MasterCard announced that more travelers around the world will be able to check out quickly and securely now that several new transit and travel retailers are offering MasterPass. Accepted in 24 countries, MasterPass enables consumers to pay for the things they want with the security they demand, anywhere online or in-app, using any device.
FL-based Debt.com has unveiled a new money map the ranks the current financial literacy and consumer debt behaviors of every state in the country by combining three major factors. The factors include: how well people in each state perform on financial literacy quizzes, financial habits and state laws on teaching the subject.
Dynamics announced today that it now offers cardholders the ability to earn Air Dollars on major US and International airlines, as well as allowing them to earn seats on private jet flights through its exclusive reward partner JetLimo. Unlike airline rewards cards, which typically offer consumers 1 mile for every dollar they spend on most purchases, Dynamics ePlate Visa card lets customers earns 1.35% in Air Dollars for every dollar they spend. These Air Dollars can then be redeemed for $250 credits on major US and International Carriers, on any ticket they buy from the airlines websites, without blackouts or flight restrictions, or limited availability of frequent flyer seats. Unlike airline cards, consumers can also choose to earn seats on private jet flights though Jet Limo, a new travel option that makes the benefits of business aircraft travel available at airline fares. Consumers can earn seats on flights they select valued up to $1500, after spending only $12502, making this an over 100% reward.
TransUnion released its annual forecasts on two primary consumer credit variables — mortgage and credit card delinquency rates. Credit card delinquency rates (the ratio of bankcard borrowers 90 days or more delinquent on one or more of their credit cards) are expected to rise nearly 10% from 1.51% in Q4 2013 to 1.66% in Q4 2014. Even with that increase, the card delinquency rate would remain far below average historical levels. Between 2007 and 2012, the credit card delinquency rate has averaged 2.38% during the fourth quarter.
Viewpointe has reached an agreement with WesPay (Western Payments Alliance), a membership association promoting the best use of electronic payments, whereby WesPay will acquire the assets of Viewpointe’s Regional Payments Association (RPA). Terms of the deal were not disclosed. Both organizations are working diligently to complete the conditions of closing by year end. When closing conditions are met and the deal is completed, WesPay will retain full ownership of the assets. The expanded association will continue to do business as WesPay. Viewpointe’s Regional Payments Association provides education on the latest payments topics and certification preparation for payments professionals; offers expert-led ACH audit and compliance services for financial institutions, payments processors and businesses using ACH; and provides industry-level member advocacy and input into the ACH Rules-making process as a voting member of NACHA”The Electronic Payments Association.
Viewpointe payments provider reached an agreement with WesPay (Western Payments Alliance), a membership association promoting the best use of electronic payments, whereby WesPay will acquire the assets of Viewpointe’s Regional Payments Association (RPA). Both organizations are working diligently to complete the conditions of closing by year end. When closing conditions are met and the deal is completed, WesPay will retain full ownership of the assets. The expanded association will continue to do business as WesPay. Viewpointe’s Regional Payments Association provides education on the latest payments topics and certification preparation for payments professionals; offers expert-led ACH audit and compliance services for financial institutions, payments processors and businesses using ACH; and provides industry-level member advocacy and input into the ACH Rules-making process as a voting member of NACHA”The Electronic Payments Association.
As the nation emerges from the recession, which groups of Americans are faring the best when it comes to credit and debt and who is faring the worst? Experian’s Fourth Annual State of Credit study shows that Millennials are facing the biggest challenges when it comes to credit and how they are managing their debt. With the lowest number of bankcards (1.57) of all of the generations and a low total debt of $2,682 on those cards compared with other generations, one would assume that they are managing their debt wisely, but with high utilization1 as compared to their individual credit card limits, average debt2 of $23,332 and high incidences of late payments, it seems this generation is not entering this phase of life with positive credit behavior, which attributes to their low average credit score of 628.
Bluepoint Solutions announced Credit Union 1 has selected its ImagePoint ATM for ATM check capture. With $864 million in assets and 14 branches, Credit Union 1 boasts a service area spanning the entire state of Alaska. To better serve such a far-flung member base, the credit union launched a comprehensive ATM replacement project in December 2012 and installed ATMs from Diebold. After a thorough vendor review process between several providers, an internal project team deemed Bluepoint’s ImagePoint ATM check capture as the solution best equipped to handle the credit union’s projected growth and the addition of additional capture points in the future. Credit Union 1 also chose Bluepoint due to its accelerated time to market capabilities, as well as the company’s ability to integrate multiple RDC capture points that are supported by a single back-office cashletter system.
Acculynk’s Payzur personal commerce (p-commerce) solution for debit cards announced Gesa Credit Union will pilot the P2P solution for its members, for which Crystal Clear Payments will serve as a channel partner. The Acculynk platform allows financial institution customers to send funds simply by authenticating the mobile- or web-initiated transaction with their bank issued PIN via the PaySecure patented online graphical PIN pad. Since Payzur is not ACH based, there is no enrollment or waiting period for consumers to begin using the service. Acculynk contracts with financial institutions directly and through channel partners to offer the Payzur p-commerce solution to their customers. For it, Crystal Clear Payments will provide payment processing solutions to the financial industry including credit signature processing; debit signature processing; PIN-based processing; Intelligent ATM services; cardholder loyalty programs; fraud moxie risk management, detection, and prevention; and card manufacturing programs.
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.
Bank of America is deploying its chip technology on many of its consumer credit cards to increase acceptance and security of the cards for international travelers. Also known as EMV (EuroPayMastercard Visa), the cards are embedded with a microprocessor chip that encrypts and stores the account information. The cards also include the traditional magnetic stripe, which is used by U.S. merchants. The bank will include the chip technology in all newly issued Merrill Lynch credit cards, U.S. Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic travel credit cards. Customers will be able to request the chip card options at the banking center or via phone beginning this week and online later this year.
Diebold will upgrade the Denali Alaskan Federal Credit Union ATM fleet and provide a variety of integrated services. Diebold is replacing the credit union ATMs with 48 of its “Opteva” ATMs, most of which include Diebold’s leading deposit automation technology, and maximizing Denali Alaskan’s ATM uptime and reducing the credit union’s maintenance with remote and on-site services with its “Integrated Services” offering. These outsourced services will help the credit union provide a richer consumer experience and realize improved efficiencies with minimal capital investment.