Allpoint and Discover Deploy Surcharge-Free ATMs

Allpoint Network announced that it has joined with Discover Financial Services to provide millions of Discover cardmembers with surcharge-free access to cash through 43,000 Allpoint ATMs in the United States. Allpoint Network is an affiliate of Cardtronics, Inc., the world’s largest retail ATM owner, and its surcharge-free ATMs are conveniently located coast-to-coast, in destination retail outlets including major discount retailers, as well as convenience, grocery and pharmacy stores”places that are already part of people’s daily routines. As America’s largest surcharge-free ATM Network, Allpoint helps more than 1,200 financial services providers, representing more than 60 million cardholders, save time and money when accessing their cash.

ACH Alert Partners Federal Reserve Bank

ACH AlertBanks and credit unions looking to streamline their Automated Clearinghouse (ACH) fraud prevention and dispute resolution processes now have access to proprietary outsourcing services from ACH Alert. This enhances the industry leader’s ACH and wire fraud prevention capabilities for PRO-TECH and ACH Dispute Xpress. Many financial institutions use a third-party data center to receive their incoming ACH items. In order to use ACH Alert’s fraud-fighting tools, the choices for those financial institutions have been to engage their data center to work with ACH Alert or pull an Information Extract File (a copy of the live data going to the data center) from the Fed and send the data to ACH Alert.

Kuapay Announces New Advisory Board Member

Kuapay, the secure mobile wallet that aims to enhance the transaction experience among consumers, merchants, and banks, announced the addition of the famed financial economist Myron Scholes to its advisory board where he will serve as chairman. Scholes is a Nobel Laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes brings more than 40 years of extensive experience in finance and economics to Kuapay. He has lectured and written extensively on financial intermediation, including the evolution of transacting, and has been involved in developing transacting and accounting businesses.

EE Implements PrePay Solutions for New Service

PrePay Solutions will be facilitating the payment technology for EE’s “Cash on Tap” service, a ground-breaking mobile payments solution. PrePay Solutions will be providing e-Money issuing, BIN sponsorship, and transaction processing services for the Cash on Tap product. This will be supported through a proprietary mobile application service that enables a mobile App and NFC phone to provide an extensive set of payment options. This includes NFC payments through MasterCard PayPass; Online payments via a virtual MasterCard; and Application via mobile App. “Cash on Tap” can pay for goods and services by simply holding their smartphone over a PayPass contactless payment terminal.

Average APRs Jump, Erase Improvement

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs jumped .03% in July to 14.96% after averaging a .04% change over the past year. This stifles momentum to the ebbing 2013 APR credit card averages. This erases the positive momentum gained over the past few months, but follows a relatively lengthy period of APR stagnation through…

Mortgage Group select Fiserv LoanServ Service

Fiserv announced that Gateway Mortgage Group, LLC has selected its LoanServ platform for the company’s mortgage servicing technology needs. Gateway will use LoanServ to enhance its customer experience and grow its home loan servicing portfolio through its retail and correspondent channels nationwide. Using LoanServ, Gateway will be able to perform the full range of mortgage servicing functions including escrow, payment processing, investor reporting and default management. Gateway executives anticipate that the selection of the Fiserv solution will help them increase employee productivity, improve operational efficiency, react more effectively to changes in modification programs such as HAMP and HARP, and streamline the default process with workflow automation that reduces errors and frees up resources for use elsewhere within the company.

Virtual Piggy Partners Fundraising Platform

Virtual Piggy announced that it will provide its youth-friendly payment system to FlipGive, a digital give-marketing platform for brands looking to win hearts and drive sales. The FlipGive platform connects brands to the $200+ billion fundraising market, converting customers into a sales force to raise money. Their give-marketing programs help brands drive sales and create positive social impact in their communities. Current partners included Johnson & Johnson, Lowes, Schwan’s, Aldo and Indigo. Virtual Piggy promotes financial management while empowering youth under 18 to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by parents.

US Conference Board Continues Marginal Growth

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index for the U.S. was up 0.1% in June to 95.3 (2004 = 100), following a 0.1 % increase in May, and a 0.1 percent decline in April. The LEI six-month growth rate remains steady, suggesting that conditions in the economy remain resilient. Widespread gains in…

U.S. Bank Adds Square Payment Option

U.S. Bank has added Square to its digital wallet options available to customers via their iOS and Android smartphones. Customers can link their U.S. Bank credit, debit, or prepaid account to the Square application to make purchases from their smartphone. Square wallet can be used at merchant locations that sell with Square. Customers can discover nearby businesses using Square wallet, and pay at the point of sale with their mobile device by simply saying their name. Square’s technology automatically manages the transaction from the customer’s U.S. Bank payment account to the merchant. Transactions are completed without the cashier ever having the customer’s account number and other sensitive data.

Discover Inks New Debit Program

Old Second National Bank has teamed with Discover to create the Old Second Debit Card powered by Discover® Debit. Old Second customers will receive the new card in 2014, following a pilot program with bank employees. Discover Debit is managed by PULSE, a leading debit/ATM network, and a subsidiary of Discover Financial Services. Old Second, a PULSE network participant for more than 10 years, has approximately 50,000 debit cardholders. The bank provides full-service banking from Chicago-area branches in Cook, Kane, Kendall, DeKalb, DuPage, LaSalle and Will counties in Illinois. By joining with Discover, Old Second will provide its customers with signature debit cards that provide convenient access to manage and spend their funds, along with security features that give them peace of mind.

ACI Worldwide Recognized as Best-in-Class for Payments

ACI Worldwide announced its ACI Universal Payments Platform enterprise payments solution has been named a ‘Best-in-Class’ solution in Payments Capability in the 2013 Payments Hub report by CEB TowerGroup. Universal Payments Platform’s broad capabilities meant it was rated in each category evaluated in the feature audit of the research. The comprehensive payments hub analysis evaluates nine key technology firms across the industry using 22 attributes defined by CEB TowerGroup. The final report covers market drivers, case studies, spending forecasts, investment priorities and emerging technologies as well as a full-feature audit. ACI’s Universal Payments Platform is noted specifically in the Payments Capability category for delivering “linear scalability, high performance and platform independence for transaction processing.”