China’s UnionPay International and Bank of China Singapore Branch are teaming to issue the first UnionPay platinum debit card in Singapore. Previously, Bank of China Singapore Branch had issued quite a few UnionPay credit card products.
High risk credit card processor Netcom PaySystem has launched a new website geared specifically toward those who are considered medium or high risk, are high-volume industries, have owners with poor or bad credit or are in need of an international processing account.
Bank of Canada sent shock waves last night when it decided to cut overnight rates to 75 basis points (bps). This may have impact on Canadian credit card ABS.
Los Angeles-based Netcom PaySystem has signed a deal with a medium to high risk processor. Netcom wants to provide merchant processing to medium and high risk eCommerce merchants located in the United States, EU, UK, and Canada.
China UnionPay, the national bankcard association in China, reached a number of milestones in 2013 and is now accepted in more than 140 countries and regions and covering more than 10 million POS terminals and 1.1 million ATMs outside of China. Over 24 million UnionPay cards have been issued in about 30 overseas markets. Among major developments last year: The first UnionPay card was issued in Africa; the first time UnionPay has come into cooperation with an international tourism retail group; the first UnionPay credit card is issued in North America; the first time that CUP has cooperated with a local institution in Nigeria to expand the acceptance of UnionPay cards on a large scale; the first UnionPay debit card issued in Australia; and the first UnionPay travel card outside China is issued in Singapore.
NCR Corporation announced that it has been awarded professional service contracts from Bank of China to develop new automated teller machine (“ATM”) applications running on the bank’s multivendor software platform, NCR APTRA Edge, to support the bank’s initiative in implementing paperless ATM transaction flow and its Financial Integrated Circuit Card (“IC”) 5.0 project. The Bank of China’s ATM network went live with the NCR APTRA Edge platform last year and most applications on its ATM network have completed the initial phase migration process to be compliant with EMV1 (PBOC 2.02) standards. As part of the project, NCR will provide software application development, system analysis, support services and related training programs. In line with the new market demand for smart cards, Bank of China also is kicking off a Financial IC Card 5.0 project to enhance its IC card product features and business process.
NCR Corporation announced that it has been awarded professional service contracts from Bank of China to develop new automated teller machine (“ATM”) applications running on the bank’s multivendor software platform, NCR APTRA Edge, to support the bank’s initiative in implementing paperless ATM transaction flow and its Financial Integrated Circuit Card (“IC”) 5.0 project. The Bank of China’s ATM network went live with the NCR APTRA Edge platform last year and most applications on its ATM network have completed the initial phase migration process to be compliant with EMV1 (PBOC 2.02) standards. As part of the project, NCR will provide software application development, system analysis, support services and related training programs. The ATM paperless transaction flow project aims to reduce operating costs and improve ATM service availability. The traditional ATM transaction journal printing in paper will be replaced by paperless, electronically generated transaction journals.
MoneyGram money transfer announced customers in China can now cash out money transfers from Australia in Australian dollars at any Bank of China (BOC), CITIC Bank or Industrial and Commercial Bank of China (ICBC) branch location. The addition of Australian payout service, available at all 9,755 BOC; 1,858 ICBC; and 450 CITIC Bank branch locations offering MoneyGram services, are offered free of currency exchange fees for Australian customers sending money to friends and family in China since the transactions involve Australian dollars at both the sending and receiving location. For customers in Australia, MoneyGram is currently offering a $16 Australian dollar flat fee for any amount up to $10,000 US dollars from now until January 2, 2013.
American Express partnered Lianlian Group, allowing it to implement its “Serve” next-generation commerce technology, in products and services it develops for its consumer and business customers in China. The Serve platform, which American Express will license to Lianlian Group, is expected to help power a new Lianlian Group digital wallet that consumers can use to top up mobile phone minutes, pay bills and purchase products or services. American Express has also made an equity investment in Lianlian Pay Inc., an overseas company of the Lianlian group of companies (collectively “Lianlian Group”). This offers a fast and convenient way to handle day-to-day transactions, beginning with mobile top up minutes and over time expanding into other financial products and services.
eCashExperts.com, a leading edge payment technology provider of electronic check processing equipment for both merchants and merchant service providers, is pleased to announce their new eC Check Scanner device. The eC Check Scanner provides real time incorporation of Image Capture, Optical Characters Recognition (OCR) and Check 21 or Back Office Conversion (BOC) transactions during the check scanning process. In addition, the software provides access to, and support for, more than one scanner depending on the specific requirements of the client. It Helps Eliminate Bank Deposit Fees for handling paper checks, gives Faster Notification on Non Sufficient Funds (NSF) items and Reduces Expense by spending less time on Account Receivables.
Wyoming-based Bank of Commerce (BOC) has signed a contract with Vantiv for comprehensive electronic transaction processing services. With this, Vantiv will provide single-sourced services that include Debit Portfolio Management, “Prewards,” debit processing and ATM driving. Prewards is a merchant funded rewards program which customers will find very beneficial. It is a simple, easy way for customers to be rewarded automatically through the use of their BOC Debit Card. Vantiv’s product suite also includes ATM terminal driving and monitoring, ATM and debit card transaction authorization and processing, credit issuing and processing services, national and regional gateway services and comprehensive ancillary services, including fraud detection, card production, rewards programs and other consultative services.
Ingenico payment solutions announced its Fujian Landi affiliate in China is making strides, with the Bank of China (BOC) having resumed in April its 2011 purchase plan of POS terminals, confirming Landi as its first supplier. Smaller banks such as CMSB (China Minsheng Bank) have also started to develop POS acquiring services. Landi has been chosen as the most important provider of CMSB. This makes Landi the largest provider in the secure electronic payments industry in the country with an estimated market share of 35%.