Bank of America reported 1Q/11 net income of $2.0 billion, compared to net income of $3.2 billion a year ago and a $1.2 billion loss last quarter. Performance improved thanks in part to 30+ day delinquency rates near all-time lows, net losses declining for the sixth straight quarter, and customer payment rates improving for the seventh straight quarter. Meanwhile, its Global Card Services reported net income of $1.7 billion, up $749 million from the year-ago quarter as lower credit costs more than offset a $1.2 billion decline in revenue. The lower revenue reflected a drop in net interest income from lower yields and lower average loans, including run-off portfolios, as well as lower noninterest income due to the impact of the CARD Act as provisions became effective throughout 2010. Net income was up $224 million over the previous quarter as continued credit improvement led to lower credit costs, offsetting lower loan balances and lower yields. Provision for credit losses decreased $2.6 billion from a year ago, driven by lower net charge-offs from lower delinquencies and decreasing bankruptcies as a result of the improved economic environment.
Serverside Group has upgraded its existing Image Checking service to allow images selected for card creation to be screened prior to printing and made available the “ImageValidator” optional upgrade. The “ImageValidator” is an image checking tool that enables issuers to achieve greater certainty about the origin or appropriateness of an image in much less time. The “ImageValidator” instantly indicates whether an image, or similar image, has been checked before; informs the image checker of all previous decisions made for an image if it has been checked before, avoiding duplication and ensuring consistency; and searches the internet for other instances of the uploaded card image and provides links to any found images. The new tool is powered by TinEye.
FreedomPay “FreeWay” SaaS payment and transaction gateway has been introduced to allow independent software developers to quickly, easily, and cost-effectively create new software applications. The “FreeWay” gateway is currently used by more than 1,000 clients including more than two dozen US Federal Agencies as well as a who’s who of leading corporations in finance, media, pharmaceuticals, publishing, and manufacturing, as well as many of the elite healthcare teaching institutions in North America. The gateway extends the benefits of Level 4 data and greatly simplified PCI DSS interface for satisfying credit card processing security. Level 4 data includes specific details about the product sold- collected right at the POS- such as manufacturer, make, model, model year, part number, serial number, stock-keeping unit, promotional, or loyalty reward to analyze real-time customer purchasing trends.
3Delta Systems online business-to-business (B2B) credit payment solutions is entering a strategic partnership with TeamCain of JD Edwards consulting to deliver advanced payments acceptance, processing functionality and multilayer payment data security. With the initial release of the “Payment WorkSuite,” Oracle JD Edwards users will have access to six integrated yet securely separated applications. This will mitigate business risk and lower payment processing costs for large enterprises. Included is “EC-Zone” virtual payment application that lets you process payments from a web browser; “EC-Linx” server-to-server, real-time payment processing and authorization for e-commerce applications; “EC-Batch” file-based system for processing payment transactions in batches and uploading them from an internal computer systems to 3DSI’s payment gateway; “EC-Navigator” browser-based, command-and-control center for all applications to maintain and access merchant information, customer accounts, cardholder data and reporting; and “EC-Sentry” fraud detection, prevention and account protection that enhances the security already inherent in Payment WorkSuite.
Bank of America Corporation announced William P. Boardman would not seek another term as director at its annual meeting of shareholders in May. Boardman was chairman of Visa International from 1996 until his retirement in 2005 and also formerly served as a director of both that company and Visa USA Inc. He was an executive at Bank One Corporation from 1984 through 2001, serving at various times as chairman and chief executive officer of its credit card subsidiary First USA and as vice chairman and director of Bank One. Previously, he practiced law in Columbus.
Jack Henry & Associates has officially kicked off its “My NetTeller,” solution, allowing accountholders to create customized dashboard-style landing pages of their most commonly used online banking functions. The company also provided an update on its ongoing success with “OurCashFlow” online financial management (OFM) solution that is fully integrated with NetTeller Online Banking platform. With “My NetTeller” accountholders can customize their online banking environment by selecting the functionality they want to see when they log in. They just drag and drop widgets to create a dashboard-style view of online banking features such as funds transfers, electronic bill payments, and transaction downloads. The ability to place frequently used functions in a more accessible and obvious location simplifies site navigation and makes the online banking experience more efficient, convenient, and intuitive for each user. Meanwhile, the “OurCashFlow” online financial management (OFM) solution available through Jack Henry & Associates’ strategic partnership with Lodo Software transforms financial institutions’ websites into financial management hubs that enable consumers and small businesses to access and manage their finances in consolidated, easy-to-use dashboards. It automatically categorizes financial transactions; supports internal and external account aggregation; tracks budgets, spending habits, and savings goals; and generates user-defined alerts.
ViVOtech NFC software and systems company has released the 3rd version of its “ViVOnfc” Software Suite Trusted Service Manager (TSM), over-the-air (OTA) provisioning, and digital wallet software for NFC handsets. The “ViVOnfc” Software Suite 3.0 is based on two-server software TSM architecture and includes TSM provisioning software, the “ViVOnfc” Issuer Server, “ViVOnfc Control Server” and “ViVOwallet Library.” ViVOnfc TSM provisioning software creates a secure, OTA channel for mobile network operators (MNO), handset manufacturers, banks, merchants, and their chosen TSM partners, to provision credit, debit, prepaid, loyalty, and transit transportation cards to the secure storage on NFC-enabled mobile phones. The ViVOnfc TSM software also enables delivery of mobile marketing content to consumers such as personalized and location-based coupons, offers, promotions and rewards programs through a SPAM free authenticated mobile network. ViVOnfc software has been widely tested through more than 20 field trials, including the largest to date conducted last year by Citi and Vodafone using more than 3,000 NFC handsets.
Credit Union 24 has selected NitroSecurity’s integrated “NitroView” SIEM, Log Management, Database Activity Monitoring and Application Data Monitoring solutions to strengthen its corporate security strategy and demonstrate compliance with PCI DSS. With nearly half a million locations at major retailers and local merchants, it is the largest credit union-owned POS network in the United States. Counting more than 100,000 national and international ATM locations in its network, the company offers access to the greatest number of surcharge-free ATMs in the country. Credit Union 24 identified policy and procedural alternatives that eliminated much of the need to access PCI DSS “in scope” data for normal operations and still provide the highest level of service and security to its participating credit unions.
Cardo is implementing offerings from Ariba “Procure-to-Pay” to create and enforce an efficient procurement process through which it can not only find opportunities for savings, but convert them to hard-dollar results. The software solution is delivered as a service through the Ariba Commerce Cloud, Ariba Procure-to-Pay provides companies with all of the tools necessary to dynamically manage suppliers, processes, budgets, approvals and payments on a global basis. Using the service. This ultimately lets Cardo maximize its purchasing leverage through compliance to contracts; ensure that spend is authorized prior to commitment; reduce and control the risk of error, abuse and fraud; and provide a clear understanding of commitments and liabilities.
IDBI Bank has implemented on both its Payments and Receivables modules Fundtech’s “Global CASHplus” cash management and financial supply chain product. IDBI’s corporate clients will now have access to cash flow planning and working capital optimization applications on the “Global CASHplus.” It will also help IDBI Bank centralize its payments and collections processing for its corporate customers, including salary payments and invoice payments. The new system enhances many of the bank’s collections services, including guaranteed arrangements, check collections, post-dated check collections, correspondent bank management, among others.
IBT financial services products and process innovation and customer experience has deployed its “I2RDC” remote deposit capture solution with IL-based Allied First Bank. The “I2RDC” remote deposit capture lets business customers electronically deposit right into their account at their convenience, providing images immediately available for viewing or researching through the I2OLB (Online Banking). TX-based IBT specializes in real time channel integration software applications with its unique design making all information available simultaneously across all delivery channels.
pcipolicyportal.com documented policy and procedure templates for PCI compliance has made available Version 2.0 of its policy and procedure manual, touching on all necessary policies, procedures, templates, checklists, and forms for compliance with the PCI DSS provisions. After successfully launching its initial policy and procedure manual in October 2009, pcipolicyportal.com reached out to current clients, industry leaders and numerous I.T. professionals in creating Version 2.0, which has once again become the industry benchmark for policy and procedure templates for organizations around the globe. Over 215 pages in length, the manual addresses the 12 requirements and includes every possible policy, procedure, form, template, or checklist your company will need to comply with the PCI-DSS provisions.