Boston-based Rapid7 has launched its PCI (Payment Card Industry) Compliance Portal, a remote security scanning solution that enables merchants, online retailers and credit card service providers to achieve compliance with the PCI Data Security Standard and is designed to meet the security requirements of all credit card companies. The PCI Compliance Portal locates website and database vulnerabilities that hackers commonly exploit to capture credit card data. SQL injection attacks, which are frequently performed by hackers on exposed Web applications, are identified by VISA International as one of the top five credit card risks.
Denver-based IP Commerce and the PASS Consortium have launched the “PASS Commerce Center” for small businesses using “Windows Vista Business” offering credit card processing via Chase Paymentech; financing, including payment protection, small business loans and equipment financing via CIT; remote check deposit service via Banserv; and payment-enabled invoices and online payments vis PayPal. “PASS Commerce Center” services are powered by “IP Payments Framework” from IP Commerce. “IPPF” is a single platform that provides the framework to enable disparate payment applications and services to communicate. “PASS Commerce Center” contains two complementary elements to provide a holistic financial management experience, “PASS Cash Management Center” and the “PASS Gadget.”
Obopay has announced the appointment of a new chief information and
technology officer, Aditya Menon. Menon was previously CIO at Yes Bank.
Obopay is the first complete mobile
payment service in the U.S. that instantly lets consumers get, send and
spend money directly from their mobile phones to anyone, anywhere and
anytime.In an effort to provide global consumers the convenience of
mobile payments, Obopay has embarked on the Indian market, the
fastest-growing mobile market with more than 120 million subscribers.
India’s market is growing at a rate of six million new subscribers every
month and mobile phone users outnumber credit/debit card holders by as
much as 2.5 to 1.
NY-based CashEdge and CA-based AdviceAmerica have integrated CashEdge’s “AllData” data consolidation solution into AdviceAmerica’s “Financial Planning Application Suite”. CashEdge’s “AllData” solution consolidates client account data from a wide variety of sources including direct feeds from custodians, client and advisor portals of brokerages, custodians, mutual fund providers and insurance companies and provides a simplified set-up and maintenance process. CashEdge’s solutions include end-to-end online account opening and funding, funds transfer and data consolidation. AdviceAmerica is a provider of innovative financial planning solutions.
MA-based Cyphermint has introduced the “PayCash Mobile” platform, providing secure mobile banking and bill payment capabilities via cell phones and wireless devices. “PayCash Mobile” is designed to integrate credit, debit, stored value cards and bank accounts to facilitate payments and can also be linked to a stored value card, VISA, MC, AMEX and Discover or any merchant gift card that allows users to load funds into the account as well as withdraw money at an ATM. Transactions are protected by a user PIN. Cyphermint is a provider of electronic payment and e-commerce solutions.
VeriFone has announced two new members of the MX Solutions payment platform, the “MX830” and “MX850”. The MX830 is a consumer-activated payment device with core features and optional touchscreen and signature capture. The MX850 provides a multi-lane payment system. The MX830 and MX850 are global payment products designed to meet PCI PED, EMV Level 1 and 2 approvals, and Interac certification. Both meet RoHS and WEEE requirements. The systems will be available for certification testing this month, with general availability scheduled for March.
The rising demand for compact, easy-to-use, reliable, wireless
point-of-sale systems and the migration of fraud to non-EMV countries is
driving strong growth in EFT POS terminals market. A new study
reveals that the market accrued revenues of $1.3 billion in 2005 and is
estimated to reach $2 billion in 2011. Frost & Sullivan found that there
is a noticeable shift in card related fraudulent activities to
neighboring countries using less secure magnetic stripe cards for a
majority of their transactions. With the United Kingdom implementing
“Chip and PIN” and France implementing “DDA” cards, countries such as
Germany and Italy are facing the brunt of the increasing migration of
fraud. Singapore and Indonesia are facing a significant threat
from fraud escalation and are considering a move toward EMV-compliant
card technology. This phenomenon is significantly feeding the demand for
electronic funds transfer at point-of-sale terminals worldwide. However,
Frost & Sullivan says that despite the technological trends
revolutionizing the POS terminal market, products are facing
commoditization. Although a lot of emphasis is on software application
delivery and customer service aspects, there is great pressure on price
reduction on terminal manufacturers. This not only affects the profit
margins of terminal manufacturers, but also hinders potential
participants from entering the market.
Blackhawk Network surveys says more than 80% of recipients would prefer to do their own shopping with a gift card from a favorite store. Consumer Reports cited in a recent survey that gift cards are second behind clothes as the most-desired holiday gift. Industry analysts expect gift card sales to reach $80 billion in 2006 with holiday purchases accounting for approximately 60 percent of those sales. Blackhawk Network’s Gift Card Mall carries gift cards from more than 100 different brands to appeal to shoppers of varying demographics according to Llach. Blackhawk Network, a subsidiary of Safeway Inc., is a prepaid and payments network, a market leader in card-based financial solutions and the largest provider of third-party prepaid cards.
A three to six month pilot of “Near Field Communication”-enabled mobile phones with “PayPass” is getting underway in New York City. Citigroup, MasterCard, Cingular Wireless and Nokia have teamed for the project. Pre-selected “Citi MasterCard” cardholders with Cingular Wireless accounts are participating in the trial and will receive Nokia NFC-enabled mobile phones with MasterCard “PayPass” payment functionality. NXP Semiconductors developed the NFC technology and chips for the NFC-enabled mobile phones in the New York City trial to facilitate secure, contactless communication between two devices. Giesecke & Devrient developed the “Over the Air” personalization software that allows for the process of initializing the mobile phone with the information it needs to conduct secure transactions. ViVOtech provided NFC software and services to enable the trial working in concert with the partners. Trial participants can also take part in the New York City Subway contactless transit fare payment trial sponsored by Citigroup, MasterCard Worldwide, the Metropolitan Transportation Authority, and MTA New York City Transit.
Denver-based PaySimple announced a strategic agreement with Commercial Legal Software to provide a complete integrated payment processing solution to the “Collection Master” system. This new collaboration enables Collection-Master customers to seamlessly bill and collect payments directly from the software via auto-recurring billing, electronic check processing, direct-debit and credit card processing. In addition, payment processing via the PaySimple system is expected to save Collection-Master users more than 70% over legacy check-by-phone processing. PaySimple is an industry-leading provider of payment management solutions. PaySimple simplifies billing and collection processes by enabling customers to invoice, collect and deposit all of their payments automatically. Commercial Legal Software is the maker of Collection-Master, the most advanced and mature specialty software for debt collection, foreclosure, and subrogation.
Atlanta-based InComm has rolled-out a complete kiosk solution, including installation and setup, cash management, product expertise, support and more. InComm’s retail distribution network of 145,000 location includes three of the four largest grocery store chains, the four largest big box retailers, seven of the top 10 drug store chains, ten of the top 15 convenience store chains, the four largest electronics retailers, the three largest office supply chains and three of the largest dollar store chains. InComm recently signed Green Dot, the nation’s largest provider of retailer-sold prepaid debit cards and operator of the “Green Dot Financial Network” to a distribution agreement. Also, Chicago-based Signature Days, an online provider of experience gifts, has partnered with InComm to distribute its gift cards nationwide. (CF Library 12/6/06)
VISA’s prepaid load network, “VISA ReadyLink, has signed a major client with 60,000 store alliances. Blackhawk Network says it will roll-out the service this month at more than 1,550 retail locations nationwide including participating Safeway, Carrs, Dominick’s, Genuardi’s, Pak ‘n Save, Pavilions, Randalls, Vons, and Tom Thumb stores. Fifth Third Bank will serve as the acquiring financial institution. The new VisaNet service enables consumers, particularly unbanked consumers, to easily add funds to eligible VISA reloadable prepaid cards.