Fifth Third Bank Launches EMV Chip Technology for Commercial Cards

Fifth Third Bank launched its Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorize transactions more efficiently while traveling abroad and help improve the security of international transactions. This new offering will help commercial card users facilitate authorizations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and Personal Identification Number (PIN) technology. Fifth Third’s new EMV chip card has a microprocessor chip programmed according to the global EMV standard for offline processing between the card and the terminal in a secure manner. The EMV-compliant chip card is available as part of Fifth Third Bank’s Commercial Card solutions.

Fundtech Hits Payment Benchmark

Fundtech global transaction banking solutions released results for its benchmark test conducted in conjunction with IBM for a Tier 1 global bank. This demonstrates Global PAYplus Services Platform (GPP-SP) running on an IBM software and hardware stack is able to far exceed the Bank’s current and future performance targets for processing mass payments. Mass payments refers to consumer and business low-value payments (such as ACH or SEPA transactions) that are typically processed in very large quantities, and therefore require a highly scalable system. In the benchmark test, Fundtech’s GPP-SP was able to process 20 million payments in under two hours, less than half the time established as the benchmark by the Bank. In variations of the test, GPP-SP processed double and even triple the volumes in the target timeframes.

Fico Implements Savvis for Debt Manager Solution

Fico has selected Savvis to deliver Fico “Debt Manager” as a service in the cloud to lenders and collection agencies. The “Debt Manager” solution transforms collection and recovery processes for credit card accounts, secured and unsecured loans, mortgages and deposit/current accounts with game-changing adaptive control capabilities, and a flexible architecture that aligns with business needs. FICO “Debt Manager” is now optimized for Savvis data center services and Savvis Symphony Dedicated Cloud, an enterprise-class cloud computing solution. Lenders can now deploy the solution faster, cut collection costs, improve productivity and collect more from delinquent customers.

Braintree Acquires Venmo mPayment

Braintree payments platform for online and mobile commerce acquired Venmo mobile and social payment application that makes it seamless for consumers to make and share payments with their mobile phones. The Venmo mobile payment application allows consumers to make purchases on their mobile device and allow Braintree to allow e-commerce companies to accept payments on mobile devices. Braintree has stored over 30 million credit cards from consumers who’ve purchased at merchants using Braintree’s payment gateway and vault. Consumers who have stored their payment information at one of the thousands of online and mobile applications that use Braintree will soon be able to utilize the Venmo digital wallet to pay merchants in just one click. Braintree powers payments for innovative online and mobile merchants including Rovio/Angry Birds, Uber, Airbnb, HotelTonight and OpenTable.

Capario Streamlines Patient Payment Processing

Capario revenue cycle management solutions launched its integrated patient pay solution through its relationship with TransFirst transaction processing services and payment enabling technologies. Capario identified a need for a patient payment solution due to the difficulties providers face when determining a patient’s financial responsibility and collecting from patients at the time of service and once they leave the office. According to a recent report entitled “Perspectives on Patient Payments” by MGMA Connexion, 30 percent of patients leave the physician’s office without paying. For unpaid bills turned over to a collection agency, providers recover on average $15.77 for every $100 owed. Capario’s new patient pay solution allows providers to collect patient payments quickly through the Capario portal at check in and check out with credit card swipe technology; create paper or electronic statements to be sent to patients after insurance has paid; maintain a practice-branded patient payment portal where patients can easily view their statements and pay their balances online; and accept and post checks received in the mail using ACH check conversion.

ACI SwiftReady Accredited

ACI Worldwide (ACIW) payments systems announced ACI Money Transfer System has received the SwiftReady payments accreditation for the fifteenth consecutive year. Also, its ACI Global Trade Manager achieved the SWIFTReady Supply Chain Finance accreditation for the fifth year in a row. SWIFTReady accreditation for payments recognizes that ACI’s Money Transfer System satisfies SWIFT’s highest requirements for the initiation, generation, processing and settlement of payments. The SWIFTReady Supply Chain Finance label, received by ACI Global Trade Manager, is granted to trade finance applications which support the Trade Services Utility (TSU) messages and workflows. Global Trade Manager is designed and built according to TSU standards and is fully compliant with TSU Release and the Bank Payment Obligation or BPU.

Bankruptcy Filings Nationwide Continue Decline

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bankruptcy filings fell between 8-10% in 1Q/12 from the year ago period and down significantly during the period from June 2011 to June 2012 from the year ago period, according to the American Bankruptcy Institute. The Administrative Office of U.S. Courts reported filings dropped 14 percent during that period. Both Chapter…

Bank of America Launches Cash Back Deals Through Cardlytics

Bank of America made available its online and mobile cash back deals program, “BankAmeriDeals,” providing one-click deals they want through Bank of America’s Online Banking and Mobile Banking app. Cash back deals are put right into the customers’ account and are in addition to other rewards customers may already receive. Through the program, which has been rolling out in phases throughout the country, more than 130 million cash back deals have been served to customers. The program is free for Online Banking and Mobile Banking customers. Deals from a variety of retail categories appear in Online Banking, so customers can choose the deals they want while they’re managing their finances. Run by Cardlytics through its targeted advertising network, the program includes national as well as local and regional merchants.

Virtual Piggy Partners Payvision

Virtual Piggy online youth purchasing entered into a Strategic Partnership with Payvision to expand the Virtual Piggy e-commerce service to the global marketplace. Virtual Piggy has been designed to support transactions in over 100 different currencies and is currently integrated with leading payment gateways. This agreement adds Payvision to that group and gives Virtual Piggy greater ability to expand in the international marketplace. Payvision’s experience in different international regions, has resulted in a global network of global acquiring banks, connecting over 300 trusted business partners with more than 5000 web merchants worldwide, for which they process over 100 million transactions a year.

hyperWALLET Consumer Prepaid Product Line

hyperWALLET global payment solutions expanded its prepaid card product line to include a General Purpose Reloadable (GPR) Visa prepaid card for the financial needs of independent sales representatives in the direct selling sector. hyperWALLET Best in Category for Prepaid Incentive, Reward, Rebate and Loyalty Program at the 2012 Paybefore Awards, will offer the full-feature, low-fee General Purpose Reloadable (GPR) Visa prepaid card to its USA corporate clients and their payees. Similar to other general purpose prepaid card programs in the market, hyperWALLET’s card can be used as a bank account alternative, allowing the cardholder to fund the card from a variety of sources, including cash at over 40,000 retail locations and direct deposit of employment earnings, such as wages or salary.

Discover Employee Training Culture Awarded

Discover Financial Services is a winner of the Learning! 100 Award by Elearning! Magazine for its learning, culture, innovation and collaboration that drives performance. The program supports workers-in-training to perform as if they were current employees already staffing the call centers. This program is used by Discover to ensure that customers are offered a premier level of customer service. Discover ranked 19 out of 60 corporate enterprise honorees in the Learning! 100. The Learning! 100 Award program has a research-based approach. Nominees were evaluated for Best-in-Class Learning & Development assessment, Learning Culture index and overall organizational performance.

Wells Fargo Waives Remittance Transfer Fees

Wells Fargo & Company is waiving remittance transfer fees for ExpressSend transfers for customers sending money using the ExpressSend service to the Philippines impacted by the floods, effective August 15th-30th. The Bank is also donating $50,000 to the American Red Cross for relief efforts. ExpressSend customers can send up to $3,000 a day for $4 if originated from a Preferred, Complete Advantage, or Premium Membership Checking.