Fiserv Research has shown 70% of consumers are interested in personal payment service, 75% would prefer a service offered by their financial institution, and 83% say it’s important for money to be deposited directly into a recipient’s bank account. In response, Fiserv’s new service, built into the “CheckFree RXP” online bill payment service used by more than 3,100 financial institutions and 16 million consumers, now allows financial institutions to allow consumers to quickly move funds amongst their existing accounts. More than 40 institutions, including two of the top 10 credit unions in the U.S., have already committed to offering the service at launch. The personal payments service from Fiserv allows users to send or receive money person-to-person (P2P) using their existing online banking relationship and is scheduled to be available in the summer of 2010.
Merchant account processor Merchant Warehouse has integrated the “MerchantWARE 3.0” with Poseraâs “MaitreâD” restaurant POS software.
MaitreâD encompasses payment and security solutions that provide restaurant managers with the tools that they need to streamline their operations and facilitate the payment process all in one flexible business system. The integration of MerchantWARE with MaitreâD enables merchants to take control of their payment processing needs by providing them with the option to select Merchant Warehouse through the use of an Electronic Funds Transfer (EFT) module. Additionally, MerchantWARE is compatible with the most recent release from MaitreâD as well as all previous versions. MerchantWARE is a PA-DSS validated secure payment processing solution that ensures developers and merchants can meet PCI compliance requirements and complete secure data transactions. MerchantWARE uses tokenization and SSL for all transactions as well as end-to-end encryption. Merchants can often achieve and maintain PCI compliance more quickly and at less of an expense using a MerchantWARE solution. Poseraâs customer list includes Dunkinâ Donuts, KFC, Pizza Hut. The integration of MerchantWARE is available for all MaitreâD products in their solution areas, such as Table Service, Quick Service and Bar and Pub Service.
NJ-based Sun National Bank,is offering White Sky’s “ID Vault” online
theft protection software to its banking customers at no cost. ID Vault
protects users from the growing
threats when they bank, shop and invest online. “ID Vault” provides
single-click, secure sign-on to financial sites,
eliminating exposure to online fraud through its end-to-end, continuous
protection, regardless of whether or not the anti-virus software or
browser is able to identify a threat. ID Vault stores all account user
names and passwords in a highly
encrypted, secure software vault on the PC. This data is accessible only
via a user-defined PIN, which is authenticated by White Sky servers,
providing true two-factor authentication. ID Vault automates the sign-in
procedure, protecting consumers from Trojan, keylogging, screen scraping
and other attacks. White Skyâs proprietary ID Vault Trusted Network
a âwhite listâ of over 8,000 trusted and verified financial and
e-commerce web sites. When consumers open a site using ID Vault, they
cannot be redirected, nor have credentials submitted to fraudulent
sites. The “ID Vault Free Edition” will allow Sun
National Bank customers to store and protect up to five online accounts
and one credit card account at no cost.
Dresser Wayne fuel dispenser technologies has announced its 11,000th installation of the “Nucleus” POS, available on the retail-hardened IBM platform. Available for installation with Dresser Wayne, Gilbarco and other dispensers, “Nucleus” POS is designed specifically to endure the daily rigors of the busy C-store environment. The touch screen enables fast, accurate transactions allowing retailers to serve their customers efficiently. The system has been certified as PCI compliant providing retailers the peace of mind that they are PCI compliant, now and in the future. More than 25 percent of all Nucleus POS systems installed today interface with non-Dresser Wayne dispensers.
More than 80% of parents surveyed say they want to be better role models for their children regarding money management and that they have made money mistakes they want their own children to avoid. Yet, 35% of teen respondents said that when they ask for money, their parents rarely or never use these occasions to discuss topics such as budgeting and planning for the future. Meanwhile, 53% of parents surveyed report that their teen asks them for money at least once a week, providing ample opportunities for parents to talk with teens about making positive financial choices. Also, 29% of parents of teens surveyed said they argue with their teen about money at least every month. Among teen respondents, 53% want to learn more about topics like budgeting, saving and credit. In response, Capital One and Search Institute has partnered to create Bank It financial literacy program that helps parents and teens talk about, understand and manage money.
Bank of America global credit cards posted $952 million in 1Q/10 compared to a $194 million loss in the previous quarter and a $1.9 billion loss in 1Q/09. 1Q/10 global cards revenues declined 9% to $6.8 billion due to lower net interest income from the decline in average loans and lower fee income resulting from the implementation of the CARD Act. Provision for credit losses decreased $4.7 billion to $3.5 billion from a year ago as lower delinquencies and lower expected losses from the improved economic outlook drove reserve reductions during the quarter. For complete details on Bank of America’s 1Q/10 performance, visit CardData (www.carddata.com).
BOFA CREDIT CARD NET INCOME
(Global Cards; Excludes Business Cards)
3Q/08: (-$167 million)
4Q/08: (-$9 million)
1Q/09: (-$1874 million)
2Q/09: (-$1617 million)
3Q/09: (-$1036 million)
4Q/09: (-$194 million)
1Q/10: $952 million
Source: CardData (www.carddata.com)
Continental Airlines, Budget Truck Rental, Harry & David and VerticalResponse are all slated to join the MasterCard “Easy Savings” Program. The “Easy Savings” program offers automatic discounts and savings to small businesses with credit, signature debit and business prepaid cards. Cardholders enrolled in the program receive exclusive automatic rebates at over 30,000 merchant locations from 24 merchant partners. Rebates are now available on on airfare, truck rental, business gifts and email marketing. These are available through Continental Airlines with a 2% rebate on tickets; Budget Truck Rental with a 5% rebate on truck charges; Harry & David with a 7% savings on all purchases made at Harry & David; Monster.com with a 10% rebate on recruitment services from Monster.
Socialwise’s online payment, BillMyParents, has announced professional
skateboarder and TV star Rob Dyrdek will promote the payment solution
and teen MasterCard prepaid debit card. The new BillMyParents reloadable prepaid MasterCard gives teens
additional freedom and independence, enabling purchases wherever
MasterCard is accepted, both online and through traditional retail
outlets. The BillMyParents MasterCard prepaid card eliminates the
risks of carrying cash, and also gives parents a unique set of enhanced
monitoring and safety functions over their teen’s card use. Users can
choose from many designs, including pictures of Rob Dyrdek. With the
Supervised Shopping program, teens shop online and
pick out specific items they want by using the convenient BillMyParents
payment button on partner retail sites. Parents have the option of
providing an allowance-like spending limit in advance, or are notified
via email or text to approve or deny each purchase requested through the
Paybefore has given the best-in-category distinction to Bancorp Bank Payment Solutions’ “TransitChek Card” prepaid Visa card, provided by TransitCenter for Best Business/Corporate-Funded Program: Transit in its annual Paybefore Awards. Paybefore Awards, now in their fourth year, recognize excellence in the worldwide prepaid and stored value card industry. They are presented annually by Prepaid Media, whose Paybefore publications are the leading source of industry information for the global prepaid community. TransitCenterâs TransitChek Card was selected by a panel of five industry experts who served as judges for this yearâs competition.
The NFC Forum has selected 20 finalists for its NFC Forum Global
Competition 2010. The submissions cover a broad
span of consumer and business application areas, including mobile
couponing, healthcare, building access and security, retail
merchandising, online user authentication, nutrition management, gaming,
online banking and support for the disabled.
The Competition’s Commercial Track recognizes the commercial solution
judged “The Best NFC Service of the Year 2010,” while a Research Track
honors the academic organization that develops “The Most Innovative NFC
Research Project of the Year 2010.” Three winners in each track will be
awarded cash prizes. First-place winners will receive 5000 euros,
second-place 1500 euros and third-place 1000 euros. Finalists and
winners may look forward to global media coverage, increased awareness
among industry leaders and venture capitalists, and opportunities to
forge partnerships and share ideas.
PCI compliance solution provider Panoptic Security’s “ExpertPCI” has
been awarded by Info Security Products Guide as the
winner of the 2010 Global Product Excellence Award in the compliance
category. “ExpertPCI” is a SaaS solution that helps businesses assess
whether or not they are PCI compliant and assists them through the PCI
SAQ process. Panoptic can support all sizes and types of businesses, but
its online web application was designed specifically for small to
mid-size businesses to make the PCI compliance process easier. Using
“ExpertPCI, merchants can quickly determine the right PCI Self
Assessment Questionnaire (SAQ) appropriate for their business and
receive all the necessary documentation. This includes completed SAQ,
PCI compliance validation and reporting, a custom remediation plan,
custom security policy and an incident response plan. Panoptic Securityâs
solution is unique in the industry partly because of
its Vertical Specific POS Templates Program. This customized program
makes it possible for similarly grouped merchants, based on the POS
bundle, to achieve PCI compliance even easier and faster.
Canon U.S.A. image capture solutions is set to showcase the precision, speed and ease-of-use of its digital document scanners and check transports at the Independent Community Bankers of America (ICBA) National Convention and Techworld Show at the Gaylord Palms Convention Center. Products on display this year include the “imageFORMULA” P-150 âScan-tiniâ Personal Document Scanner; the “imageFORMULA” CR-25 Check Transport,” for remote deposit / merchant capture applications and scanning up to 25 checks per minute; and the “imageFORMULA” CR-180 II Check Transport, for fast batch conversion of paper checks into electronic images. These are particularly useful in ATMs.