[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express Company has reached settlements with several regulatory agencies to resolve previously disclosed reviews of certain aspects of the company’s U.S. consumer card practices. Similar settlements were reached with several of the company’s subsidiaries, including American Express Centurion Bank; American Express Bank, FSB; and American Express Travel Related Services Company,…
Fidelity Investment’s Fidelity Rewards American Express Cards- with an earn rate of 2% cash back on purchases when deposited into an eligible Fidelity account- have helped Cardmembers earn cash rewards of over $500 million since inception in 2003. Fidelity gives customers the flexibility to direct different percentages of their cash back rewards into multiple accounts. Feedback from customers about the Fidelity Rewards American Express Cards is being captured via Fidelity’s new online Ratings & Reviews system, where nearly 80 percent of reviewers have rated it a four or a five out of five stars. Praise for the program lauds its simplicity and degree of reward.
TransCard and Business Solutions, an ABA subsidiary, announced a multiple year extension of their partnership. The Community Bank Prepaid Program offers banks the lowest cost/lowest risk new deposit product, in which participants range in size from $60 million to $13 billion in assets. The pace of new signings gives every indication that the launch of prepaid programs by national banks will expand the opportunity to grow the program.
Citi is launching its payroll payment solutions, allowing clients to standardize, centralize and automate their payroll payments. They then can access the payroll payment solutions through a range of market-standard and proprietary channels. Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
Ramki Yalamanchili has been appointed to the Board of Directors at Prepaid International Forum (PIF), to support its efforts to create new opportunities in the global prepaid market and accelerate the adoption of prepaid services worldwide. PIF is a not-for-profit trade association which represents all parties participating on a commercial basis in the prepaid industry. In working to develop cross-industry guidelines and guiding principles to encourage best practices for profitable and ethical participation in the prepaid economy. Yalamanchili serves retail banks, card program managers and their customers with the tools and services needed to create and manage their own card products liberated from the constraints of the legacy processor model.
Ingenico expanded its bankcard team with the addition of Rhonda Boardman as VP, Bankcard Sales, Western U.S. Boardman is a senior sales executive with over 20 years of experience in the electronic payments industry gained with TSYS and a global POS manufacturer where she was responsible for driving product and solutions strategies for Point of Service initiatives throughout the organization. Meanwhile, Alan Forgione joined Ingenico as VP, Bankcard Sales, Eastern U.S., bringing with him over 27 years’ experience. Most recently with ACI Worldwide, where he was in charge of sales of frontend, backend and risk management software solutions to acquirers. His other employers include companies, such as United Cash Solutions where he served as President for United Bank Card, and CardSystems. Also, Forgione has served as President of Northeast Acquirers Association for over 10 years.
The Panasonic “Stingray Envo POS” workstation (JS-960) is now certified by CKE Restaurants and has met the rigorous certification standards set forth by CKE. The “Stingray Envo” is designed to increase efficiency by enabling self-service and can be mounted in virtually any configuration to work seamlessly in any restaurant environment. Envo is built to withstand the daily wear of the restaurant environment, passing rigorous factory testing and featuring an aluminum alloy chassis to ensure reliability and dependability throughout the life of the device.
FIS banking and payments launched its “PayNet” real-time payments network for domestic and international money movement. Addressing the growing demand for real-time global money movement, “PayNet” is designed to provide real-time access to deposit accounts for instant authorization of transactions. It’s a non-card-based solution for E-commerce, person-to-person (P2P), bill pay, mobile and international money movement that leverages FIS’ network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing. PayNet includes items such as the right to cancel a transaction up to 30 minutes after transmission and full fee disclosure at the point and time of origination.
The Chicago Transit Authority (CTA) and Pace unveiled Ventra, a new fare payment system that will provide CTA and Pace customers with a new and more convenient way to pay for train and bus rides. Ventra will be available in summer 2013, and will allow customers to pay for rides with the same payment method they use for everyday purchases. Customers can choose from the following contactless payment methods: Ventra Cards, Ventra Tickets for single-ride and 1-day passes, and personal bank-issued debit and credit cards equipped with a contactless chip. Customers will simply “tap” their contactless payment card to quickly board trains and buses, which will be faster than inserting cash or magnetic-stripe cards into fare equipment, which will speed boarding and improve service.
VeriFone Systems will now provide advertisers and marketers promotional capabilities with on-demand coupons at the pump and transaction-specific promotions at the c-store checkout counter. Couponing is the newest addition to the VeriFone Digital Network (VNET), enhancing its ability to deliver digital media to consumers at the point of payment. VeriFone is rolling out couponing to its PAYMEDIA customers on its media networks, VNET | At the Pump and VNET | In Store are being demonstrated along with other VeriFone payment-enabled media solutions. VNET delivers short-form video and digital coupons to eye-level, in-pump displays, engaging consumers actively involved in a purchase.
Heartland Payment Systems has delivered more than $262,000,000 in signature debit savings to its merchant customers throughout the United States. Restaurant merchants received more than $75,000,000, lodging merchants received nearly $10,000,000, retail merchants received almost $30,000,000 and petroleum/c-store merchants received more than $55,000,000. The Durbin Amendment, part of the Dodd-Frank Wall Street Reform Act, caps debit card interchange rates for issuing banks with more than $10 billion in assets at 21 cents per transaction, plus one cent for issuers with an effective fraud prevention system, and 0.05% of the volume of transaction.
Bluepoint Solutions announced that Mountain America Credit Union (MACU) has processed more than 100,000 mobile transactions on its “QwikDeposit ToGo” mobile RDC application in 2011. This equates to nearly $36.5 million in deposits. MACU has $3.2 billion in assets and serves more than 355,000 members through 69 locations in Utah, Idaho, Nevada, Arizona and New Mexico.