The International Swaps and Derivatives Association announced the launch of the August 2012 Dodd-Frank Protocol. Designed to allow swap market participants to simultaneously amend multiple ISDA Master Agreements for compliance with Dodd-Frank regulatory requirements, the ‘protocal’ consists of a series of amendments to existing documentation, as well as standardized questionnaires that must be completed by counterparties to satisfy new regulations, and is open to ISDA members and non-members alike.
VSoft is now a member of the Viewpointe network for exchange services, benefiting both organizations with an expanding network of exchange partners. This also provides VSoft clients with access to a fully integrated and seamless clearing and settlement solution with Viewpointe Clearing, Settlement & Association Services (VPCS&AS) rules coverage, common business practices through a single multilateral agreement, and settlement using a National Settlement System. The partnership includes Pointe2Pointe for image exchange services; National Settlement System (NSS) for Internet-based net settlement system; and Association Services, providing education and support for all payments network participants. VSoft is able to consolidate its clients’ exchange activity through a dedicated channel, thereby eliminating the need to establish a complex structure of partnerships and connections with each individual financial institution.
Compass Plus retail banking software and electronic payments system is set to present its “TranzAxis” platform at FinovateFall 2012 on Sept. 12 and 13. The “TranzAxis” platform provides a full set of application development tools (builders, designers, editors, debuggers, etc.), as well as a set of specialist components that assist in implementing more diverse applications in a given domain. TranzAxis is easily scalable to benefit institutions of any size that face continuously changing business requirements and provides efficiency, flexibility, faster product deployment and cost savings.
Open Solutions announced its DNA core processing platform has won the Technology, User Experience, and Alliance Core Banking Awards from Aite Group. DNA won the most awards of any core platform mentioned in the report – including systems from Fiserv, FIS, Jack Henry and Harland – demonstrating how DNA is a dramatically different core banking platform.
Virtual Piggy online youth purchasing appointed Sela Ward to their Board of Advisors, an Emmy and Golden Globe award-winning American movie and television actress. Encouraging children empowered to manage their financials within reasonable limits set by the parents, Sela is an advocate of Virtual Piggy and how it helps children learn how to spend wisely, save for the future, and even donate to charity within a secure and controlled environment. Her appointment was thanks in part to her perspective on the market Virtual Piggy can reach and help refine our product and messaging.
VeriFone Systems has been awarded a contract to supply the Beall’s retail chain with its “MX 915” advanced payment and media-enabled solutions system in a space-saving form factor. Beall’s also will be complementing the MX 915 with VeriFone HQ, an advanced estate management solution allowing them to easily keep stores up to date with evolving payment and mobile solutions. The “MX 915″ is one of the first models in the new customer-facing MX 900 series, with a brilliant 4.3” color display, powerful processor and generous memory. MX 900 Series systems provide the broadest compatibility available with rapidly evolving mobile/NFC wallets, EMV smartcards, and alternative payment methods, and easily adapt as more payment methods are introduced.
TapBase kicked off its “TapPay” and “TapWallet” mobile apps on the iPhone for its Tap mobile payments, loyalty and rewards platform. The “TapPay” app was designed and developed with significant input from small businesses and the functionality extends far beyond the payment processing available from existing mobile payment systems. The TapWallet application allows consumers to securely store and carry payment card information as well as loyalty and membership cards. When a bill arrives, the customer selects a payment card, signs the transaction on their phone and authorizes the payment. The merchant is notified that the transaction is complete and is provided with a copy of the receipt.
Diners Club International and Industrial and Commercial Bank of China (ICBC) plans to introduce a new Diners Club International franchise, With this, ICBC will operate as the first full franchise in China and is responsible for both the Diners Club brand and business in issuing and acquiring. Diners Club International is accepted in more than 185 countries and territories, in millions of merchant locations and in more than 845,000 ATMs and cash access locations all over the world.
American Airlines has implemented “PaySecure” from Acculynk’s Internet PIN debit-enabling product to secure customers transaction and offer Internet PIN debit for all online consumers. Travelers who use their debit cards to make purchases on AA.com will have the option to enter their PIN on PaySecure’s graphical PIN-pad. The transaction is processed as a normal PIN debit card transaction. Acculynk’s PaySecure® technology encrypts each PIN so that it is never transmitted as an actual, numerical PIN. Acculynk transmits the PIN directly to the Electronic Funds Transfer network, which in turn sends it to the bank for approval. The PIN is never stored by AA.com or Acculynk.
GE Capital Retail Bank and Sam’s Club membership warehouse club forged multi-year agreement through which the Sam’s Club credit card program will be available to GE Advantage and Business Members. GE Capital’s Retail Finance business, the operating entity that provides financial solutions to retailers to help grow their customer sales, will continue to manage the Sam’s Club relationship and service the account. The financing program is available at more than 600 Sam’s Club locations across the United States and Puerto Rico and can be used at Wal-Mart stores, as well as for online Sam’s Club purchases and everywhere Discover® is accepted. The Sam’s Club private label credit card and Discover card program enables both Advantage and Business Member cardholders to enjoy a range of benefits, including, zero fraud liability with photo protection, one-card membership and credit card convenience, no fee in-Club cash access, special financing promotions, itemized billing statements (for Business Members only) and advance notice of savings opportunities and events.
Starbucks Coffee Company mobile payment platform and Square partnered, allowing customers to use “Pay with Square” payer application. Square will process Starbucks U.S. credit and debit card transactions to expand Square its scale and accelerate the benefits to businesses on the Square platform and Starbucks will invest $25 million in Square as part of the company’s Series D financing round. By accepting Pay with Square, Starbucks is giving millions of customers another way to enjoy a quick and seamless payment experience at approximately 7,000 Starbucks stores. The partnership will also accelerate the ability of small businesses to grow with Square’s innovative technology and a stronger and more widely available Square network. Starbucks customers will be able to use Pay with Square to pay for their purchases at participating company operated Starbucks locations in the U.S. Customers simply need to download the Pay with Square application and set up an account on their iPhone® or Android™ device.
TransCard launched a MasterCard-branded payroll card program with Metropolitan Bank. Employers will have a paperless payroll solution that makes the semi-monthly distribution simple, safe and cost-efficient. It enables employers to streamline the payroll process and helps improve the bottom line by reducing processing and check fees. The card-based solution also provides an electronic payment option for employees who may not otherwise have a checking account. Pay is immediately available and can be used to pay bills, shop online or used to make purchases wherever debit MasterCard cards are accepted.