Citigroup’s Diners Club has introduced a new purchasing card. The new “Diners Club P-Card” enables users to review, reconcile and reallocate transactions, create and maintain accounts, generate and download reports and integrate program data back into internal financial systems. Diners says it recently conducted a survey which showed that 44% cited better expense tracking as the number one advantage of a “P-Card” program and 39% indicated more streamlined buying process and reduced costs of processing transactions with a “P-Card.” Diners says 70% of respondents stated that it took their organization less than one year to put a “P-Card” program into operation. Diners Club linked to the MasterCard network one-year ago for its U.S. and Canadian cardholders. (CF Library 2/25/05)
CompuCredit has selected iRise to help build a new online credit card portal for customers. CompuCredit is in the process of delivering a series of new online bill presentment and payment systems designed to make it easier for customers to manage their credit card accounts. iRise provides simulation of the functionality of proposed systems before coding. The visual interactive prototypes create a user experience that enables stakeholders to provide immediate feedback on proposed systems. The simulations can then be adjusted to meet expectations.
MasterCard yesterday announced the launch of a series of consumer education initiatives across the country during this year’s upcoming “Financial Literacy Month.” On April 12 MasterCard will launch a Spanish language version of its “Debt Know How” Web site. On April 25th, MasterCard is participating in the “2006 Financial Literacy Day” on Capitol Hill showcasing its consumer education programs to Members of Congress and their staff. On April 26th, MasterCard participate in the “2006 California Summit on Financial Literacy.” On May 1st, MasterCard and Wright College co-host a “Debt Know How” seminar during “Money Smart Week” in Chicago.
7-Eleven and Citibank have signed a major ATM deal. Under terms of the agreement, Citibank will offer free ATM services to Citibank customers in more than 5,500 7-Eleven stores in 31 states across the nation. Also, 7-Eleven will soon be positioning itself to accept consumer bank deposits, beginning with Citibank. 7-Eleven and Citibank will support the ATM launch with a cash-giveaway promotion in New York, Chicago, Las Vegas and San Francisco. “Brand Ambassadors” at select 7-Eleven stores in each market will ride “rolling Citibank branded ATMs” to distribute mock “Citibank Banking Cards” redeemable for instant prizes with values up to $500 cash.
Seattle-based BioPassword has introduced a new authentication system that combines a user’s standard login credentials with the behavioral biometric of keystroke dynamics. BioPassword multifactor authentication software solution authenticates users and reduces fraud over the Internet. BioPassword Internet Edition provides organizations the only unobtrusive and cost-effective solution for monitoring and enforcing authentication of online users based on a simple, yet powerful combination of the user’s standard login credentials (userID and password) with the behavioral biometric of keystroke dynamics (their unique typing rhythm). BioPassword provides enterprise security software solutions for multifactor authentication and reducing fraud using the biometric science of keystroke dynamics.
Axalto announced a turnkey smart card personalization offer
through the Visa Smart Breakthrough program, an initiative bringing
cost-effective solutions and innovative technologies to member financial
institutions, and facilitating the EMV migration process. Axalto will be offering a “fee-per-card” scheme that allows banks to migrate to the
advanced EMV standard without a large upfront investment. As part of the “Visa Smart Breakthrough” program, Axalto offers VISA member
banks its field-proven personalization package which includes data
preparation, personalization software suite for EMV cards, quality control software, as well as ongoing technical support.
CyberSource Corporation and Visa Canada announced the availability of
CyberSource “Advanced Fraud Screen” enhanced by Visa to the
Canadian market. “Fraud Screen” provides fraud risk
prediction scores. It does so through behavioral scoring by assessing over
150 order variables such as Canadian and international address validation,
order frequency, and order history. Risk scores are typically calculated
in less than 2 seconds. The service is further enhanced by Visa’s Virtual
Intelligence Risk Technology, which provides ongoing model updates using
knowledge of global fraud trends and online and offline payment card usage
patterns to improve fraud detection accuracy for card-not-present
merchants. CyberSource Corporation is a provider of electronic payment and
risk management solutions.
The City of Coronado, California has awarded the sole contract for payment processing services to Dallas-based TransFirst. TransFirst will help the city improve overall customer service for residents and visitors and create significant efficiencies, allowing Coronado the opportunity to reallocate existing municipal resources to other priorities. Through this contract, TransFirst will provide Coronado with TransAction Central that instantly networks all devices, including POS, e-commerce, software and wireless. Transactions of all types, including e-check, ACH and recurring payments, can be entered over the counter, over the phone or over the Internet with this single, integrated system and can be accessed in real-time, 24 hours a day, seven days a week via the Internet.
U.S. Bank has launched a new tool, called “U.S. Bank SinglePoint,” which enables business customers to use a complete suite of treasury management services from a single point of access. SinglePoint’s suite of online services allows business customers to monitor account activity, retrieve information; create reports and view images; transfer money via Automated Clearing House, initiate wire transfers and book and loan transfers; and prevent fraud. It also contains system administration capabilities including audit and control of employee access, as well as audit and history reporting.
Specialty food expert Balducci’s has selected Wincor’s “StoreForward POS” software as the POS application for a chainwide rollout and will install Wincor’s “BEETLE POS” systems in new stores including its Food Lover’s Market stores in Manhattan and Washington, D.C StoreForward POS is a robust, server-based Java point-of-sale (POS) software application that features a server-based architecture for greater system uptime and reliability; a powerful accounting system that provides real-time access to critical sales information, down to the store level; and a built-in SQL database with flexible, easy-to-use reporting functions.
Florida-based LexisNexis has received an exclusive endorsement on all “InstantID” products from the American Bankers Association. The InstantID family of products are tools for verifying the identity of a person or business to help financial institutions manage new account applicants, comply with the USA PATRIOT Act and avoid regulatory fines. InstantID searches multiple databases – containing 4 billion consumer and 300 million business records – for information that can verify and validate a person’s or business’ identity.
Atlanta-based InComm has signed a definitive agreement to acquire PRE Holdings, a U.S. prepaid distributor and processor. The acquisition of PRE marks the second recent acquisition by InComm, which also announced the acquisition of KwikSystems and Prepaid Enterprises. PRE offers the “Mio Money Prepaid MasterCard” to over 60,000 retail locations including grocery stores, discount dollar stores, travel centers and convenience stores. The acquisition of PRE will accelerate InComm’s retail presence to over 145,000 locations to become the leading U.S. prepaid distributor in terms of retail locations and prepaid transactions. InComm expects the acquisition of PRE to be completed in approximately 45 days.