NRF Applauds Swipe Fee Decision

The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms:

“From the very beginning, retailers and restaurants knew the Federal Reserve Board of Governors had grossly misapplied the swipe fee law, also known as the Durbin Amendment. They failed to heed Congress’ call to set fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction. Instead, the Board manufactured a standard that was two to three times higher than the Fed staff recommended.

“As a result, small ticket transactions, such as those imposed on convenience stores and restaurants, skyrocketed under the misapplied law.

“Congress clearly told the Fed to introduce competition and transparency into the debit card marketplace by making multiple networks available, so as to reduce swipe fees for merchants and their customers. The Fed failed to do so, and the court rightly ruled against them as a result. Today’s decision is the first step in setting these initial wrongs right and will ensure that swipe fee reform is done correctly.”

Fiserv Posts 2Q/13 Revenue Up 12%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fiserv 2Q/13 revenue of $1.14 billion compared to the year ago figure of $1.02 billion for a 12% increase. Meanwhile, 1H/13 djusted revenue was $2.22 billion, compared with $2.04 billion in the same period in 2012 for a 9% increase. Adjusted earnings per share from continuing operations in the second quarter…

AnywhereCommerce mPOS Now Visa Ready

AnywhereCommerce anticipates increased traction in Canada for its mobile point of sale (POS) technologies, due to its participation in the Visa Ready Program. As part of the agreement, AnywhereCommerce’s “Nomad” EMV-capable chip-and-pin device, which enables Canadian merchants to accept payments through mobile phones and tablets, has received the “Visa Ready” designation. Visa Inc.’s Visa Ready Program allows companies like AnywhereCommerce to easily navigate the complexities of the evolving payments ecosystem, and expands access to Visa’s certifications and best practices. AnywhereCommerce will market its “Nomad” product to merchants using the Visa Ready symbol. Supporting both emerging EMV chip-and-pin and legacy magnetic stripe technology, Nomad is a flexible and secure product that is compatible with iOS, Android, BlackBerry, Symbian and Windows 7 and 8 operating systems.

TSYS Healthcare Launches HRA Card Functionality

TSYS Healthcare multi-purse benefit card processing introduced innovative and market-leading card functionality for Health Reimbursement Arrangements (HRAs), a key component of the consumer-directed healthcare (CDH) space. TSYS’ enhanced HRA functionality, coupled with technology-leading Web services capabilities, brings a complete, real-time HRA solution to the benefit market. With the implementation of the Affordable Care Act, employers and administrators must look for ways to provide new healthcare coverage options while reducing overall healthcare and administrative expenses. TSYS Healthcare’s new HRA functionality accomplishes both of these objectives by providing debit card access to HRA plans and incorporating a TSYS Healthcare Partnership Model for revenue sharing. TSYS developed a comprehensive solution that allows benefits administrators to provide debit card access to virtually all HRA plans.

MoneyGram to Acquire Kiosk-Based Money Transfer Business

MoneyGram signed an agreement to acquire Nexxo Financial’s full-service money transfer kiosk business and to become the preferred money transfer and bill payment partner for Nexxo Financial. MoneyGram will acquire approximately 200 kiosks primarily located in California, Illinois and Texas. These kiosks will offer automated, self-service money transfers to MoneyGram agents worldwide allowing consumers to pay bills utilizing MoneyGram’s bill payment network. The move to expand MoneyGram’s use of self-service channels is a strategy in line with recent statistics. The FDIC has estimated that 60 million U.S. residents do not use formal banking channels as the primary method for their day-to-day financial services. This points to a growing need for convenient and affordable means to transfer funds.

First Data 2Q/13 Revenue Up $24mm Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data reported its 2Q/13 consolidated revenue of $2.7 billion, up $24 million by 1%, compared to a year ago, primarily driven by a $29 million increase in reimbursable debit network fees, postage and other. For the second quarter, the net loss attributable to First Data was $189 million, compared to…

American Express Unstaged Announces Latest Headliners

American Express, VEVO and YouTube announced Kings of Leon and Fred Armisen have been selected as the next pair in its popular live stream music series “American Express Unstaged.” Kings of Leon’s exclusive performance will be live streamed from Shepherd’s Bush in London at 4:00 PM ET / 1:00 PM PT on Friday, August 9 at www.amexunstaged.com directed by Fred Armisen. Fans can watch the live event on YouTube’s iOS and Android apps as well as its mobile website, VEVO’s free apps for iPhone®, iPad® and Xbox 360, and on the American Express Channel, available through the American Express app on LG connected TVs. The global event precedes the highly anticipated September 24th release of MECHANICAL BULL (RCA Records). The “American Express Unstaged” music series is a cutting-edge live event and interactive digital platform, bringing together popular musical artists with renowned film directors. Armisen, best known for his work on “Saturday Night Live” and as the co-creator and star of IFC’s “Portlandia,” will make his return to “American Express Unstaged,” this time as the director.

TransFirst Launches VeriFone EMV- and NFC Terminals

TransFirst, a leading provider of transaction processing services and payment enabling technologies, announces in conjunction with VeriFone Systems (PAY) that it now offers its merchant customers the EMV- and NFC-capable VX 520 countertop payment solution and VX 805 contactless PIN pad from VeriFone. TransFirst has added the two payment systems to its portfolio of supported systems after recently completing compatibility certification. VeriFone’s VX 520 is a reliable, rugged countertop device with a powerful processor and expandable memory designed to handle processing of card payments at lightning speeds. The VX 805 is a convenient payment device that allows merchants to process a range of transactions through multiple connectivity options and is ready for NFC mobile commerce and EMV.

A2iA Announces Partnership with CFS on mRemote Deposit

A2iA (@A2iA) data capture, document processing, and payment systems markets, announced that A2iA Mobility, its patent-pending software toolkit that features offline image cleanup, analysis and data extraction, is being deployed to U.S.-based financial institutions as a component of DepositWizard Mobile, CFS Inc.’s mobile remote deposit capture (mRDC) application. Residing client-side on the phone or tablet, A2iA Mobility’s unique differentiator of being able to fully process a check without a server connection creates an intelligent handset and allows for DepositWizard Mobile to offer a turnkey, Check21 compliant solution that is quick and easy to use, scalable, and reduces operating costs for the banks and credit unions. DepositWizard Mobile can also interface with financial institutions’ risk management solutions and internal business rules, allowing for banks and credit unions to employ custom rules and unique parameters based on specific customer profiles, reducing the risk for fraud and gaining more control over the applications’ usage.

Payment Alliance Intl inks Latest ATM branding deal

Payment Alliance International (PAI) and BB&T Corporation (BBT), one of the largest financial services holding companies in the U.S., have jointly announced an agreement to brand over 130 Rite Aid Corporation ATMs in the Atlanta area. While PAI will own and operate all of the ATM placements, BB&T customers will enjoy the familiar appearance of the BB&T brand on the ATM, as well as surcharge free access for their transactions. As one of the largest ATM networks in the United States, PAI provides ATM services for over 60,000 retail locations nationwide and was recently selected to provide ATM services for approximately 1,500 Rite Aid locations in the western, central, and southern United States.

Q2 & Geezeo Partner on Bank PFM

Q2 secure virtual banking partnered Geezeo online Personal Finance Management (PFM) for financial institutions. The partnership allows Q2 to integrate Geezeo’s engagement banking platform to not only provide PFM, but also to enable financial institutions to deliver highly relevant content from within the online banking environment. Q2’s PFM services help financial institutions gain a competitive advantage in the marketplace by empowering customers and members to best manage their finances. Additionally, the data analysis and marketing capabilities provide comprehensive insight into customers’ purchasing patterns, allowing banks to offer better service, which in turn promotes customer loyalty.

USA Technologies Celebrates 5,000th Cashless Client

USA Technologies recently celebrated its 5,000th customer milestone with New York vending operator and Pepsi bottler, Fitzgerald Brothers Beverages, Inc. (“Fitzgerald Brothers”). Crossing the 5,000 customer mark translates to a compound annual growth rate of 69 percent for USAT, from approximately 1,000 customers three years ago. Fitzgerald Brothers recently became a USAT customer in response to increasing demand for debit/credit card acceptance by its consumers and encouraging data regarding the sales uplift a cashless payment platform can deliver to traditionally cash-only businesses and subsequently will receive a free personalized loyalty and prepaid program.