Unemployment Down a Notch

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Nonfarm payroll employment was up in March as the unemployment scratched out marginal improvement, down .1% from the previous month to 7.6%. The number of unemployed persons was 11.7 million while the number of long-term unemployed for 27 weeks or more was little changed at 4.6 million, accounting for 39.6% of…

Bank of America Launches New ATM Technology

Bank of America launched its ATM with Teller Assist next-generation banking offering. Combining the technology and convenience of an ATM with the human touch of a teller, this new technology gives customers access to a range of services during extended hours to address their daily banking needs. It also provides convenience, control and flexibility over how, when and where they bank. Using the new ATMs, customers can speak with a Bank of America teller via real-time video and receive the same quality of personal assistance they would if they walked up to a banking center counter. The “ATM with Teller Assist Cash” lets users cash checks for the exact amount, including receiving change; receive cash withdrawals in a variety of denominations ($1, $5, $20 and $100), deposit checks with cash back (future functionality), split a deposit into two or more accounts (future functionality).

Wells Fargo Appoints VP, Commercial Banking in Chicago

Wells Fargo Commercial Banking, a part of Wells Fargo & Company, hired Keith Plummer VP & relationship manager to focus on building and serving middle market commercial customers in Chicago. Plummer brings more than 11 years of commercial banking in Chicago to Wells Fargo. He had worked at JPMorgan Chase since 2004 in several commercial banking roles, and most recently served as a credit and risk officer for this market. He also served as a relationship manager from 2004-2010. Before that, Plummer worked for LaSalle Bank in Chicago and for American National Bank. Plummer earned his bachelor’s degree in business administration (finance) from Western Michigan University and his MBA from Wyzsza Szkola Biznesu-National Louis University in Nowy Sacz, Poland.

USA Technologies Secures 85th Patent

USA Technologies wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries announced that the U.S. Patent Office has granted its 85th patent. Further extending USAT’s portfolio of intellectual property in the area of cashless payment and remote diagnostics, U.S. Patent #8,373,558 describes devices and methods for generating an alert for a vending machine. It adds to a collection of USAT patents related to cashless payment, remote audit and interactive transaction capabilities in a vending machine accumulated by USAT as a market leader for cashless payment and telemetry serving the small-ticket, unattended market.

IFX Forum Partners EPASOrg to Develop ATMs

Interactive Financial eXchange ForumThe Interactive Financial eXchange Forum and EPASOrg inked an MOU on the coordination on the development and delivery of ISO 20022 messages for the management of ATMs. The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange. Headquartered in Brussels, EPASOrg is an international non-profit organization with a mission to promote the widespread acceptance of EPAS standards, a series of protocols to ensure interoperability between card acceptance and acquiring solutions, integrated retail and terminal management systems. ISO 20022 is an international standard for financial services messaging. The IFX Forum actively engages in international standards activity, including longtime liaison with ISO TC68, a Memorandum of Understanding with ASC X9, and it is completing an effort to submit Extended Remittance content to ISO 20022.

OpenCoin Acquires simplehoney

Simple Honey has been acquired by OpenCoin. Building the “Ripple” protocol for a new virtual currency and distributed open source payment network, OpenCoin will be composed of the simplehoney consumer engagement team to focus on usability. The simplehoney team has successfully launched targeted vertical applications for the travel and shopping categories. At OpenCoin, they will help build a new open source, distributed payments network and virtual currency called Ripples.

Square 1 Bank Launches Square 1 Asset Management

Square 1 Bank banking partner launched its Square 1 Asset Management. A subsidiary of Square 1 Bank, the firm is a cash management solution designed exclusively for corporations and their institutional investors. Focused on adding value through a client-centered process of understanding risk tolerance and investment objectives and providing individualized investment advice, Square 1 Asset Management offers clients customized solutions tailored to meet their unique corporate cash management needs.

March Discover Spending Monitor Drop a Notch

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Discover U.S. Spending Monitor was flat in March, dropping just one half point to 93.3, as consumer confidence in the economy and personal finances slightly declined. The decline in economic and financial confidence was largely driven by consumers ages 18 to 39 and those making under $75,000. However, plans to…

Spindle mPayments Partners TruEffect Advertising

Spindle mobile payments solutions reached an agreement with TruEffect First-Party display advertising technology, integrating its “MeNetwork” mobile marketing platform to TruEffect’s display advertising services. TruEffect will be able to use the Spindle “MeNetwork” platform to deliver location- and time-relevant offers from major retailers and restaurants to consumers through their mobile devices. Subsequently, TruEffect will utilize its sales force and customer relationships in an effort to increase the volume of merchants on the “MeNetwork” platform, which will in turn leverage TruEffect’s First-Party display advertising platform to acquire customers. TruEffect’s technology is designed to enable more efficient delivery of web-based marketing programs, and give advertisers and agencies greater visibility into the effectiveness of campaigns.

Premier Community CU installs Diebold Share ATMs

Diebold and CO-OP Financial Services are launching the credit union shared branching model in the self-service channel. With this, Diebold is installing its “Opteva” ATMs, featuring CO-OP NextGen ATM shared branching solution at Premier Community FCU. The solution enables members of participating CO-OP Shared Branching credit unions access to other credit union accounts or sub-accounts such as a CD or an IRA using Premier Community’s ATMs. Standard ATMs can normally only access accounts linked to an ATM/debit card limiting most transactions to checking and savings accounts. The ATMs further enhance convenience with Diebold’s deposit automation technology. The shared branch ATMs feature deposit automation technology, which allows members – and members of participating CO-OP Shared Branching credit unions – to complete envelope-free cash and check deposits. The ATMs automatically process deposited notes and checks, along with many other transactions, allowing Premier Community members more flexibility at a self-service device.

Experian Acquires Canadian-Based Software Provider

Experian global information services acquired Decisioning Solutions market-driven Software-as-a-Service (SaaS) provider. To broaden the capabilities and strengthen the global reach of Experian’s originations and customer acquisition software products, this acquisition is to become part of Experian’s Decision Analytics business. The acquisition also extends Experian’s global lead in credit information and analytics by packaging Decisioning Solutions’ powerful and proven multitenant, multilingual software with Experian’s consumer and commercial data, analytical expertise, and identity proofing and authentication technologies, all from a robust and flexible SaaS model. The offering will enable small, medium and large organizations to make secure, on-demand, analytics-based customer decisions so they can achieve and sustain significant growth.

iKaaz Deploys NFC ‘Tap & Pay’ Reader for mPOS

iKaaz mobile payment solutions launched its “Tap & Pay” reader to enable cashless transactions based on NFC technology. iKaaz is making mobile payments faster and has broken this crucial cost barrier and has released a cost effective NFC reader for merchants. iKaaz’s proprietary NFC Reader can be plugged into to any mobile phone to convert it into a mobile POS (point of sale) device and is priced at less than US$ 20 (INR 1000). In order to engage the consumer ecosystem, iKaaz offers consumers an NFC Sticker priced at less than US$2 (INR 75) that convert any mobile phone into an NFC-enabled phone.