Jack Henry & Associates announced the availability of jhaEnterprise Workflow™, the fully automated workflow solution that streamlines and standardizes financial institution-defined business processes involving multiple steps, individuals, groups, departments, and systems. jhaEnterprise Workflow supports virtually any process that can be performed with a series of consistent steps. It automatically routes assignments based on established credentials, permission levels, and staff availability while enforcing established approval processes. Automated workflow supports immediate updates to business processes which expedites the ability for financial institutions to respond to evolving regulatory requirements with the ability to immediately update impacted business processes. jhaEnterprise Workflow generates material operating efficiencies; reduces operating redundancies, costs, and risks; improves staff productivity; and reduces labor requirements.
Intellicheck Mobilisa will exhibit at the 2014 Hospitality Industry Technology Exposition & Conference (HITEC 2014), offering demonstrations of the integration of the SaaS version of its ScanINN® check-in and ID-verification software. ScanINN automates the hotel registration and reservation process and makes it faster and more efficient. The ScanINN software enables hotel personnel to scan a guest’s ID card to process the information encoded on it, quickly and automatically filling in the electronic forms stored by the hotel’s computer. Compared to manual data entry, this automated procedure not only increases productivity, but also protects against data entry errors and reduces the risk of identity theft. The Company will also offer demonstrations of a variety of different hardware options for reading ID cards, and will also demonstrate its barZapp™ app for Android, iPhone and iPad. BarZapp is an ID-checking mobile app that allows a user’s smartphone to check an ID card.
Discover Financial Services has become the latest payment network to join the growing membership of EMVCo, the EMV® standards body. Discover will work alongside EMVCo’s existing members to manage and evolve the contact and contactless EMV industry specifications to facilitate worldwide interoperability and acceptance of secure chip payment instruments. Discover has acquired a one-sixth share of EMVCo from the respective holdings of its current member-owners American Express, JCB, MasterCard, UnionPay and Visa. It will therefore have an equal interest in the standards body, actively contributing to the management, technical work and operations of EMVCo.
TSYS announced that it has signed a long-term payments agreement with KeyBank to provide payment processing for the bank’s consumer credit card portfolio. KeyBank made the strategic decision to bolster its payments business last year and begin self-issuing credit cards. At that time, Key purchased a $725 million Key-branded credit card portfolio from Elan Financial Services. KeyBank has selected TSYS’ TS2 platform to convert the portfolio and issue new cards going forward. In addition, KeyBank has contracted with TSYS to provide fraud prevention and risk management services to bank clients. TSYS’ past success with KeyBank involved a smaller portfolio acquisition conversion to the TSYS Program Solutions (TPS) platform in 2012.
Fiserv financial services technology solutions launched its “Popmoney Instant Payments.” Available now to eligible financial institutions that offer “Popmoney,” “Instant Payments” lets users send money credited to the recipient’s account within seconds. This feature extends the functionality of the Popmoney social person-to-person payments service, making it indispensable when an immediate exchange of money is required. Uses could include making a last-minute rent payment, sending money to a family member in an emergency or paying a small business or service provider upon completion of a project. The “Popmoney Instant Payments” leverages extensive portfolio of payment capabilities from Fiserv to enable fast and secure money movement. The “Popmoney” platform intends to expand its connectivity options through other networks and connection points.
MasterCard and KeyBank announced MasterCard will be the exclusive payment network for a new suite of KeyBank credit card products. KeyBank will launch the MasterCard branded suite of cards this year to further strengthen the strategic relationship between KeyBank and MasterCard that previously included long-standing agreements in debit and ATM. The renewed credit card focus includes the purchase of a $725 million credit card portfolio earlier this year, and the bank’s expanded relationship with MasterCard bolsters its Relationship Rewards program. The “Relationship Rewards” program allows clients to earn points for everyday banking activities, including debit and credit card purchases.
Mobile banking is now allowing more banks to drive out costs and deepen customer relationships, according to Bain & Company’s annual “Customer Loyalty in Retail Banking Report (2012 global edition).” The report finds that Asia has the highest mobile banking penetration while survey respondents in the U.S. reported the highest frequency, averaging 4.9 mobile transactions in the previous three months. Meanwhile, 64% of mobile banking users in the U.S. say that the future ability to use their smartphones or tablets to check account balances would be highly valued and 41% say using their smart device for remote deposit capture (through a digital image of an endorsed check) would be highly valued. U.S. mobile users report greater loyalty.
Fiserv financial services technology introduced its “SpotPay”mobile card reader solution for financial institutions to offer to their small business customers. This allows merchants to accept card and check payments anywhere, anytime, swiping payment cards with their mobile device to. It offers merchants the ability to deposit checks using the mobile remote deposit capture feature from Fiserv that allows users to securely take a picture of the front and back of a check and deposit the item electronically. Now available to financial institutions that are part of the ACCEL/Exchange® payments network, they can offer “SpotPay” to their small business and merchant customers as a way to provide them with a secure, convenient and low-cost solution to collect credit and debit card payments as well as to remotely deposit checks. The solution has strong fraud prevention tools and makes card transactions easy to accept with security designed to decline counterfeit cards.
Fiserv announced the launch of E-bill Introduction, a new feature within the widely used CheckFree® RXP® payment suite. E-bill Introduction offers consumers an opportunity to receive electronic bills (e-bills) via their online banking service for an introductory period during which they also continue to receive paper bills in the mail. Pilots of the feature conducted with five financial institutions delivered solid results, with consumers enrolled in the pilot activating three times more e-bills than consumers who were not enrolled. E-Bill Introduction utilizes a 90-day introductory period to enable consumers who already pay their bills electronically to experience receiving e-bills at their financial institution firsthand. During this 90-day period the consumer receives an e-bill via online banking and a traditional paper bill in the mail. Following the trial period consumers can opt to continue receiving e-bills and turn off their paper bill, or the e-bill will be discontinued and the consumer will continue to receive a paper bill.
Javelin Strategy & Research’s latest report – “Prepaid Cards and Products in 2012” – identifies that prepaid cards are particularly attractive to underserved segments”young consumers (notably Gen Y) and underbanked consumers (those who are not actively engaged in the use of traditional banking products) who want to build financial independence. Prepaid cards are held by…
First Data electronic commerce and payment processing launched its “Global Gateway e4” online payment gateway. Designed to address eCommerce merchants’ business needs, the gateway offers a safe and reliable solution for card-not-present transactions and includes a comprehensive suite of payment services with the ability to expand payment acceptance globally. The First Data “Global Gateway e4” gives merchants a broader set of processing capabilities, a more intuitive user-interface, greater reporting capabilities and simplified integration, documentation and processes to make them more competitive in today’s marketplace. It also delivers multicurrency processing, Level III support for business-to-business procurement cards, fraud tools and an added layer of security with our TransArmor tokenization solution.
There has been a 16% increase in the U.S. online market as retail e-commerce sales continue to rise to $309 billion in 2011 and are further forecast to climb to an estimated $444 billion by 2016. Also, from 2011 to 2016, the total payments volume (TPV) for the online use of credit cards by U.S. consumers will climb 63%, while the TPV for debit cards is expected to rise just 2% during that same period. This, according to Javelin Strategy & Research, concludes credit cards typically generate higher consumer spending and greater revenue for merchants, but frenzied purchasing periods such as Cyber Monday can cause consumers to throw cautionary spending patterns to the wind and take advantage of the “deal” phenomenon. Javelin’s study shows that consumers spend more money on a single online transaction using credit cards than when using other payment options, spending an average $82.10 with a major credit card versus $58.29 using a major debit card.