seats on private jet flights though Jet Limo, a new travel option that makes the benefits of business aircraft travel available at airline fares. Consumers can earn seats on flights they select valued up to $1500, after spending only $12502, making this an over 100% reward.

Thales Showcasing Crypographic Solutions

Thales will be showcasing its high assurance cryptographic solutions for protecting big data, public key infrastructures (PKIs), cloud and mobile payments at this year’s RSA Conference, San Francisco, February 24 – 28, 2014. As organizations increasingly rely on cryptography as part of their data protection strategy and to protect their critical systems, the trustworthiness of these crypto systems becomes paramount. This is particularly relevant in light of recent concerns over back doors, poorly implemented crypto systems, out of date algorithms, weak key management systems and the increasing burdens arising from privacy mandates. Thales can help organizations re-assess and re-evaluate their crypto security and key management infrastructure and deliver solutions that ensure their integrity and trustworthiness.