OnTrak Software Web-based software ‘at-retail’ marketing materials has deployed its “SignTrak” mobile solution that increases sales through the ordering, tracking and management of printed POS signs for Merrimack Valley Distributing Company. With “SignTrak,” Merrimack will reduce costs and improve efficiency for its entire sign ordering, sign management and sign shop operations. Merrimack Valley Distributing will have access to improved sign shop management; Control and visibility into the entire POS signage process; elimination of errors and reworks; amd reduced time-to-market ahead of competition.
On Track Innovations contactless microprocessor-based smart card solutions for payments, petroleum payments and other applications will be presenting at the Rodman & Renshaw Annual Global Investment Conference’s Technology Track in New York. A presentation regarding OTI’s market positioning, financial performance and strategic direction, the president of the Company will lead discussion. Applications developed by OTI include product solutions for “SmartID” for national ID cards, e-passports, driver’s license, and voter ID; Payments supporting MasterCard and Visa contactless payment programs and “EasyPark” in-vehicle parking meter solution.
ProPay End-to-End Payment Security, credit card processing, and electronic payment services now ranks among the 2010 Inc. 5000 List of Fast-Growth companies for the second year in a row. ProPay enables businesses of all sizes to securely accept credit and debit cards through PCI DSS compliant merchant solutions. These solutions simplify payment processing for businesses resulting in lowered operating costs, increased efficiencies and reduced PCI DSS obligations. The Company protects sensitive payment data end-to-end by leveraging encryption and tokenization with its “ProtectPay” service.
Moneris payment processing solutions is set to deploy INETCO “Insight” for proactive management from INETCO business transaction management. A lightweight, agentless business transaction management solution that allows Moneris to view the complete path of every transaction across multiple critical business applications and merchant-, processor-, bank issuer- and acquirer- environments, the “Insight” solution will be deployed within the production, test and back-up environments of all Moneris data centers located across Canada. INETCO Insight captures and displays application, network and transaction performance metrics that make it easy to isolate issues and quickly determine which IT team or third party service provider needs to do a deeper dive into the root cause.
ArcSight cybersecurity and compliance has partnered with Vigilant business-aware managed security monitoring services to strengthen Heartland Payment Systems IT security monitoring initiatives. With this, Heartland selected the ArcSight “Enterprise Threat and Risk Management” (ETRM) solution for enterprise visibility into potential threats and risks across its IT infrastructure and engaged Vigilant as its services partner to implement real-time threat detection capabilities. The solution will build customized use cases and role-based reporting focused on enterprise-wide user activity monitoring and malware detection. This further confirms the Heartland commitment to changing how data is protected and enhanced its systems to better flag anomalies in real time and establishing best practices that extend beyond existing industry requirements to protect payment card data.
The U.S. Treasury Departmentâs announcement of a 2011 pilot program to test the delivery of tax refunds via debit card accounts represents a critical milestone by the Obama Administration to ensure millions of underbanked consumers have access to well-designed transaction products. The pilot program, which was deeply informed by the Center for Financial Services Innovationâs SAFE-T Accounts proposal. The CFSI disclosed the Federal government could potentially save tens of millions of dollars a year through issuing refunds electronically in lieu of much more costly paper checks. The tax time accounts will also introduce more underbanked consumers to the potential and utility of such financial products and broaden the overall market for these and a variety of other financial services and products.
BancVue has successfully negotiated the purchase of the Silverton credit card portfolio from the FDIC. Comprised of credit card accounts representing nearly 700 agent bank relationships, the portfolio will be managed under the name “BancVue Card Assets.” BancVue will also be offering a full service card program for those community financial institutions that want to run their own credit card program as a direct issuer. More details on that program will be provided at a later date. BancVue provides financial products, marketing, and consulting solutions to community financial institutions nationwide.
FIS banking and payments technology has completed 11 new agreements year-to-date for its “BancPac” core processing solution, the latest of which with Town & Country Bank and Trust. A community bank located in Bardstown, KY, Town & Country Bank and Trust Company has deployed the FIS’ “BancPac” core processing solution in conjunction with its ATM/Debit card processing, bill payment, eBanking, imaging, TellerElite and others. “BancPac” can be fully integrated with a suite of modules designed to expedite new account origination, as well as create and maintain a successful sales culture throughout the bank, resulting in greatly improved communications, streamlined administrative functions and a complete snapshot of the sales and service pipeline.
Net1 UEPS Technologies’ “Virtual Credit Card” has made available its “VCpay” mobile prepaid virtual payment card application. Designed for CNP transactions with US wireless carriers, the “Virtual Credit Card” will be issued through Bancorp Bank. The “VCpay” solution will be made available to prepaid customers as an application that will be pre-loaded on new smart-phones or can be downloaded on select existing devices. With “VCpay,” subscriber can generate a unique, one-time use prepaid virtual card number to securely purchase goods and services or perform bill payments in any CNP environment and does not require the user to have a physical card or a bank account. Virtual accounts can be loaded with cash at MoneyGram U.S. agent locations. Net1 provides its universal electronic payment system as an alternative payment system for the unbanked and under-banked populations of developing economies.
The credit card charge off rate has continued to slow after climbing for 2 years straight and now stands at 8.1%. This, after months of soaring past the 6% mark in December of 2008, the 8% mark that following spring, and finally the 10% mark in September of ’09, offers continued relief to rampant fear last year credit card-backed securities would realistically near 12% by this time. This follows average charge-offs in the first quarter having reached an unprecedented 10.93% in March, According to CardData (www.carddata.com). Moreover, Capital One international cards COF hit 7.86% in July compared with 8.3% in June; Discover COF declined to 7.28% from 8% in June; Chase net credit losses fell to 7.88% from 8.32% in June; the BofA charge-off rate fell to 11.39% from 11.98% in June and American Express said its charge-off rate fell to 5.5% from 5.7% in June. In Recent Months, skyrocketing card charge-offs have improved and will hopefully continue to recede far enough from the dreaded 11% mark. For complete details on credit card charge-offs visit Carddata.com (www.carddata.com).
JUN 08: 5.3%
SEP 08: 5.5%
DEC 08: 6.0%
MAR 09: 8.7%
JUN 09: 9.5%
SEP 09: 10.1%
DEC 09: 10.6%
MAR 10: 10.9%
JUN 10: 10.3%
JUL 10: 8.1%
The credit gap for U.S. consumers is growing as lenders expect credit availability to fall short of consumer demand through the end of 2010, with 73% of bank risk professionals expecting the volume of credit applications to increase or remain steady over the next six months. With this, 46% expect approval criteria for credit to get stricter while only 14% expect criteria to be loosened; 38% expect the approval rate for credit applications to decline while 25% expect a higher approval rate. This, according to a recent FICO quarterly survey of bank risk professionals, is consistent with findings earlier in the year showing the number of new credit cards opened by U.S. consumers dropped by 17.7% compared to the previous 12 months. Additional findings show the number of inquiries for new credit fell by 3%; the total amount of credit available on all U.S. consumer credit cards fell by 12.2% during the same 12-month period; 42% of those surveyed expect credit card delinquency to increase); and the percentage of all respondents expecting an increase in credit card delinquencies fell from 59% to 42% since the previous quarter.
Bloomingdale’s and American Express have partnered to launch the Citi-issued “Bloomingdale’s American Express Card.” Offering Cardholders “Insider” rewards and services when shopping at Bloomingdale’s, as well as brand new dining, travel and retail offers when shopping outside of Bloomingdale’s, the “Bloomingdale’s American Express Card” offers the “Daily Wish” program from American Express, which add up to $25 reward certificates for rewards-earners. The new Card also provides access to new emergency assistance referral services; Insider Services with free shipping to a single address for purchases of $150 or more on bloomingdales.com; savings certificates worth up to $925 when shopping at Bloomingdale’s between 9/10 and 9/19; a complimentary coach companion airfare voucher from one of 19 participating airlines when spending $500 at Bloomingdale’s on the Bloomingdale’s American Express Card during the opening weekend of Bloomingdale’s HOT event; 15% back from the total bill at participating restaurants from September 6 through December 31, 2010; double rewards; and Bloomingdale’s “Premium Travel Services” with thousands of dollars in savings.